About 6,750 new residential units were added to Dubai’s property market over the past three months, bringing the total stock to 479,000 properties, according to a new report.
The ADIB / MPM Properties report states that most of the new units were delivered along the Sheikh Mohammed Bin Zayed Road corridor, with new homes in the International Media Production Zone making up 26 per cent of the supply.
The amount of new units delivered during the first half of the year climbed to 8,500, and MPM Properties said that it expects a further 11,500 to be handed over during the second half of the year.
The increased supply meant that prices and rents continued to fall. Average sale prices dropped by 3.5 per cent and rents fell by 3 per cent on the previous quarter.
“The volume of new projects in the Dubai market means that properties will increasingly need to appeal to potential buyers’ sense of value,” said Paul Maisfield, chief executive of MPM Properties. “That means a shift towards well managed, self-contained and mid-market properties, particularly close to the Expo 2020 site. We are also seeing a greater emphasis on buyer incentives and unique selling points, especially in the luxury segment and expect buyers to benefit from these trends.”
The report also warned that new leasehold property developments at the northern end of Dubai in areas such as Al Nahda, Muhaisanah and Al Qusais Industrial Areas 3 & 4 could “further exert pressure” on infrastructure, most notably roads between Dubai and Sharjah already facing serious traffic congestion at peak hours.
mfahy@thenational.ae
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
SPECS
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
The%20specs
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
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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.
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
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In Search of Mary Shelley: The Girl Who Wrote Frankenstein
By Fiona Sampson
Profile
COMPANY%20PROFILE
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A%20Little%20to%20the%20Left
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A meeting of young minds
The 3,494 entries for the 2019 Sharjah Children Biennial come from:
435 – UAE
2,000 – China
808 – United Kingdom
165 – Argentina
38 – Lebanon
16 – Saudi Arabia
16 – Bangladesh
6 – Ireland
3 – Egypt
3 – France
2 – Sudan
1 – Kuwait
1 – Australia
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