The UAE’s property market is “on steroids”, but may be headed for a correction, according to investors who attended Aldar’s sales launch of its third development at Coca-Cola Arena on Thursday.
Queues of property brokers and buyers were forming on the streets of City Walk outside the 17,000-capacity arena as early as 8.30am ahead of the Abu Dhabi developer’s sales launch for The Wilds.
It is a family-friendly residential community with up to 1,700 properties that will integrate greenery and wildlife.
A total of 800 villas were available to buy on Thursday in the first of three sales phases this year. While almost half were sold to Aldar clients privately on Wednesday, another 700 appointments were lined up at the arena, with all plots expected to sell out before the end of the day.
Meanwhile, over in Sharjah, UAE developer Arada sold out its new Dh5.6 billion ($1.52 billion), 975,000-square-metre Masaar 2 development in three hours. It had sold all 2,000 units by noon on Thursday, making it the company's fastest-selling off-plan project in the emirate.
Peter Lawson, a property investor with a portfolio of 20 residences across the UAE, who attended the event in Dubai, said the rush this week to buy properties is a reflection of the current market, which he said is “on steroids at the moment”.
“We wondered if there’s going to be a correction, but I would say considering for Dh5 million I can buy somewhere on Palm Jumeirah overlooking the most iconic skyline in the world at the moment, but if I go to London, Barcelona or Munich that would be 5 million euros – I think the market as a whole is actually undervalued," he said.
Demand for family homes skyrockets
Dubai's real estate sector has maintained a strong growth momentum in recent years, recording deals worth Dh761 billion ($207.2 billion) last year, up 20 per cent annually. This boom is supported by government initiatives such as residency permits for retired and remote workers, an expanded golden visa programme, as well as robust economic growth in the UAE.
While developers such as Aldar are working fast to meet rising demand as the country’s population continues to grow, experts believe there is still plenty of room for more options.
This is particularly true for family homes in Dubai, said property broker Ana Carolina Barni, who was helping a client buy a new home on Thursday in The Wilds. “Ten years ago, for Europeans, they would come here on holiday or maybe the father would come as a businessman," she said.
"But now the whole family is moving over and there is more and more need for family homes in Dubai, especially with these kinds of amenities, as you don’t want to leave your community.”
Mother-of-two Gauhar, who owns a chain of nurseries for Russian-speakers and has lived in Dubai since 2009, bought a four-bedroom villa in The Wilds, her first family home. She had been looking for a while but had struggled to find something that met her criteria. “I’ve been looking for something that is family-orientated, something new, something fresh,” she told The National.
Going wild for nature
Located along Sheikh Mohammed bin Zayed Road, opposite Global Village, The Wilds, which is scheduled for completion in 2029, will feature a range of apartments, villas and five- and six-bedroom mansions designed by Lebanese architect Nabil Gholam. The project will incorporate native plants, a woodland, dry stream habitats, community gardens, duck houses, bee-keeping zones and more.
British celebrity survivalist Bear Grylls attended the launch as the development’s ambassador. “What I like about The Wilds is that you can roll out of your house and people aren’t going to think you’re mad for walking barefoot through the forest areas, but actually you’re in Dubai,” Mr Grylls told The National during the event.
“I like things that are innovative and pioneering, especially when it comes to families and creating and developing things that are about becoming more connected.”
Property broker Milana, who was rushing to take her place in the growing queue outside Coca-Cola Arena, was certain this development would be popular among buyers. “It’s going to sell out today, for sure.”
Sharjah’s Masaar 2 has a similar ethos steeped in nature. The units range from two-bedroom town houses to five-bedroom villas, and features will include "a large-scale, swimmable forest lagoon with waterfall".
Construction at the project is due to start before the end of 2025, with the first homes scheduled for completion by the end of 2027. The full development, with all its amenities, will be ready by 2028, Arada said.
While family-friendly, nature-based communities are in high demand, Dubai’s Beyond Developments is betting on waterfront property, as it also launched new beachfront residences on Thursday. Its third project, Sensia, is an eight-million-square-foot master-planned development at Dubai Maritime City.
