On the well-manicured streets of Arabian Ranches, where homes typically sell for up to Dh8 million (US$2.1m), there are few signs of the Dubai property market downturn.
Location, location, location:
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Villas in the Emirates Road community are often sold a few weeks after they hit the market.
And asking prices for some climbed 10 per cent in the past year, according to propertyfinders.ae, a sales website.
Around Dubai, villas are selling at a crisp rate, while apartments in many of the iconic skyscrapers are still experiencing low demand and falling prices.
"A good villa will not stay on the market more than one month," says Wassim Abdullah, a sales consultant with Better Homes. "And if the price is good it will sell in one week."
After years of declines, research shows prices for villas are starting to stabilise and even increase in sought-after neighbourhoods.
For Dubai's property market, any sign of sales activity is considered good news.
Much of this revolves around high-end villas in hot locations, such as Arabian Ranches and Emirates Hills, where homes are regularly priced between Dh15m and Dh75m.
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"I haven't been this busy, ever," says Myles Bush, the managing director of Powerhouse Properties, a five-year-old company specialising in luxury villas.
In August the company made five sales in Emirates Hills and Palm Jumeirah, worth a total of Dh75m.
Sales are benefitting from the basic supply-and-demand equation. Villas comprise only 21 per cent of the existing supply, and there are even fewer with the prime locations and golf course views prized by buyers.
"You look at the number of quality villas and they are limited," says Mr Bush.
On Palm Jumeriah, where prices for villas have actually increased in some areas, sales have been aided by buyers looking for a haven from turmoil in the region.
"[Villas on the Palm] remain very popular as regional investment capital flows towards prime products," a report by CB Richard Ellis highlighted.
The number of transactions on the Palm increased by 87 per cent in the first half of the year compared with the same period last year, says Mark Towers, the managing director of Edwards and Towers, a property agency focused on the Palm.
Of those buyers, 40 per cent were from around the region, compared with 25 per cent a year earlier.
Many of those were from Saudi Arabia and other GCC countries, looking to buy second or third homes, and they were willing to pay cash for villas priced at more than Dh10m, says Mr Towers.
But there has also been increased activity at the Dh2m to Dh3m level, as more lenders show a willingness to offer mortgages on villas.
"There has been a slight loosening up of liquidity," Mr Towers says. "We're seeing a few more financed deals starting to happen."
The villa sector is now clearly outperforming the apartment market, which is still suffering from oversupply. In the past year, prices for villas in Palm Jumeirah and the Springs declined only 3 per cent, compared with drops of 13 per cent for apartments in Jumeirah Lake Towers and 11 per cent for Dubai Marina, according to Asteco, the property management company.
Average sale prices in Arabian Ranches are essentially unchanged from a year ago, now that many of the distressed sellers have left the market.
"All the desperate people have already sold their property," says Mr Abdullah.
But the phenomenon is not universal.
There is new competition for villa buyers from developments such as Falcon City, The Villas and Motor City in Dubailand, where prices are often up to 30 per cent less than in established communities.
"There are signs of life, but it is still selective," says Craig Plumb, the head of research for Jones Lang LaSalle's Dubai office. "A lot of villas are being sold, but the pickup has been patchy."
Buyers are looking for villas in established communities with amenities already in place, according to agents. And they are still seeking bargain prices.
"If the price is not right [a villa] could be on sale for one or two years," says Dilya Dossanova, an agent with Provident Estate. "It all depends on the individual owner."
Many buyers are those who used to rent apartments and are now taking advantage of the 30 to 40 per cent drop in villa prices in the past two years. Instead of the investors who dominated the market during the boom years, they are people looking for a home.
Villas offer privacy, backyards and living space. Maintenance fees are also far less than those being charged for apartments. For example, the fees for a four-bedroom villa might total about Dh10,000 compared with Dh40,000 for a prime apartment, property agents point out.
Developers are cashing in on villa activity.
