Property prices in Dubai increased by an average of 14.5 per cent annually in April as sales of residential units continued to rise, driven by the off-plan market.
Average apartment prices rose by 14.5 per cent to Dh1,256 ($342) per square foot and average villa prices by 14.9 per cent to Dh1,484 per square foot in the year to April, property consultancy CBRE said in its latest Dubai Residential Market Snapshot report.
Sales rates also rose on a monthly basis, with apartment rates up 1.8 per cent and villa rates growing 2 per cent, it said.
While average apartment sales rates across the emirate are still 15.6 per cent below record levels posted in late 2014, several neighbourhoods have already surpassed 2014 levels.
Average villa sales rates, meanwhile, are now 2.7 per cent above their 2014 peak, the study showed.
Jumeirah remains the most expensive area to buy in the apartment segment, with the price per square foot at Dh2,367, the report said. This is, however, down 3.1 per cent from March.
For villas, Palm Jumeirah registered the highest sales rate per square foot at Dh4,635, which is up 4 per cent on a monthly basis.
Downtown Dubai, Palm Jumeirah, Dubai Hills Estate and The Old Town made up the five most expensive areas for apartments, while Jumeirah, Emirates Hills, District One and Jumeirah Islands were the highest for villas, CBRE said.
Total property transactions in April stood at 7,615, which is a 16.2 per cent increase from the year-ago period. That brought 2023's total to 36,946, a 43.2 per cent rise compared with the same month in 2022 — a record for the first four months of any year so far, CBRE said.
The growth was underpinned by activity in the off-plan market, which posted a 42.5 per cent growth in sales. This offset weakness in the secondary market, where sales declined 2.4 per cent.
“Activity levels in Dubai’s residential market remain steadfast,” Taimur Khan, head of research for Mena at CBRE, said.
“On a monthly basis, a deceleration in activity levels has been witnessed following the record figure registered in March 2023. Despite this — and on the back of this elevated demand — average residential prices in Dubai continue to register significant increases.”
Dubai's property market made a strong recovery from the coronavirus pandemic last year as the emirate's economy rebounded on higher oil prices and government policies, including changes to visa rules to attract more investment.
Last year, the value of property deals in the market reached a new high of Dh528 billion, up 76.5 per cent annually, while the number of transactions rose 44.7 per cent to 122,658 year on year.
Activity levels in Dubai’s residential market remain steadfast
Taimur Khan,
head of research for Mena at CBRE
The sector's “exceptional performance” will help Dubai to achieve its vision to be “one of the world’s top three cities”, Crown Prince Sheikh Hamdan bin Mohammed said in January.
“The results also support the goal of the Dubai Economic Agenda D33 … to double the size of Dubai's economy by 2033. The sector is a pillar of Dubai's strategy for sustainable development and a vital driver of its 2040 Urban Master Plan.”
Dubai remains one of the world's most attractive investment destinations because of its stable economy, strong financial fundamentals and ability to find opportunities for growth, Sheikh Hamdan said.
In the rental market, average rents in 2023 through to April jumped by more than a quarter, as average apartment and villa rents surged by 25.7 per cent and 26.1 per cent, respectively.
The average annual apartment and villa rents stood at Dh102,675 and Dh308,616, respectively, in April.
The highest average annual apartment rents were found in Palm Jumeirah at Dh263,762.
In the villa segment, peak average rents were in Al Barari at nearly Dh1.008 million, CBRE said.
Rents have been rising due to an influx of high-net-worth individuals into the city, as well as the introduction of new visa programmes that encourage residents to stay longer or move from abroad.
“Looking at the rental market, we have started to see a slight moderation, where the growth rate has tapered off for the third consecutive month,” Mr Khan said.
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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.”
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No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
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Transmission: six-speed and 10-speed
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Managing the separation process
- Choose your nursery carefully in the first place
- Relax – and hopefully your child will follow suit
- Inform the staff in advance of your child’s likes and dislikes.
- If you need some extra time to talk to the teachers, make an appointment a few days in advance, rather than attempting to chat on your child’s first day
- The longer you stay, the more upset your child will become. As difficult as it is, walk away. Say a proper goodbye and reassure your child that you will be back
- Be patient. Your child might love it one day and hate it the next
- Stick at it. Don’t give up after the first day or week. It takes time for children to settle into a new routine.And, finally, don’t feel guilty.
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Where he works: Liberty Dental Clinic
The Details
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- Disruption Lab and Research Centre for developing entrepreneurial skills
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
A cheaper choice
Vanuatu: $130,000
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Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
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