• Of all the local amenity options offered in Dubai, parks (85 per cent) were an overwhelming favourite among high-net-worth individuals. EPA
    Of all the local amenity options offered in Dubai, parks (85 per cent) were an overwhelming favourite among high-net-worth individuals. EPA
  • The desire to be near a park was highest among East Asians, at 95 per cent, while Saudis considered it the most important factor. EPA
    The desire to be near a park was highest among East Asians, at 95 per cent, while Saudis considered it the most important factor. EPA
  • Jumeirah Bay Island is one of three prime residential neighbourhoods in Dubai
    Jumeirah Bay Island is one of three prime residential neighbourhoods in Dubai
  • Dubai's prime residential neighbourhoods – the Palm Jumeirah, Emirates Hills; and Jumeirah Bay Island – dominate luxury home sales. Reuters
    Dubai's prime residential neighbourhoods – the Palm Jumeirah, Emirates Hills; and Jumeirah Bay Island – dominate luxury home sales. Reuters
  • More neighbourhoods in Dubai are likely to be classed as prime if they continue to achieve multimillion-dollar sales figures. AP
    More neighbourhoods in Dubai are likely to be classed as prime if they continue to achieve multimillion-dollar sales figures. AP
  • Reports finds that the super-rich would rather buy a property they can take possession of immediately than a project that will be ready some time in the future. AFP
    Reports finds that the super-rich would rather buy a property they can take possession of immediately than a project that will be ready some time in the future. AFP

Dubai's property bubble far from bursting, real estate experts say


Patrick Ryan
  • English
  • Arabic

Dubai’s property boom is not going to slow down anytime soon, real estate experts have said.

A rising population, minimal taxes and the global economic climate are chief among the reasons for continued optimism when it comes to the emirate’s property sector.

Another major factor is that the price of property is still low compared to other major cities such as London and Hong Kong, despite the fact that costs continue to rise.

The rapid growth of the Dubai property sector had led many to speculate if the housing bubble would burst.

“Dubai's property boom is not due to slow down anytime soon,” Lewis Allsopp, chief executive of real estate firm Allsopp & Allsopp told The National.

Dubai's price is definitely affected by its population growth. It is the typical law of supply and demand
Lewis Allsopp,
chief executive of Allsopp & Allsopp

“This is due to Dubai’s rapid population growth, global economic factors and limited taxation.

“Income tax is non-existent and corporate tax has been only introduced this month, being one of the lowest in the world at only 9 per cent.”

'Surging prices still comparatively low'

The value of real estate transactions in Dubai grew by 87 per cent on an annual basis in May, said a report by real estate listings website Property Finder.

The aggregate value of deals in the emirate last month was Dh34 billion ($9.3 billion).

Part of the emirate’s appeal is how it compares to other global hubs for property prices, he added.

“The price to get a two-bedroom in a central location in London is around Dh10 million,” said Mr Allsopp.

“You can buy a two-bedroom in Business Bay for Dh1.5m and in prime areas like Downtown for around Dh2.5m and that is without considering the actual space, which goes without saying is way more generous here in Dubai.”

Lewis Allsopp, chief executive of Allsopp & Allsopp, said Dubai properties compare favourably to London. Reem Mohammed / The National
Lewis Allsopp, chief executive of Allsopp & Allsopp, said Dubai properties compare favourably to London. Reem Mohammed / The National

While it might seem obvious that a market as developed as London's would demand higher prices on premium properties, the comparison with Dubai was still a fair one, insisted Mr Allsopp.

"Dubai continues to establish itself as an international destination and a comparison with prices in other global centres like London is timely as many young professionals, families and businesses are moving themselves to Dubai," he said.

Increasing popularity

Dubai’s population surpassed the 3.5 million mark in April, powered by a rise in migration.

The emirate’s government plans to ensure the population rate continues to soar, with plans in place for 5.8 million to call Dubai home by 2040, necessitating a major expansion.

“The challenge is, the launches that are happening this year will not be complete for three years, but the influx of people coming into Dubai is happening at the present time,” said Mr Allsopp.

In recent years a trend has emerged with many Dubai residents looking to the suburbs for somewhere to call home, due to rising prices in more central areas.

This has led to many moving to areas such as Arabian Ranches 2, Jumeirah Village Circle, Town Square and Mira.

Going off-plan

The shortage of properties currently available has also led to a surge of interest in off-plan properties, another expert said.

“The (current) supply of housing falls short of meeting demand, which explains the surge in new off-plan property launches, including notable projects like Palm Jebel Ali and Expo City,” said Matthew Gregory, branch director at Betterhomes.

“Developers are keenly aware of the opportunities presented by this growth and are striving to offer competitively priced properties.”

Even with a new supply of properties, the market is unlikely to experience a crash, he added.

Matthew Gregory, branch director with Betterhomes, said the full impact of Chinese investors has yet to be realised. Photo: Betterhomes
Matthew Gregory, branch director with Betterhomes, said the full impact of Chinese investors has yet to be realised. Photo: Betterhomes

“However, as the population continues to expand and the housing supply becomes more abundant, we can expect prices to stabilise rather than experience a sudden crash,” said Mr Gregory.

