Deyaar Development’s plush ‘royal palace’ at the top of the newly unveiled residential tower near Sheikh Zayed Road will be priced between Dh80 million and Dh90 million ($21.78 million and $24.5 million) amid higher demand from buyers, its chief executive has said.
This week, Dubai-listed Deyaar launched 445-metre high Downtown Residences, a 110-floors skyscraper, which is the biggest project the company has launched so far.
“It’s a big space,” Saeed Al Qatami told The National in an interview in Dubai on Wednesday. “We are talking about close to 15,000 square foot in the sky, with swimming pools and other amenities.”
Deyaar plans to begin selling the units to clients next week, with a one-bedroom apartments priced at Dh1.8 million. Penthouses and duplexes will also be up for sale.
The company expects to generate Dh2 billion from the sale of housing units, with construction scheduled to begin by the end of the year, Mr Al Qatami said.
“We have seen a very good [initial] interest. People are eager to know more about the project, about the pricing, about the payment plan," he added.
“We also have a strong channel partners network ... and they are keen to sell it to their clients.”
Apart from Emiratis and residents, the company is also targeting buyers from Europe, China and markets in Asia and beyond. Deyaar expects to sell about 60 per cent of Downtown Residences' 522 units up for grabs this year.
The company will fund the construction of the project through the cash generated from off-plan home sales, Mr Al Qatami said.
"We also have over Dh900 million of [bank] facilities unutilised as of now. So, if required, we will tap some of those facilities," he said. "These are bank loans approved for us ... but we have not utilised."
The property sector in the UAE has been booming on the back of government initiatives such as residency permits for retired and remote workers as well as sustained economic growth that is driven by non-oil sector diversification.
The influx of wealthy people to the Emirates is also supporting the market momentum. Last year, 7,200 millionaires arrived in the UAE, building on an influx of 4,700 in 2023 and 5,200 in 2022, property consultancy Knight Frank said, citing data from Henley & Partners.
The total number of US dollar millionaires in the UAE reached 130,500 at the end of December, making the Emirates the world's 14th-largest wealth market.
Demand for homes continues to remain strong in Dubai as well as across the Emirates as the population is consistently increasing with a large number of people moving to the Emirates to live and work, Mr Al Qatami said.
“People want to relocate from Singapore, the US, UK, Europe as well as from India and Pakistan and some Arab countries as well,” he said.
“People are coming here for different reasons ... [and] they think it's the right place to live. As long as this happens, the real estate sector will continue to be healthy and you will be able to either lease those units or sell them at good rates.”
Prices not expected to fall
Property prices will "stabilise at a certain level" this year and will not fall as demand remains strong, Mr Al Qatami said.
In a recent report, Fitch predicted Dubai property prices to fall by 15 per cent this year on oversupply in the market.
The credit ratings agency expects unit deliveries in this year and next to double compared to 2022 to 2024, “which could cause a price correction”.
Mr Al Qatami said: "Oversupply might happen by the end of next year and you will see that reduction happening." However, it also depends on the population increase and how many more people come to live in Dubai, he added.
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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.
Naga
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Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
More on Quran memorisation:
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
MATCH INFO
World Cup 2022 qualifier
UAE v Indonesia, Thursday, 8pm
Venue: Al Maktoum Stadium, Dubai
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Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Manchester United v Liverpool
Premier League, kick off 7.30pm (UAE)
RESULT
Huddersfield Town 2 Manchester United 1
Huddersfield: Mooy (28'), Depoitre (33')
Manchester United: Rashford (78')
Man of the Match: Aaron Mooy (Huddersfield Town)
ENGLAND SQUAD
Joe Root (captain), Dom Sibley, Rory Burns, Dan Lawrence, Ben Stokes, Ollie Pope, Ben Foakes (wicketkeeper), Moeen Ali, Olly Stone, Chris Woakes, Jack Leach, Stuart Broad
Biography
Favourite drink: Must have karak chai and Chinese tea every day
Favourite non-Chinese food: Arabic sweets and Indian puri, small round bread of wheat flour
Favourite Chinese dish: Spicy boiled fish or anything cooked by her mother because of its flavour
Best vacation: Returning home to China
Music interests: Enjoys playing the zheng, a string musical instrument
Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes
Favourite book: Chairman Mao Zedong’s poems
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
