Home » Dubai property market rebounds with 83% yearly growth in transactions in Q1 – Arab News

Dubai property market rebounds with 83% yearly growth in transactions in Q1 – Arab News

by Arifa Rana

DUBAI: Despite market volatility, the residential market in Dubai witnessed a record first quarter as the total volume of transactions reached 7,865 in March 2022, up 83.4 percent from a year earlier, according to a CBRE report. 
Total transaction volumes in the year to date to March 2022 reached 19,009, the highest ever total reported in the first quarter of any year. 
In the first quarter of 2022, off-plan sales increased by 94.6 percent while secondary market sales were up by 76.1 percent.
Average property prices in Dubai increasing
The report noted that average prices increased by 11.3 percent in the year to March 2022. 
Over this period, average apartment prices increased by 10.0 percent, while average villa prices were up by 20.2 percent. 
At the end of March 2022, average apartment prices in Dubai stood at $30 per square foot and average villa prices stood at $344 per square foot.
Compared to the highs witnessed in late 2014, these rates per square foot are 26.2 percent and 12.3 percent below the peak, for apartments and villas respectively.
In the apartments segment of the market, Downtown Dubai has recorded the highest average sales rate per square foot at $550. 
In the villas segment, Palm Jumeirah recorded the highest average sales rate per square foot at $792. 
Average rents increased
Average rents in the 12 months to March 2022 have increased by 13.1 percent, with average apartment and villa rents increasing by 11.7 percent and 22.5 percent respectively. 
As of March 2022, average apartment and villa rents stood at $21,780 and $64,917 per annum respectively.
In the rental market, the highest average annual apartment and villa rents were found in Palm Jumeirah, where asking rents on average were $53,766. 
DETROIT, US: A group of Tesla shareholders suing CEO Elon Musk over some 2018 tweets about taking the company private is asking a federal judge to order Musk to stop commenting on the case.
Lawyers for stockholders of the Austin, Texas-based company also say in court documents that the judge in the case has ruled that Musk’s tweets about having “funding secured” to take Tesla private were false, and that his comments also violate a 2018 court settlement with US securities regulators in which Musk and Tesla each agreed to pay $20 million fines.
Musk, during an interview Thursday at the TED 2022 conference, said he had the funding to take Tesla private in 2018. He called the Securities and Exchange Commission a profane name and said he only settled because bankers told him they would stop providing capital if he didn’t, and Tesla would go bankrupt.
The interview and court action came just days after Musk, the world’s richest person, made a controversial offer to take over Twitter and turn it into a private company with a $43 billion offer that equals $54.20 per share. Twitter’s board on Friday adopted a “poison pill” strategy that would make it prohibitively expensive for Musk to buy the shares.
In court documents filed Friday, lawyers for the Tesla shareholders alleged that Musk is trying to influence potential jurors in the lawsuit. They contend that Musk’s 2018 tweets about having the money to take Tesla private at $420 per share were written to manipulate the stock price, costing shareholders money.
Now, lawyers say Musk is campaigning to influence possible jurors as the case gets closer to trial.
“Musk’s comments risk confusing potential jurors with the false narrative that he did not knowingly make misrepresentations with his Aug. 7, 2018 tweets,” the lawyers wrote. “His present statements on that issue, an unsubtle attempt to absolve himself in the court of public opinion, will only have a predjudicial influence on a jury.”
The lawyers asked Judge Edward M. Chen in San Francisco to restrain Musk from making further public comments on the issue until after the trial. Chen gave Musk’s lawyers until Wednesday to respond.
Alex Spiro, a lawyer representing Musk, wrote in an email Sunday that the plaintiffs’ lawyers are seeking a big payout. “Nothing will ever change the truth, which is that Elon Musk was considering taking Tesla private and could have,” he wrote. “All that’s left some half-decade later is random plaintiffs lawyers trying to make a buck and others trying to block that truth from coming to light, all to the detriment of free speech.”
But the shareholders’ lawyers wrote that Chen already ruled that Musk’s tweets were false and misleading, and “that no reasonable juror could conclude otherwise.”
Judge Chen’s order, issued April 1, was not in the public court file as of Sunday. Adam Apton, a lawyer for the shareholders, said it was sealed because it has evidence that Musk and Tesla say is confidential. It will stay sealed until the parties agree if anything should remain sealed, he wrote in an email. “Our motion for TRO (temporary restraining order) accurately desribes the issues decided by the court,” Apton wrote.
