Eighty-two per cent of Abu Dhabi homeowners would reinvest in the property market if they sold their current unit in return for a good premium, according to a YouGov survey commissioned by Metropolitan Capital Real Estate (MCRE).
The survey, which polled 300 UAE residents, also found 67% of the property owners surveyed said they would consider selling their units this year in return for a good premium. According to the respondents, the main reasons to reinvest property sale income back into the real estate market are a requirement to upgrade (61%), a need to relocate (31%) and a desire to retire in the UAE (8%).
Evgeny Ratskevich, chief executive of Metropolitan Capital Real Estate, said: “Over the next two years we will see a lot more interest in the Abu Dhabi secondary real estate market from international end users. More and more expats are viewing Abu Dhabi as a place to live, work and retire in due to the capital’s robust economy, safe and secure environment and thriving job market.
“We increasingly see interest from large businesses who are relocating their headquarters here and from end users who are planning to buy primary or secondary residences. Abu Dhabi’s new Midfield Terminal, expected to open in early December this year, will open new markets and accelerate interest in the city’s real estate sector from key markets such as India, Commonwealth of Independent States (CIS), Western Europe and the United Kingdom,” he added.
“The data collected in our YouGov survey shows that Abu Dhabi homeowners are confident in the city’s property market indicating that the level of planned activity in the secondary market will continue to fuel transaction volumes," Ratskevich added.
"Buyers looking to invest in Abu Dhabi’s secondary property market this year will benefit from the projected increasing number of current owners who plan to liquidate their assets to reinvest it back in the same market. In addition, 69% of the property owners polled also said that they were planning to rent out their property in the next 12 months which means we should expect some additional stock to hit the market providing more options for tenants.”
The survey also found 60% of those polled currently live in the property they purchased while 73% own one or two properties and 65% own one or two-bedroom units in Abu Dhabi.
Owners are also making significant improvements to their properties with 82 per cent of respondents confirming they had made upgrades to their properties since purchase and over eight per cent spending more than Dh1 million to renovate their properties.
In addition to MCRE in Abu Dhabi, the Metropolitan Group also includes Metropolitan Premium Properties and Metropolitan Homes in Dubai, Luxury Immobilien GmbH, a real estate agency in Vienna and Metropolitan Consulting FZE, providing personal and business legal services in the UAE.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
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