Nakheel, which had abandoned new developments to focus on completing existing projects, recently switched gears and announced plans to build 102 townhouses on Palm Jumeirah, citing the growing interest for villas and premium homes.
"We are monitoring [the villa market] closely," Ali Rashid Lootah, the chairman of Nakheel, said in a recent interview. "We see demand is coming back in Dubai for that."
kbrass@thenational.ae
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Bahrain%20GP
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COMPANY%20PROFILE
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
Company%20profile
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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Dubai World Cup Carnival card
6.30pm: UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m
7.05pm: Handicap (TB) $135,000 (Turf) 1,000m
7.40pm: Handicap (TB) $175,000 (D) 1,900m
8.15pm: Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m
8.50pm: Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m
9.25pm: Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m
The National selections
6.30pm: Final Song
7.05pm: Pocket Dynamo
7.40pm: Dubai Icon
8.15pm: Dubai Legacy
8.50pm: Drafted
9.25pm: Lucius Tiberius
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
How to donate
Text the following numbers:
2289 - Dh10
6025 - Dh 20
2252 - Dh 50
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*numbers work for both Etisalat and du
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY%20PROFILE
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THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
MATCH INFO
Al Jazira 3 (O Abdulrahman 43', Kenno 82', Mabkhout 90 4')
Al Ain 1 (Laba 39')
Red cards: Bandar Al Ahbabi (Al Ain)
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.
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
COMPANY%20PROFILE%20
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Company%20Profile
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
match info
Southampton 2 (Ings 32' & pen 89') Tottenham Hotspur 5 (Son 45', 47', 64', & 73', Kane 82')
Man of the match Son Heung-min (Tottenham)
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
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LEADERBOARD
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SERIE A FIXTURES
Friday Sassuolo v Torino (Kick-off 10.45pm UAE)
Saturday Atalanta v Sampdoria (5pm),
Genoa v Inter Milan (8pm),
Lazio v Bologna (10.45pm)
Sunday Cagliari v Crotone (3.30pm)
Benevento v Napoli (6pm)
Parma v Spezia (6pm)
Fiorentina v Udinese (9pm)
Juventus v Hellas Verona (11.45pm)
Monday AC Milan v AS Roma (11.45pm)
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Company%20Profile
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
COMPANY%20PROFILE
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
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
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
The specs: 2018 Mazda CX-5
Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
Fuel consumption, combined: 7.1L / 100km
WWE Super ShowDown results
Seth Rollins beat Baron Corbin to retain his WWE Universal title
Finn Balor defeated Andrade to stay WWE Intercontinental Championship
Shane McMahon defeated Roman Reigns
Lars Sullivan won by disqualification against Lucha House Party
Randy Orton beats Triple H
Braun Strowman beats Bobby Lashley
Kofi Kingston wins against Dolph Zigggler to retain the WWE World Heavyweight Championship
Mansoor Al Shehail won the 50-man Battle Royal
The Undertaker beat Goldberg
RESULTS
5pm: Handicap (PA) Dh70,000 1,400m
Winner: AF Tathoor, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh70,000 1,000m
Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
6pm: Maiden (PA) Dh70,000 2,000m
Winner: Aiz Alawda, Fernando Jara, Ahmed Al Mehairbi
6.30pm: Handicap (PA) Dh70,000 2,000m
Winner: ES Nahawand, Fernando Jara, Mohammed Daggash
7pm: Maiden (PA) Dh70,000 1,600m
Winner: Winked, Connor Beasley, Abdallah Al Hammadi
7.30pm: Al Ain Mile Group 3 (PA) Dh350,000 1,600m
Winner: Somoud, Connor Beasley, Ahmed Al Mehairbi
8pm: Handicap (PA) Dh70,000 1,600m
Winner: Al Jazi, Fabrice Veron, Eric Lemartinel
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The Equaliser 2
Director Antoine Fuqua
Starring: Denzel Washington, Bill Pullman, Melissa Leo, Ashton Sanders
Three stars
