Land held by developers in Abu Dhabi has lost as much as 30 per cent of its value from the peak in the middle of 2008 as residential sales remain subdued, figures from the property consultancy CB Richard Ellis (CBRE) show.
Land prices at some of the capital's key developments such as Reem Island range between Dh180 (US$49) and Dh250 a square foot, compared with as much as Dh375 at the peak.
Average prices at Raha Beach, a project by Aldar Properties, are now Dh400 a sq ft, down from about Dh550.
"Land transactions have fallen in light of the global economic conditions impacting on the local market and in particular reduced availability of credit and reduced liquidity," said Noura Yassin, the director of valuation and consultancy at CBRE Middle East.
"We have witnessed a significant lessening of market activity, particularly during 2009."
As the financial crisis took hold, progress on some of the most significant projects in Abu Dhabi slowed, and other projects have been scaled back or construction tenders revised to accommodate the slower conditions.
The developer behind Masdar City, the carbon-neutral city conceived in 2006, recently said the project would be smaller but more sustainable.
Meanwhile, the Tourism and Development Investment Company has benefited from a fall in construction costs by re-tendering construction contracts at the Louvre Abu Dhabi and the Guggenheim Abu Dhabi, museums planned for Saadiyat Island.
But as many as 8,000 new homes, sold before the financial crisis hit the UAE's property sector, are expected to be completed by the end of this year, CBRE said, with the new units mainly located on Reem Island and at Raha Beach and Al Reef.
Asteco, another property consultancy, estimates that as many as 20,000 homes could be ready by the end of the year.
The influx, coupled with low demand, will continue to depress residential property prices for as long as two years. Prices fell by as much as 7 per cent in the first quarter of this year from the previous quarter, said Saud Masud, the head of research at UBS.
"The residential story is unfortunately going to remain a challenging one with our view [being] that rents and prices will continue to slide for another 18 to 24 months," Mr Masud said. "Abu Dhabi, however, is a strong story when it comes to infrastructure."
The international property firm Cushman and Wakefield said in a report that Abu Dhabi would see a marked shift in the quality of office space by the end of next year, with between 8 million and 10 million sq ft of "grade A" space becoming available.
This would lead to 90 per cent of commercial villas being converted to residential and rental rates for second-tier offices declining by between 25 and 30 per cent, the report said.
"This sudden and dramatic increase in the availability of quality office space will have a large impact on the demand for existing stock and also associated rental values and incentives," the report said.
agiuffrida@thenational.ae
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
COMPANY%20PROFILE
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COMPANY%20PROFILE
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Abu Dhabi GP weekend schedule
Friday
First practice, 1pm
Second practice, 5pm
Saturday
Final practice, 2pm
Qualifying, 5pm
Sunday
Etihad Airways Abu Dhabi Grand Prix (55 laps), 5.10pm
Grand Slam Los Angeles results
Men:
56kg – Jorge Nakamura
62kg – Joao Gabriel de Sousa
69kg – Gianni Grippo
77kg – Caio Soares
85kg – Manuel Ribamar
94kg – Gustavo Batista
110kg – Erberth Santos
Women:
49kg – Mayssa Bastos
55kg – Nathalie Ribeiro
62kg – Gabrielle McComb
70kg – Thamara Silva
90kg – Gabrieli Pessanha
Profile Periscope Media
Founder: Smeetha Ghosh, one co-founder (anonymous)
Launch year: 2020
Employees: four – plans to add another 10 by July 2021
Financing stage: $250,000 bootstrap funding, approaching VC firms this year
Investors: Co-founders
COMPANY%20PROFILE
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The biog
Age: 32
Qualifications: Diploma in engineering from TSI Technical Institute, bachelor’s degree in accounting from Dubai’s Al Ghurair University, master’s degree in human resources from Abu Dhabi University, currently third years PHD in strategy of human resources.
Favourite mountain range: The Himalayas
Favourite experience: Two months trekking in Alaska
COMPANY%20PROFILE
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Dubai World Cup draw
1. Gunnevera
2. Capezzano
3. North America
4. Audible
5. Seeking The Soul
6. Pavel
7. Gronkowski
8. Axelrod
9. New Trails
10. Yoshida
11. K T Brave
12. Thunder Snow
13. Dolkong
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.
Company%20Profile
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Long Shot
Director: Jonathan Levine
Starring: Charlize Theron, Seth Rogan
Four stars
SPECS
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if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
MATCH INFO
Tottenham 4 (Alli 51', Kane 50', 77'. Aurier 73')
Olympiakos 2 (El-Arabi 06', Semedo')
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
UAE currency: the story behind the money in your pockets
Asia Cup Qualifier
Venue: Kuala Lumpur
Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September
Fixtures:
Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6: Final
Asia Cup
Venue: Dubai and Abu Dhabi
Schedule: Sep 15-28
Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier