The super wealthy from across the world are flocking to Dubai, driving an unprecedented surge in the sales of its most-exclusive properties.

Fed up with frequent lockdowns and restrictions, the delay in vaccinations and waves of infections, the cash-rich are zooming in on the UAE city. An Associated Press report noted “foreign buyers flush with cash have flooded Dubai’s high-end property market, one of the few places in the world where they can dine, shop and do business in person”. The result is that record numbers of luxury villas and penthouses are up for the grabs, sending prices rocketing.

According to a business magnate who bought a luxury villa in the Palm, Dubai’s strategy is “business as usual”. What attracted people like him is the emirate’s philosophy of ensuring everyone is vaccinated and everything is open.

Plentiful vaccines are one reason behind the demand. Apart from nationwide Sinopharm vaccine administration, Dubai offers Pfizer-BioNtech and Oxford-Astrazeneca (new appointments for the latter are closed following the crisis in Indian production). To get a vaccination appointment, all one needs is a residence visa — which the city is extending to high-end property buyers and investors.

Sales of Dubai’s upscale properties, as a result, has soared 230 per cent in the first quarter of 2021, compared to the same period last year. Prices in some top-end areas rose as much as 40 per cent, according to Property Finder, a major real-estate website.

A record-breaking 90 properties worth 10 million dirhams each ($A3.5 million) changed hands last month, on top of 84 in March, surpassing heights hit eight years ago, according to real estate consultancy Property Monitor. In 2020, there were only 54 such transactions.

New initiatives that lure affluent foreigners include remote work visas, retirement visas and long-term, renewable “golden” visas. Authorities are also offering Emirati citizenship to a select group of foreigners. To boost its brand as a cosmopolitan city, the UAE has now altered its strict Islamic legal code, allowing unmarried couples to live together and non-citizens to follow foreign laws for divorce and inheritance, says the AP report.

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Asset Homes also retained DA2+, the highest CRISIL rating ever-received by a Kerala builder. Binaifer Jehani, Business Head, SME Solutions Head, CRISIL, said CRISIL’s DA2+ rating indicates the developer’s ability to execute real estate projects as per the specified quality level within the stipulated time schedule and to transfer a clean title with 100% legal ownership. The agency has also considered the strong experience of the promoter, the company’s strong marketing and development strategies, standardised work flow processes and systems, and good second-line management team and advisory board.

Speaking on 2021 plans, Sunil Kumar said the company will complete four more projects in the New Year in Kochi, Thiruvananthapuram, Kollam and Thrissur. In addition to these, 12 new projects will also be launched in 2021.

He also said Asset Homes is entering into three new verticals in the New Year, including student living, senior living and affordable housing. The company’s first affordable housing project named Down to Earth will be in Kakkanad, Kochi. Its project for senior citizens will be in association with Season Two Living, a company in which Sajan Pillai, founder of IT major UST and Managing Partner of a US$100 million venture capital fund, has investments. The project, Young at Heart, with 350 apartments, including specialised facilities for senior citizens, will be coming up near Rajagiri Hospital in Aluva. Asset Homes’ student living project, Asset Identity, on the other hand, will be built as part of Taurus Downtown, which is being set up by the Boston-based Taurus Developers in the phase III of Technopark, Thiruvananthapuram.

Considering the growth prospects of the company, C.V. Rappai, a Qatar-based NRI businessman, has taken equity in the company and has joined the board of directors. Director and CEO of Doha’s Ahmed Bin Saif Al Thani & Partners Group, Mr. Rappai is also a director of INKEL and a member of NORKA Roots and Loka Kerala Sabha.

Speaking via Zoom, Sajan Pillai, investor in Season Two Living, Asset Homes’ partner in the senior living project, said Young at Heart coming up in Aluva will be the first of its kind project in India with primary healthcare facilities, physiotherapy, hydrotherapy, ayurveda clinic, walk way, yoga centre, fitness centre and recreation facilities aimed at senior citizens.

Ajay Prasad, Country Manager – India, Taurus Investment Holding, said, Taurus Downtown will be the largest of its kind integrated IT park facility in the state with residential towers and recreation facilities among others. He also said Taurus is glad to have a seasoned builder like Asset Homes onboard for the residential projects inside Taurus Downtown.

Dr. M P Hassan Kunhi, director, Asset Homes, said the year 2021 is a year of hope with the advent of Covid vaccine. For Kerala’s economy, which is uniquely impacted further by NRIs, the improved relations among the GCC countries will be an added impetus for growth.

Asset Homes has so far completed and handed over 66 projects and currently has got 19 residential projects under various stages of completion in Thiruvananthapuram, Kollam, Patthanamthitta, Kottayam, Ernakulam, Kozhikode and Kannur.

