The pipeline of new properties due for completion in Dubai this year continues to swell, while agents are confident that the low volumes experienced for house sales over the past two years is about to pick up, according to Cavendish Maxwell.
The property consultancy’s fourth-quarter residential survey states that 61,000 homes are scheduled for completion this year, with this number swelled by the fact that 13,000 units that were anticipated to be completed last year slipping over into 2017. It also added that “delays are likely to greatly reduce activity” this year.
The company said that 16,400 new homes were handed over last year, with the bulk of these in Dubailand and Dubai Silicon Oasis. It said transaction volumes for sales dropped by 19 per cent year-on-year, citing 14,500 deals between January and mid-December. Average apartment prices dropped by 3.4 per cent year-on-year and villas fell by 3.6 per cent, but the rate of decline slowed towards the end of the year.
“Marginal declines are expected to continue in 2017 and a turnaround will be largely dependent on oil prices and US dollar movement,” said Sofia Underabi, the head of residential valuation at Cavendish Maxwell.
She said that residential demand is driven by expat employment growth, but recent redundancies have kept net jobs growth fairly low.
“In comparison, residential supply continues to expand, albeit at slower rates than pre-2009 and 2013-14 levels.”
A poll of agents carried out by Cavendish Maxwell found that 55 per cent expect agreed sales volumes would increase during the first three quarters of this year, while 11 per cent predict a decline and 34 per cent forecast a flat market.
In Abu Dhabi, meanwhile, apartment prices in investment zones dropped by 2 per cent year-on-year, while villa prices dropped by 2.5 per cent. Again, the pace of price falls slowed at the end of the year.
“While the rate of decline in Q4 2016 has slowed in comparison to the first half of the year, the residential market in Abu Dhabi is expected to remain under pressure from redundancies in the oil and gas sector, cuts at key employers such as Etihad and job losses likely to result from the mergers of NBAD-FGB and Mubadala-Ipic,” said research manager Manika Dhama.
About 1,900 new homes were handed over in investment zones in the emirate last year, and a pipeline of 8,300 are due for completion this year.
A survey published this week by Al Masah Capital stated that it expects 57,000 new homes to be completed in Dubai between the last quarter of 2016 and the end of 2018, with 53 per cent of those due for handover this year.
“Going forward, this supply is expected to be absorbed as the economy gains momentum and the city sees an increase in its expatriate workforce due to upcoming events such as Expo 2020,” it said.
mfahy@thenational.ae
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COMPANY%20PROFILE%20
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MATCH INFO
Manchester City 1 (Gundogan 56')
Shakhtar Donetsk 1 (Solomon 69')
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
COMPANY%20PROFILE
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The specs
Price, base / as tested Dh135,000
Engine 1.6L turbo
Gearbox Six speed automatic with manual and sports mode
Power 165hp @ 6,000rpm
Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
Company%20Profile
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Killing of Qassem Suleimani
Film: Raid
Dir: Rajkumar Gupta
Starring: Ajay Devgn, Ileana D'cruz and Saurabh Shukla
Verdict: Three stars
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
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On sale: Now
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
Fresh faces in UAE side
Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.
Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.
Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.
Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.
Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.
Company%20profile
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SHAITTAN
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Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
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The%20specs
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The Kingfisher Secret
Anonymous, Penguin Books
Company profile
Name: Oulo.com
Founder: Kamal Nazha
Based: Dubai
Founded: 2020
Number of employees: 5
Sector: Technology
Funding: $450,000
Company%20profile
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Company%20Profile
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The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
SPECS
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UAE currency: the story behind the money in your pockets
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now
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COMPANY%20PROFILE
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