After Musk’s 2018 tweets, the SEC filed a complaint against him alleging securities law violations. Musk then agreed to the fine and signed the court agreement. Part of the agreement says that Musk “will not take any action or make or permit to be made any public statement denying, directly or indirectly, any allegation in the complaint or creating the impression that the complaint is without factual basis.”
If Musk violates the agreement, the SEC may ask the court to scrap it and restore the securities fraud complaint, the agreement says. A message was left Sunday seeking comment from the SEC.
Spiro, on behalf of Musk, already has asked a Manhattan federal court to throw out the agreement. He contends the SEC is using the pact and “near limitless resources” to chill Musk’s speech. Court documents filed by Spiro say Musk signed the agreement when Tesla was a less mature company and SEC action jeopardized its financing.
RIYADH: Saudi Arabia has transferred its $300 million deposit with the Mauritania Central Bank into a soft loan, it was announced on Sunday.
Under directives of King Salman and Crown Prince Mohammed bin Salman, the transfer comes as part of ongoing efforts by the Saudi leadership to help develop and support economics in the Arab and Islamic world.
It also marks a continuation of the ongoing Saudi support for Mauritania and its economic and developmental progress, as well as encouraging regional and international investment into the country.    
RIYADH/LONDON: A Riyadh-based technology company is bracing up the Kingdom’s armed forces and its growing emphasis on military localization and intellectual property development.
In just over a year, Interstellar Solutions, an ambitious technology company under the aegis of venture firm RAZ Holding Group, has acquired multiple contracts for an integrated defense management system that it owns and maintains.
“We’re planning to build local capabilities and have the system as one of the pillars in the Saudi military sector,” Basim Al-Mohammadi, CEO of Interstellar Solutions, told Arab News.
“This will support the Kingdom’s Vision 2030 by localizing capability and creating an edge today to serve the country locally. We can also have the potential to serve international countries,” he added.
The company owns the G21 system, a web-based enterprise resource planning, or ERP, software that supports governments and the defense industry to perform aviation, ground and naval operations and missions. It also holds its intellectual property globally.
The company owns the G21 system, a web- based enterprise resource planning, or ERP, software that supports governments and the defense industry to perform aviation, ground and naval operations and missions.
It also holds its intellectual property globally.
The G21, the fifth version of which was released in March, is compatible with NATO and the US Department of Defense’s core systems and compliant with aerospace standards.
Al-Mohammadi, a retired navy colonel, said one of the unique aspects of the system is that it has been created and developed by former military personnel who understand the exact needs and requirements of combat readiness.
Curtis Massenburg, chief technology officer of the Riyadh-based company, explained that ERPs used for commercial purposes differ from those for defense. The former is mainly about saving money, while the latter is about saving lives and deterring wars.
“We quickly realized that we needed to start from the ground up to build the system, so we covered all nuances and automation required by the defense forces. Because of the differences, there must be a lot more automation. There has to be a lot more control to successfully defend a country and save lives,” he said.
The G21, the fifth version of which was released in March, is compatible with NATO and the US Department of Defense’s core systems and compliant with aerospace standards.
“One of the things we think is very critical for Saudi Arabia is that the intellectual property and the system’s control reside inside the Kingdom,” Massenburg said.
With the aim of becoming a significant player in the defense ERP domain, the company was set up in January 2021 to achieve the objectives of the Kingdom’s Vision 2030 and become a global leader in the aerospace and defense industry.
Massenburg said they had spent the past year supporting the local market and building partnerships with government defense bodies. They are ready to “move forward and make some waves in improving the technology in Saudi Arabia and the level of the personnel in the defense market.”
Al-Mohammadi said the company has a team of 15 men and women and aims to double or triple its workforce in the near term as it looks to extend its services to other Gulf countries.
As part of Starbucks’ efforts toward eliminating single-use cups, the global coffeehouse has launched the Forget Me Not Frappuccino Blended Beverage in Saudi Arabia, the UAE, and Kuwait. It is Starbucks’ first beverage to be served in a complimentary reusable cup.
Running from April 14, the new limited time beverage underscores the coffeehouse’s ongoing efforts to encourage the use of reusable cups. With the immediate objective of waste reduction, Starbucks’ long-term goal and brand aspiration is to influence behavioral change across the region by creating a cultural movement toward reusables by 2025.