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After Covid 19, there will be drastic changes in the lifestyle of people and the real estate sector, Shashi Tharoor MP said. The country can only advance through the growth of the manufacturing sector. “There is a need to pay more attention to industry clusters and manufacturing and manufacturing,” he said.
He was speaking at a webinar organised by Credai Kerala, a group of real estate entrepreneurs.
Covid has paralysed the entire world. The per capita income in 175 countries was adversely affected; 600 million people will starve. Covid disrupted the global trade. We need to prepare ourselves mentally to deal with the new world in a balanced manner with the changes of the world.
Though initially hesitant, China has kept pace with growth. Many major countries have abandoned trade ties with China, but China did not lose hope and it is forging ahead now.
The real estate sector was the worst hit by the Covid plague. The real estate sector cannot move forward with city-centric projects, Mr. Tharoor said.
The city-centric developments are no longer relevant as they are able to work in homes. As the world shifts to virtual reality, India too has to adapt. It requires the rulers to have a vision and a clear vision.
Investments should be made for residential and hospital complexes. More factories should be set up to improve the manufacturing sector. Unless serious steps are taken to improve the manufacturing sector, the very existence of the country will be at stake.
India should be able to take advantage of the opportunity provided by various countries severing trade ties with China. Of the 53 companies that left China in a year, only three had expressed interest in India. Unnecessary delays, inadequate restrictions, lack of skilled workers, lack of investment friendliness and lack of clear policies are the factors that deter investors.

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The full house event was attended by over 430 top hospitality leaders from the Middle East. The glamorous evening included a reception, a great meal and excellent entertainment, in addition to the actual awards ceremony.

Chris Newman, chief operating officer, Emaar Hospitality Group won the Hotelier of the Year Award while Riad Abi Haider, general manager, Address Boulevard and Address Dubai Mall walked away with ‘General Manager of the Year’ title.

Among the other prominent winners were:-

• Entrepreneur of the Year:- Suneel Bhambhani, managing director, Fusion Food & Entertainment Dubai

• Executive Chef of the Year:- Yoann Grillet, director of food & beverage and Culinary, FIVE Palm Jumeirah

• CSR Champion of the Year:- Eddie Ignatius, corporate director of Quality & Business Excellence, TIME Hotels

• Hotel of the Year (5 Star):- FIVE Palm Jumeirah Dubai

• Hotel of the Year (Best Weekend Getaway):- Hatta Damani Lodges Resort

• Best New Luxury Hotel of the Year:- Caesars Palace Bluewaters Dubai

• Best Hospitality Employer of the Year:- Emaar Hospitality Group

• Inspirational GM of the Year:- Iftikhar Hamdani, Cluster general manager, Ramada Hotels Ajman

• Dynamic HR Leader:- Nawaz Mahmood, senior director HR, Caesars Bluewaters Dubai

• Hotel Team of the year:- Ghaya Grand Hotel, Dubai

The list of all the award winners can be seen at http://www.hozpitalityexcellenceawards.com/award-winners/winners-2019

“We received an amazing response to online voting for the fifth Middle East Hospitality Excellence Awards 2019 with over 175,000 votes for various categories. The awards were presented to recognise top industry organisations which have shown skill, creativity, ingenuity and success in the Middle East & North Africa’s growing hospitality industry,” said Bhatt.

Hozpitality Group also announced the 3rd edition of exclusive awards for Chefs in MEA ‘Chef Excellence Awards’ on June 2, 2020, to be held at Marriott Hotel Al Jaddaf in Dubai. “We are again partnering with Emirates Culinary Guild and ICCA and are looking for a great event together,” said Bhatt.

“Our mission is to bring the hospitality industry closer. The new Hozpitality platform offers a place to connect with people interested in the sector. This empowers people to learn from each other and to better understand the world and the industry,” added Bhatt.

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CLYMB Abu Dhabi, the new sports and leisure attraction on Yas Island was inaugurated by Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office.

The launch was marked by a thrilling entertainment showcase with record-breaking skydiver, daredevil, and Base jumper, Felix Baumgartner taking a flight in the chamber – as well an exhilarating performance by Redbull indoor skydiving athletes and gold medallists, Kyra Poh from Singapore and Maja Kuczynska from Poland, said a statement from Miral.

Red Bull climbing athlete and professional rock-climbing champion, Sasha DiGiulian from the US laid the first climbing chalk marks as she scaled the world’s tallest indoor climbing wall, it stated.

Suitable for guests of all ages and skill levels, and with expert instructors supervising at all times, CLYMB’s skydiving flight chamber is 10 m wide and 32 m high.

Its indoor climbing wall is 43 m tall and features five walls of various degrees of height and difficulty. The attraction is conveniently accessible through Yas Mall and is adjacent to Ferrari World Abu Dhabi, it added.

Miral Chairman Mohamed Khalifa Al Mubarak said: “This is yet another milestone for us as we continue to elevate Yas Island’s position as a leading global destination for entertainment, leisure and business.”

“We are honoured to have Sheikh Khalid inaugurate this one-of-a-kind sports attraction, which is designed to become the ultimate hub for adventure, offering something completely unique, challenging and unforgettable for active lifestyle enthusiasts from around the world,” remarked Al Mubarak.

CLYMB Abu Dhabi’s striking architecture has been inspired by the UAE’s rugged, mountainous landscape.

With its geometric exterior resembling a crystal-like structure, the venue has already become a Yas Island landmark, adding to the integrated leisure, lifestyle and entertainment experiences available to visitors, said the top official.

CLYMB Abu Dhabi will be open from 12pm to 9pm (Sunday to Thursday) and from 12pm to 11pm on Fridays and Saturdays.

“The opening of CLYMB Abu Dhabi is yet another step forward to deliver on our commitment to drive increased visitors to Yas Island, enhance its appeal, and offer a diverse range of attractions and experiences within one destination.

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