"Mid-market" properties were the only price category of the Dubai residential market for which online searches on UAE marketplace dubizzle.com that rose this year, indicating continued growth in demand for “affordable” housing amid flat market conditions and increasing supply.
The proportion of dubizzle.com searches for mid-market properties – those cheaper than Dh1,000 per square foot – increased to 66 per cent of all property searches on the platform in September 2017, up from 42 per cent in September 2016, according to dubizzle.com and property consultancy JLL’s End of Year Property Report focusing on the Dubai residential market.
Mid-market properties accounted for 57 per cent of all property advertisements on dubizzle.com during the month, compared to 52 per cent last September, the report added.
“The most significant changes in the structure of the market during 2017 have been the growth of off-plan sales and a continued focus on the affordable or mid-income sector,” said Craig Plumb, head of research at JLL Mena (Middle East and North Africa).
In stark comparison, the proportion of searches for properties in the Dh1,000-1,500/sq ft bracket dropped by 13 per cent over the year and 3 per cent for the Dh1,500-2,000/sq ft bracket, with the proportion of listings also dropping for these brackets, by 1 per cent each.
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This apparent redistribution of demand to newer mid-market communities in 2017 is illustrated by individual price hikes for certain communities, the report said. Average price per square foot rose by 19.1 per cent year-on-year in Discovery Gardens, 8.22 per cent in Jumeirah Village Circle, 8.01 per cent in Remraam, 4.96 per cent in Dubai Sports City and 3.97 per cent in Liwan.
“Developers in Dubai announced 16 new projects this year – several of them were in the mid-market segment offering attractive payment plans. Agencies who are focused on off-plan sales and have inventory that falls under the below-Dh1,000/sq ft bracket are likely to see gains here,” added Samer Abdin, general manager of dubizzle Property.
Overall, the Dubai residential market “remained relatively soft during 2017”, according to Mr Plumb, with declining rents in most locations and little change in average sales prices.
“The sales market appears to be close to the bottom of its current cycle, with little further decline anticipated in 2018. The rental sector may however see further weakness as the market moves further in favour of tenants, making Dubai a more competitive and attractive city in which to live,” Mr Plumb said.
The threat of potential oversupply is one of the largest challenges facing Dubai’s residential sector in 2018, he warned.
More than 120,000 units have been launched for completion by the end of 2020 and if all of them were to proceed, the market would “definitely” experience an oversupply. Fortunately, though, the rate of materialisation of those units is low, he said.
Previously released JLL data suggests that just 53 per cent of the 32,000 units scheduled for completion in 2017 will be delivered by the end of the year.
Dubizzle Property has around 150,000 listings on its platform at any given time and registers more than 3.7 million visits per month, it said.
Earlier this week, the Dubai Land Department (DLD) updated the emirate's rental index for 2018, adding a land rent index for the first time.
"As rents are softening across most districts in Dubai, there is a lot of 'viscosity' and lag in the adjustment, due to the very inelastic nature of the rental market, with rents typically adjusting only once per year for a given property," said Core Savills’ chief executive David Godchaux.
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Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
What is a calorie?
A food calorie, or kilocalorie, is a measure of nutritional energy generated from what is consumed.
One calorie, is the amount of heat needed to raise the temperature of 1 kilogram of water by 1°C.
A kilocalorie represents a 1,000 true calories of energy.
Energy density figures are often quoted as calories per serving, with one gram of fat in food containing nine calories, and a gram of protein or carbohydrate providing about four.
Alcohol contains about seven calories a gram.
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
What is dialysis?
Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.
It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.
There are two kinds of dialysis — haemodialysis and peritoneal.
In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.
In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.
It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.
Company%20Profile
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COMPANY%20PROFILE%20
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