Andy Holmes, president of Starbucks MENA Alshaya Group, said: “Starbucks Alshaya MENA is committed to waste reduction and is implementing initiatives to be a more resource positive company in line with the Starbucks global sustainability aspiration to reduce waste sent to landfills by 50 percent by 2030. The new Forget Me Not Frappuccino Blended Beverage served in a complimentary reusable cup for a limited time only aims to encourage customers to join us in achieving that aspiration and positively contribute to better waste management. Our reusable cups are available across all stores. We hope to encourage enduring behavioral change and more Starbucks customers to have their favorite beverage in their own reusable cup at any Starbucks store, instead of a single-use cup.”
Forget Me Not Frappuccino Blended Beverage will be the first beverage to be delivered in a complimentary reusable cup, only in Grande size. In the UAE, the purchase of Forget Me Not Frappuccino Blended Beverage earns Starbucks Rewards app users 22 bonus stars. Described as the “ultimate springtime sensation,” the Forget Me Not beverage offers a sprightly burst of freshness with flavors of bright citrus orange combined with aromatic vanilla. Topped with a zingy orange and vanilla flavor whipped cream, this icy cold drink claims to be the best refreshing sip.
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 33,000 stores around the globe, Starbucks is the premier roaster and retailer of specialty coffee in the world.
RIYADH: China is expected to report a sharp deterioration in economic activity in March as COVID-19 outbreaks and lockdowns hit consumers and factories, although first-quarter growth may have perked up due to a strong start early in the year.
Data on Monday is expected to show gross domestic product grew 4.4 in January-March from a year earlier, a Reuters poll showed, outpacing the fourth-quarter’s 4 percent pace due to a surprisingly solid start in the first two months.
But on a quarterly basis, gross domestic product growth is forecast to fall to 0.6 percent in the first quarter from 1.6 percent in October-December, the poll showed, pointing to cooling momentum.
Separate data on March activity, especially retail sales, is likely to show an even sharper slowdown, analysts say, hit hard by China’s strict efforts to contain its biggest COVID outbreak since the coronavirus was first discovered in the city of Wuhan in late 2019.
Analysts say April readings will likely be worse, with lockdowns in commercial centre Shanghai and elsewhere dragging on. Some economists say the risks of a recession are rising.
Turkish house sales rise 20.6%
Turkish house sales rose 20.6 percent in March on the year to 134,170 houses, data from the Turkish Statistical Institute showed on Friday.
Sales to foreigners rose 31 percent, the institute said, with Iranian citizens topping the list. Iraqis and Russians were the next biggest buyers of Turkish properties, it added.
Wealthy Russians are pouring money into real estate in Turkey and the United Arab Emirates, seeking a financial haven in the wake of Moscow’s invasion of Ukraine and Western sanctions, many property companies say. 
The data also showed March mortgaged sales rose 38.8 percent from a year earlier to 30,271, accounting for 22.6 percent of the total sales in the period.
Foreign currency revenues
Turkey’s central bank has raised the share of foreign currency revenues that exporters are required to sell to the central bank to 40 percent from 25 percent, a move designed to prop up the country’s foreign exchange reserves.
In January, the government mandated exporters to sell 25 percent of their foreign currency revenues to the central bank, which is seeking to bulk up its reserves depleted during a currency crisis late last year.
On Monday, Reuters reported that the authorities were considering raising the threshold to as much as 50 percent though no decisions were made at the time. 
The central bank’s net foreign currency slumped to a record low of $7.55 billion in January, mainly as a result of market interventions to prop up a tumbling lira. They have risen since, reaching $18.30 billion last week, and Turkish authorities look to export revenues to replenish them further.
Turkey’s exports totaled $225 billion in 2021 and the government and economists expect they will reach $250 billion this year.
The central bank also said income from exports to Russia and Ukraine can be submitted in Turkish lira even though it was initially disclosed as foreign currencies.
BoJ likely to raise inflation forecast 
The Bank of Japan is likely to raise its inflation forecast for this fiscal year to near 2 percent at this month’s policy meeting as global commodity inflation drives up energy and food costs, said three sources familiar with the bank’s thinking.
While the upgrade will bring inflation closer to its 2 percent target, the central bank will stress its resolve to keep monetary policy ultra-loose to underpin a fragile economic recovery, the sources said.
“Consumer inflation may accelerate to near 2 percent this fiscal year, but mostly due to rising fuel and food costs,” one of the sources said.
“It’s too early to withdraw stimulus because wage growth is slow and the economy is still weak,” the source said.


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