Metropolitan Capital Real Estate (MCRE) broke multiple agency records with property sales exceeding Dh1.2 billion in Q1 2023.
Property transactions in Abu Dhabi only in the first quarter were almost on par with the company’s total sales last year when it registered sales worth Dh1.6 billion. Part of the Metropolitan Group, MCRE sales in February crossed Dh400 million and in March reached an all-time high of Dh600 million.
The Abu Dhabi property market in Q1 was driven by existing and new developers entering the market as well as new project launches such as Eagle Hills’ Ramhan Island and Sea La Vie from Nine Yards in addition to Ohana By The Sea from Ohana which was exclusively sold by MCRE in less than 30 days.
Buyers were mainly from Europe including Germany, Italy, France, Switzerland, Austria, the UK, CIS and India. Most investors are relocating their families and businesses to the capital to take advantage of Abu Dhabi’s growing reputation as a safe city for families and its forward-looking business policies.
Evgeny Ratskevich, chief executive of Metropolitan Capital Real Estate, said: “People are investing in Abu Dhabi as the price per square foot is still very competitive compared with other international tier-1 cities.
"In the past, the ultra-luxury segment did not really exist. However, we are now seeing this quality of products being offered in the market. Developers are introducing super-premium products that are attracting significant interest from HNWI from around the world,” he added.
MCRE saw its off-plan sales increase almost four times, while secondary sales increased by 20 percent in Q1 compared with the last quarter of 2022.
MCRE saw the sales of luxury properties increase by 100 per cent fuelled by the launches of Ramhan Island, Sea La Vie and ongoing projects including Saadiyat Grove and AlJurf among others.
In Q1, apartment and villa prices increased by 1.5 per cent and 2 per cent respectively. Prime villa communities continued to see strong demand, with some recording close to a 3 percent increase compared to Q4 2022.
Looking ahead to the rest of the year, Mr Ratskevich said: “While Ramadan has been a little slow, we anticipate developers to launch several new projects, especially in the ultra-luxury segment which will have a positive impact on the market. Properties worth Dh20 million-plus, especially villas, will outperform compared to other segments while luxury apartments are also expected to do well.
"The affordable and mid-size segments will remain the same. The average price per square foot is expected to increase by 5-10 per cent, which is healthy for the market.”
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
'The Sky is Everywhere'
Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
Zayed Sustainability Prize
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
UAE currency: the story behind the money in your pockets
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
Golden Shoe top five (as of March 1):
Harry Kane, Tottenham, Premier League, 24 goals, 48 points
Edinson Cavani, PSG, Ligue 1, 24 goals, 48 points
Ciro Immobile, Lazio, Serie A, 23 goals, 46 points
Mohamed Salah, Liverpool, Premier League, 23 goals, 46 points
Lionel Messi, Barcelona, La Liga, 22 goals, 44 points