“The appetite from local, regional and international investors for high-quality waterfront development remains strong, and the success of our projects at Dubai Maritime City is a testament to this growing demand,” said chief executive Adil Taqi.
Fluctuation 'doesn't matter' for long-term investors
Mr Lawson bought a five-bedroom villa for Dh7.8 million in The Wilds and said he thought it could have been 20 per cent more expensive. “I believe on handover, that will be north of Dh13 million.”
Keen investor Ankur Malik also bought a three-bedroom property, which starts at Dh5.1 million, the third Aldar property he now owns. This was a “fair price”, he told The National. “I expect it to go up.”
He chose The Wilds because he “wanted to have something unique” and was attracted by the availability of stand-alone villas as opposed to town houses, which are more common across other developments in Dubai.
Mr Malik echoed Mr Lawson’s sentiment that there could be a correction in the market coming. “Long-term investors need to hold the property,” he added. “If you have the capacity to hold the property, then the fluctuation doesn’t matter.”
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures and results:
Monday, UAE won by three wickets
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
French Touch
Carla Bruni
(Verve)
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
Gran Gala del Calcio 2019 winners
Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)
Company%20profile
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The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
WHAT FANS WILL LOVE ABOUT RUSSIA
FANS WILL LOVE
Uber is ridiculously cheap and, as Diego Saez discovered, mush safer. A 45-minute taxi from Pulova airport to Saint Petersburg’s Nevsky Prospect can cost as little as 500 roubles (Dh30).
FANS WILL LOATHE
Uber policy in Russia is that they can start the fare as soon as they arrive at the pick-up point — and oftentimes they start it even before arriving, or worse never arrive yet charge you anyway.
FANS WILL LOVE
It’s amazing how active Russians are on social media and your accounts will surge should you post while in the country. Throw in a few Cyrillic hashtags and watch your account numbers rocket.
FANS WILL LOATHE
With cold soups, bland dumplings and dried fish, Russian cuisine is not to everybody’s tastebuds. Fortunately, there are plenty Georgian restaurants to choose from, which are both excellent and economical.
FANS WILL LOVE
The World Cup will take place during St Petersburg's White Nights Festival, which means perpetual daylight in a city that genuinely never sleeps. (Think toddlers walking the streets with their grandmothers at 4am.)
FANS WILL LOATHE
The walk from Krestovsky Ostrov metro station to Saint Petersburg Arena on a rainy day makes you wonder why some of the $1.7 billion was not spent on a weather-protected walkway.
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Company%20profile
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Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
Gulf Men's League final
Dubai Hurricanes 24-12 Abu Dhabi Harlequins
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
Where%20the%20Crawdads%20Sing
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EOlivia%20Newman%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Daisy%20Edgar-Jones%2C%20Taylor%20John%20Smith%2C%20Harris%20Dickinson%2C%20David%20Strathairn%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Andor
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12%20restaurants%20opening%20at%20the%20hotel%20this%20month
%3Cp%3EAriana%E2%80%99s%20Persian%20Kitchen%3Cbr%3EDinner%20by%20Heston%20Blumenthal%3Cbr%3EEstiatorio%20Milos%3Cbr%3EHouse%20of%20Desserts%3Cbr%3EJaleo%20by%20Jose%20Andres%3Cbr%3ELa%20Mar%3Cbr%3ELing%20Ling%3Cbr%3ELittle%20Venice%20Cake%20Company%3Cbr%3EMalibu%2090265%3Cbr%3ENobu%20by%20the%20Beach%3Cbr%3EResonance%20by%20Heston%20Blumenthal%3Cbr%3EThe%20Royal%20Tearoom%C2%A0%3C%2Fp%3E%0A
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
Turkish Ladies
Various artists, Sony Music Turkey
The biog
Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”
Hobbies: Reading and writing poetry
The%20specs
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Messi at the Copa America
2007 – lost 3-0 to Brazil in the final
2011 – lost to Uruguay on penalties in the quarter-finals
2015 – lost to Chile on penalties in the final
2016 – lost to Chile on penalties in the final