What was the general market movement in Dubai in Q1?
Rents continued to fall in a broadly similar fashion to the declines experienced in 2019. However, there were signs of stability in a number of districts where rental prices remained the same as the previous quarter.
While the data from the first three months of this year does run into the onset of the coronavirus pandemic in the UAE, the restriction measures across Dubai taken in response to Covid-19 were yet to have much of an impact on the property market – that is expected to be seen in the second quarter and beyond, according to experts. Therefore, sentiment and trends were more in line with the pre-coronavirus period.
"The Covid-19 pandemic has created an environment of acute uncertainty," said Asteco executive chairman and founder Elaine Jones. "The implications for world markets and the real estate sector have yet to be quantified."
She added: "To date, Asteco has not recorded a discernible change in demand, or values. However, it is likely that activity will diminish, at least over the short-to-medium term."
Bayut chief executive Haider Ali Khan echoed the need to wait and see what happens in the coming months.
"Although the first quarter shows some healthy numbers, we should be prepared to see some fluctuations in the coming months as the UAE continues to lead the region’s fight against Covid-19," he said.
"While the government has been proactive by announcing stimulus packages to support the industry, we still need to wait and observe the impact on consumer interest in the following quarter."
What else did the property companies have to say?
Chestertons described the residential sector's first quarter as "resilient", as apartment rents fell on average 1.5 per cent and villas 1.3 per cent, while also highlighting a "greater stability" during the period.
It noted that once government measures were introduced in March to tackle the spread of Covid-19, the impact on residential property was limited, with the hospitality and retail sectors more acutely affected.
Asteco found annual rental declines to generally be in the double digits, and said it anticipates the trend to intensify "in part due to the volume of supply expected for handover in the short-to-medium term, but mainly as a result of uncertainties surrounding the impact of the current pandemic".
It added in its "Dubai Real Estate Report Q1 2020" that it expects tenants to adopt a wait-and-see approach before potentially relocating once restrictions on movement have been lifted.
Improvements in rental rates were largely confined to the villa market where areas such as the Meadows and Jumeirah Park experienced no change during the three-month period.
What about supply of new units?
That stood at 4,458 across freehold areas, according to Chestertons, compared to 6,328 in Q1 2019, and 12,369 in Q1 2018.
"A reduction in future residential supply is a crucial step towards more balanced supply and demand dynamics and will go some way to support long-term investor confidence," it wrote in its Observer Dubai Residential Report for Q1 2020.
Asteco offered a higher number of completed units in the first quarter – 5,750 apartments and 2,150 units.
It said the expected delivery of 34,000 units by the end of the year is likely to be revised given the circumstances around the pandemic.
What has been done to protect tenants during the Covid-19 restrictions?
In both Dubai and Abu Dhabi, tenants struggling to pay their rent are exempt from eviction after the government issued new directives to protect them.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Chairman of the Dubai Judicial Council, temporarily suspended all eviction judgements related to residential and commercial facilities in the emirate during March and April.
The directive also stopped all "imprisonment judgements" linked to rental disputes. However, the ruling does not apply to abandoned homes.
Property agents confirmed to The National that some landlords are already being flexible with tenants who are struggling financially.
The Dubai economy overall has received government incentives worth Dh1.5bn for three months, and local banks have been directed to provide support packages to struggling clients.
How did property sales fare during Q1?
There was positive movement, with transactions in Dubai rising an annual 10 per cent amid government policies to support the economy, according to Property Finder.
Total property sale transactions during the period ending March 31 reached 10,243, Property Finder said.
It added that the month of March had more than 1,209 mortgage registrations, which is the highest number since October 2019 and 24.8 per cent more than March 2019.
As part of the economic stimulus provided by the Central Bank amid coronavirus, loan-to-value ratios applicable on mortgage loans for first-time buyers increased by 5 percentage points.
This means the upfront cash deposit required to buy a property has decreased to 20 per cent from 25 per cent for first time expatriate buyers, and to 15 per cent, from 20 per cent for Emiratis.
As for prices, they were down 2 per cent on averagefor villas and apartments quarter-on-quarter, Asteco reported, while Chestertons witnessed a 1.8 per cent fall for apartments and 0.8 per cent for villas.
Can I move house during the restriction measures?
Yes, but you will need a movement permit, which can be obtained on the Dubai Police website.
Choose the “personal” option, then click “emergency” from the drop-down menu and explain in the description box that your tenancy agreement is coming to an end. Permits are processed quickly in most cases.