In fact, he said prices could continue to rise with an influx from one market in particular.

“As China resumes international travel, there is the potential for them to exert their investment power, resulting in another wave of investments pouring into the city and further fuelling the market,” said Mr Gregory.

He also echoed sentiments around the comparatively cheap property available in Dubai when looking at other markets.

“Dubai’s prime real estates are seven times lower than those in Hong Kong and five and a half times lower than in London,” said Mr Gregory.

“Dubai offers one of the most favourable investment yields globally.

“These price differentials between it and the other two cities will continue to draw the attention of investors, individuals and families seeking a distinctive lifestyle that Dubai has to offer.”

'Better lifestyle'

The overall quality of life for residents of Dubai remains a key factor for the emirate’s continued popularity, said another real estate expert.

The UAE was named as the sixth-best country for expatriates to live and work in by a report released last year by global network InterNations – moving up 12 places from the previous year.

“Clients don’t just look at the price per square foot when making a decision – aspects such as safety, leadership, tax benefits and the general way of life can make a city feel ‘cheap’ or ‘expensive’,” said Charlie Bannan, sales director with Haus & Haus real estate.

“Now, more than ever, I speak with people from the UK who are taking the leap and relocating themselves and their families for a better lifestyle.”

Chinese investors buying Dubai properties – in pictures

  • Chinese investors, pictured inspecting models of properties in Dubai during a 2018 trip, look set to return in large numbers this year. Photo: Driven Properties
    Chinese investors, pictured inspecting models of properties in Dubai during a 2018 trip, look set to return in large numbers this year. Photo: Driven Properties
  • Driven Properties, a Dubai company with offices in Beijing and Shenzhen, says investments are starting to pick up. Photo: Driven Properties
    Driven Properties, a Dubai company with offices in Beijing and Shenzhen, says investments are starting to pick up. Photo: Driven Properties
  • The company says it will increase the number of seminars across China and tours to the UAE for prospective buyers. Photo: Driven Properties
    The company says it will increase the number of seminars across China and tours to the UAE for prospective buyers. Photo: Driven Properties
  • Abdullah Alajaji, centre right, chief executive of Driven Properties, in Shenzhen before the coronavirus pandemic. Photo: Driven Properties
    Abdullah Alajaji, centre right, chief executive of Driven Properties, in Shenzhen before the coronavirus pandemic. Photo: Driven Properties
  • In 2018, the Chinese were among the top four foreign nationalities who invested in Dubai property, alongside Indians, Britons and Pakistanis, according to Dubai Land Department data. Photo: Driven Properties
    In 2018, the Chinese were among the top four foreign nationalities who invested in Dubai property, alongside Indians, Britons and Pakistanis, according to Dubai Land Department data. Photo: Driven Properties
  • Buyers from China typically select studio apartments in areas such as City Walk, pictured. Antonie Robertson / The National
    Buyers from China typically select studio apartments in areas such as City Walk, pictured. Antonie Robertson / The National
  • Residences in Downtown Dubai are popular among Chinese investors. Sarah Dea / The National
    Residences in Downtown Dubai are popular among Chinese investors. Sarah Dea / The National
  • Residential projects in Business Bay are picked up by Chinese buyers. Photo: SRG Holding
    Residential projects in Business Bay are picked up by Chinese buyers. Photo: SRG Holding
  • Investors from China take a tour of City Walk in 2018 during a trip to Dubai. Chinese buyers are expected to re-engage with the UAE market after China’s strict travel regulations were revoked. Photo: Driven Properties
    Investors from China take a tour of City Walk in 2018 during a trip to Dubai. Chinese buyers are expected to re-engage with the UAE market after China’s strict travel regulations were revoked. Photo: Driven Properties
  • A presentation for visiting Chinese buyers in Dubai. Photo: Driven Properties
    A presentation for visiting Chinese buyers in Dubai. Photo: Driven Properties
  • A group from China takes a closer look at a Dubai property in 2018. The safety and connectivity of the emirate are key factors for investors. Photo: Driven Properties
    A group from China takes a closer look at a Dubai property in 2018. The safety and connectivity of the emirate are key factors for investors. Photo: Driven Properties
MATCH INFO

Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1)

Where: Wanda Metropolitano
When: Thursday, May 3
Live: On BeIN Sports HD

Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

The%20Specs%20
%3Cp%3E%3Cstrong%3ELamborghini%20LM002%3C%2Fstrong%3E%3Cbr%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%205.2-litre%20V12%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20450hp%20at%206%2C800rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E500Nm%20at%204%2C500rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EFive-speed%20manual%3Cbr%3E%3Cstrong%3E0-100kph%3A%3C%2Fstrong%3E%209%20seconds%20(approx)%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20210kph%20(approx)%3Cbr%3E%3Cstrong%3EYears%20built%3A%3C%2Fstrong%3E%201986-93%3Cbr%3E%3Cstrong%3ETotal%20vehicles%20built%3A%3C%2Fstrong%3E%20328%3Cbr%3E%3Cstrong%3EValue%20today%3A%3C%2Fstrong%3E%20%24300%2C000%2B%3Cbr%3E%3C%2Fp%3E%0A
6 UNDERGROUND

Director: Michael Bay

Stars: Ryan Reynolds, Adria Arjona, Dave Franco

2.5 / 5 stars

Tour de France Stage 16:

165km run from Le Puy-en-Velay to Romans-sur-Isère

THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

Mia Man’s tips for fermentation

- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.

