60% of Dubai Homes Keep Value as Market Stabilises

Tim Elliott (0:00)

This is the Morning Drive, it's Mira Business FM and it's Real Estate now. Our regular Wednesday guest is a podcaster, he's a newspaper columnist. He's a cigar enthusiast, he is a man of many talents. He's also a senior manager at EVA Real Estate in Dubai. And now Abu Dhabi as well, Mario Volpi.

Mario Volpi (0:17)

Yes, good morning. Yeah, we've opened up our Abu Dhabi office at EVA, EVA in collaboration with Mira, funnily enough, yeah.

Tim Elliott (0:25)

Okay, and it's interesting this for one particular reason. I like a coffee, I like a cafe, and your concept at this new office is a cafe concept.

Mario Volpi (0:37)

Yeah, I mean, you walk in, you would not think it's an office. I mean, literally just looks like a cafe, a little bit more comfortable, not just tables and chairs, sofa areas.

It's not massive, but it's enough, but it's the location that really sets it apart. It's not far from the Louvre, it's on Sadiat, just around the back of Al-Mamsha, where the beach is. So very, very luxurious area. And going down yesterday, just reminded me how beautiful the sea is in Abu Dhabi. That greeny turquoise color, it's really, really nice. And it's so alluring, actually. Just wanted to get your swimmers on and get down there. But we were all in suits for the inaugural and the ribbon cutting and everything.

Tim Elliott (1:25)

Did you have a paddle after?

Mario Volpi (1:27)

I didn't, unfortunately, no. I didn't, because I didn't bring my swimmers.

Tim Elliott (1:31)

No, but I mean, just shoes and socks off, roll the trousers up, put the hanky on the head, put the knots in the corners.

Mario Volpi (1:37)

Yeah, I've got images of Brighton Pier now in my head, which and the beach being full of stones.

Tim Elliott (1:43)

Remind me to tell you my Brighton Rock story at some point. It's not safe for work, so I can't tell you now. It's an off air story only.

Mario Volpi (1:52)

Oh, okay, but now the listeners will want to know about it.

Tim Elliott (1:54)

Well, if you want to know, put something in the comments and I'll relay the story.

Mario Volpi (1:59)

Tease you.

Tim Elliott (2:00)

It's nice, and there's no illegality.

Mario Volpi (2:01)

Oh, yeah.

Tim Elliott (2:02)

Little bit of illegality. No, not much. It's fine. Okay, the other thing I wanted to mention very quickly about Abu Dhabi is a big launch the other night. I know it was a big glittering affair. Thousands and thousands of brokers apparently. I heard stories of three, four, maybe 5,000 brokers. I know there's a range there. I'm going with four, because it's in the middle, but thousands of brokers.

And this is Modan launching new villas.

Mario Volpi (2:28)

Yeah, so you've got to remember that not only is it attracting Abu Dhabi, clientele, Abu Dhabi brokers, it's attracting brokers from all over the Emirates, namely, obviously, Dubai. And many, many Dubai brokers have been selling these villas on Al-Hudriat Island, and it's sold out every time. So it doesn't surprise me that you had that many. I unfortunately wasn't able to go down, but I did hear that it was a massive success, purely and simply down to the numbers. And yes, I guess the glittering events maybe might be coming back.

I was just talking to somebody the other day how fantastic some of the project launches are with Stars. And a few years ago, I had Bryan Adams on stage, and I didn't even know that Andrea Bocelli comes on, and Tony Cruz of America's Got Talent, and light shows, and fireworks, and pyrotechnics, and everything. And then of course, it kind of died off a little bit. Maybe things are starting to come back in that respect.

Tim Elliott (3:38)

I think things kind of are. I mean, it's events week, events season. But certainly, events week this week. We'll talk a little bit about that later, I guess. But big event in Abu Dhabi there. I know it was all fully catered and everything else.

But villas are what people are looking for.

Mario Volpi (3:55)

Yeah, no, absolutely. And that's reflected in the prices for August as well. But despite the fact it's the first time we've actually seen negative price growth in sort of five and a half years, it's absolutely minimal.

And whilst the apartments have gone, you know, that reduction is greater. It is the villas that people want because that's where the families are. And that's good because it shows that people have come back or are coming back. In this case, it's obviously Abu Dhabi. But of course, that filters through into Dubai as well.