For landlords, the tenancy contract can be uploaded on the official Ejari portal or the app.
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
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Day 5, Dubai Test: At a glance
Moment of the day Given the problems Sri Lanka have had in recent times, it was apt the winning catch was taken by Dinesh Chandimal. He is one of seven different captains Sri Lanka have had in just the past two years. He leads in understated fashion, but by example. His century in the first innings of this series set the shock win in motion.
Stat of the day This was the ninth Test Pakistan have lost in their past 11 matches, a run that started when they lost the final match of their three-Test series against West Indies in Sharjah last year. They have not drawn a match in almost two years and 19 matches, since they were held by England at the Zayed Cricket Stadium in Abu Dhabi in 2015.
The verdict Mickey Arthur basically acknowledged he had erred by basing Pakistan’s gameplan around three seam bowlers and asking for pitches with plenty of grass in Abu Dhabi and Sharjah. Why would Pakistan want to change the method that has treated them so well on these grounds in the past 10 years? It is unlikely Misbah-ul-Haq would have made the same mistake.
Results
5pm: Warsan Lake – Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Dhaw Al Reef, Sam Hitchcott (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Al Quadra Lake – Maiden (PA) Dh80,000 (T) 1,600m; Winner: Mrouwah Al Gharbia, Sando Paiva, Abubakar Daud
6pm: Hatta Lake – Handicap (PA) Dh80,000 (T) 1,600m; Winner: AF Yatroq, George Buckell, Ernst Oertel
6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,600m; Winner: Ashton Tourettes, Adries de Vries, Ibrahim Aseel
7pm: Abu Dhabi Championship – Listed (PA) Dh180,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Zakher Lake – Rated Conditions (TB) Dh80,000 (T) 1,400m; Winner: Alfareeq, Dane O’Neill, Musabah Al Muhairi.
The Outsider
Stephen King, Penguin
The specs
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Fixtures
Opening day Premier League fixtures for August 9-11
August 9
Liverpool v Norwich 11pm
August 10
West Ham v Man City 3.30pm
Bournemouth v Sheffield Utd 6pm
Burnley v Southampton 6pm
C Palace v Everton 6pm
Leicester v Wolves 6pm
Watford v Brighton 6pm
Tottenham v Aston Villa 8.30pm
August 11
Newcastle v Arsenal 5pm
Man United v Chelsea 7.30pm
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test Thursday-Monday at Colombo
- 3rd Test August 12-16 at Pallekele
UAE currency: the story behind the money in your pockets
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
UAE currency: the story behind the money in your pockets
Match info
Bournemouth 0
Liverpool 4 (Salah 25', 48', 76', Cook 68' OG)
Man of the match: Andrew Robertson (Liverpool)
Dunki
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RESULT
Copa del Rey, semi-final second leg
Real Madrid 0
Barcelona 3 (Suarez (50', 73' pen), Varane (69' OG)
PAKISTAN SQUAD
Abid Ali, Fakhar Zaman, Imam-ul-Haq, Shan Masood, Azhar Ali (test captain), Babar Azam (T20 captain), Asad Shafiq, Fawad Alam, Haider Ali, Iftikhar Ahmad, Khushdil Shah, Mohammad Hafeez, Shoaib Malik, Mohammad Rizwan (wicketkeeper), Sarfaraz Ahmed (wicketkeeper), Faheem Ashraf, Haris Rauf, Imran Khan, Mohammad Abbas, Mohammad Hasnain, Naseem Shah, Shaheen Afridi, Sohail Khan, Usman Shinwari, Wahab Riaz, Imad Wasim, Kashif Bhatti, Shadab Khan and Yasir Shah.
Bob Honey Who Just Do Stuff
By Sean Penn
Simon & Schuster
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Fight card
- Aliu Bamidele Lasisi (Nigeria) beat Artid Vamrungauea (Thailand) POINTS
- Julaidah Abdulfatah (Saudi Arabia) beat Martin Kabrhel (Czech Rep) POINTS
- Kem Ljungquist (Denmark) beat Mourad Omar (Egypt) TKO
- Michael Lawal (UK) beat Tamas Kozma (Hungary) KO
- Zuhayr Al Qahtani (Saudi Arabia) beat Mohammed Mahmoud (UK) POINTS
- Darren Surtees (UK) beat Kane Baker (UK) KO
- Chris Eubank Jr (UK) beat JJ McDonagh (Ireland) TKO
- Callum Smith (UK) beat George Groves (UK) KO
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