 

EA Sports FC 25
Chef Nobu's advice for eating sushi

“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”

PROFILE BOX

Company name: Overwrite.ai

Founder: Ayman Alashkar

Started: Established in 2020

Based: Dubai International Financial Centre, Dubai

Sector: PropTech

Initial investment: Self-funded by founder

Funding stage: Seed funding, in talks with angel investors

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%203S%20Money%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20London%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ivan%20Zhiznevsky%2C%20Eugene%20Dugaev%20and%20Andrei%20Dikouchine%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%245.6%20million%20raised%20in%20total%3C%2Fp%3E%0A
The specs: Fenyr SuperSport

Price, base: Dh5.1 million

Engine: 3.8-litre twin-turbo flat-six

Transmission: Seven-speed automatic

Power: 800hp @ 7,100pm

Torque: 980Nm @ 4,000rpm

Fuel economy, combined: 13.5L / 100km

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Women & Power: A Manifesto

Mary Beard

Profile Books and London Review of Books 

'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

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%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

MATCH INFO

Fulham 0

Aston Villa 3 (Grealish 4', Hourihane 15', Mings 48')

Man of the match: Jack Grealish (Aston Villa)

Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

BIO

Favourite holiday destination: Turkey - because the government look after animals so well there.

Favourite film: I love scary movies. I have so many favourites but The Ring stands out.

Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.

Favourite colour: Black.

Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.

The%20US%20Congress%2C%20explained
%3Cp%3E-%20US%20Congress%20is%20divided%20into%20two%20chambers%3A%20the%20House%20of%20Representatives%20and%20Senate%3C%2Fp%3E%0A%3Cp%3E-%20435%20members%20make%20up%20the%20House%2C%20and%20100%20in%20the%20Senate%3C%2Fp%3E%0A%3Cp%3E-%20A%20party%20needs%20control%20of%20218%20seats%20to%20have%20a%20majority%20in%20the%20House%3C%2Fp%3E%0A%3Cp%3E-%20In%20the%20Senate%2C%20a%20party%20needs%20to%20hold%2051%20seats%20for%20control%3C%2Fp%3E%0A%3Cp%3E-%20In%20the%20event%20of%20a%2050-50%20split%2C%20the%20vice%20president's%20party%20retains%20power%20in%20the%20Senate%3C%2Fp%3E%0A
Racecard

6.35pm: The Madjani Stakes – Group 2 (PA) Dh97,500 (Dirt) 1,900m 

7.10pm: Evidenza – Handicap (TB) Dh87,500 (D) 1,200m 

7.45pm: The Longines Conquest – Maiden (TB) Dh82,500 (D) 2,000m 

8.20: The Longines Elegant – Conditions (TB) Dh82,500 (D) 

8.35pm: The Dubai Creek Mile – Listed (TB) Dh132,500 (D) 1,600m 

9.30pm: Mirdif Stakes – Conditions (TB) Dh120,000 (D) 1,400m 

10.05pm: The Longines Record – Handicap (TB) Dh87,500 (D) 1,900m  

Ukraine

Capital: Kiev

Population: 44.13 million

Armed conflict in Donbass

Russia-backed fighters control territory

1,000 Books to Read Before You Die: A Life-Changing List
James Mustich, Workman

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Monster Hunter: World

Capcom

PlayStation 4, Xbox One

LAST 16 DRAW

Borussia Dortmund v PSG

Real Madrid v Manchester City

Atalanta v Valencia

Atletico Madrid v Liverpool

Chelsea v Bayern Munich

Lyon v Juventus

Tottenham v Leipzig

Napoli v Barcelona

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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First Person
Richard Flanagan
Chatto & Windus 

Brief scoreline:

Al Wahda 2

Al Menhali 27', Tagliabue 79'

Al Nassr 3

Hamdallah 41', Giuliano 45 1', 62'

List of UAE medal winners

Gold
Faisal Al Ketbi (Open weight and 94kg)
Talib Al Kirbi (69kg)
Omar Al Fadhli (56kg)

Silver
Zayed Al Kaabi (94kg)
Khalfan Belhol (85kg)
Zayed Al Mansoori (62kg)
Mouza Al Shamsi (49kg women)

Bronze
Yahia Mansour Al Hammadi (Open and 94kg)
Saood Al Hammadi (77kg)
Said Al Mazroui (62kg)
Obaid Al Nuaimi (56kg)
Bashayer Al Matrooshi (62kg women)
Reem Abdulkareem (45kg women)

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Updated: June 15, 2023, 10:52 AM