A rendering of MAG's Sky Mansions in Dubai. Photo: MAG
A rendering of MAG's Sky Mansions in Dubai. Photo: MAG
A rendering of MAG's Sky Mansions in Dubai. Photo: MAG
A rendering of MAG's Sky Mansions in Dubai. Photo: MAG

Business

Property

Dubai developer cashes in on luxury property demand with $54m Creekside mansions

MAG's Ritz-Carlton Residences have a mooring for a 120-foot yacht, a cinema and a gym

Ian Oxborrow
Ian Oxborrow

January 12, 2023

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Dubai developer MAG has announced the release of four more ultra-luxurious mansions at its Ritz-Carlton Residences project as it seeks to cash in on the strong demand for prime property in the city.

The Sky Mansions, part of the Keturah Resort, are each priced at Dh200 million ($54.45 million) and follow the earlier release of eight mansions in the same development, taking the total to 12.

Each unit comprises of four floors with eight bedrooms, a majlis, media room, lounges, spa, gym and cinema. It also has a private mooring for up to 120-foot yachts.

“The unveiling of the Sky mansions further heightens our overall enthusiasm, as we are thrilled with the response to our launches of the Earth and Water mansions," said Talal Al Gaddah, senior executive vice chairman of MAG.

"The project has been designed in response to strong demand and project sales."

Dubai's property market boomed last year amid a wider economic recovery in the UAE following the coronavirus-induced slowdown.

Record high transaction levels were reached in 2022 while records were broken for the most expensive sale and rental in the city.

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Dubai villa prices — where they rose and fell, December 2022

VILLA PRICES FROM CBRE: Palm Jumeirah: Dh3,921 per square foot — up 3.1 per cent in December month on month, up 2.6 per cent in November, up 3.0 per cent in October, up 0.2 per cent in September, up 1.9 per cent in August, up 4.6 per cent in July, up 4.9 per cent in June, up 5 per cent a month in May, up 5 per cent in April.
VILLA PRICES FROM CBRE: Palm Jumeirah: Dh3,921 per square foot — up 3.1 per cent in December month on month, up 2.6 per cent in November, up 3.0 per cent in October, up 0.2 per cent in September, up 1.9 per cent in August, up 4.6 per cent in July, up 4.9 per cent in June, up 5 per cent a month in May, up 5 per cent in April.
Jumeirah: Dh2,270 per square foot — down 0.4 per cent in December, up 2.9 per cent in November, up 3.6 per cent in October, up 2.3 per cent in September, down 1.1 per cent in August, up 2.2 per cent in July, up 1.0 per cent in June, up 2.0 per cent in May, up 3.7 per cent in April. Sarah Dea / The National
Jumeirah: Dh2,270 per square foot — down 0.4 per cent in December, up 2.9 per cent in November, up 3.6 per cent in October, up 2.3 per cent in September, down 1.1 per cent in August, up 2.2 per cent in July, up 1.0 per cent in June, up 2.0 per cent in May, up 3.7 per cent in April. Sarah Dea / The National
Emirates Hills: Dh2,268 per square foot — down 0.3 per cent in December, up 4.6 per cent in November, down 3.6 per cent in October, up 3.8 per cent in September, no change in August, up 0.3 per cent in July, up 3.3 per cent in June, up 1.8 per cent in May, up 1.8 per cent in April. Photo: Knight Frank
Emirates Hills: Dh2,268 per square foot — down 0.3 per cent in December, up 4.6 per cent in November, down 3.6 per cent in October, up 3.8 per cent in September, no change in August, up 0.3 per cent in July, up 3.3 per cent in June, up 1.8 per cent in May, up 1.8 per cent in April. Photo: Knight Frank
District One: Dh2,025 per square foot — down 3.1 per cent per cent in December, up 1.6 per cent in November, up 3.2 per cent in October, up 2.4 per cent in September, down 2.1 per cent in August, up 2.2 per cent in July, up 4.1 per cent in June, up 2.3 per cent in May, down 0.9 per cent in April. Satish Kumar / The National
District One: Dh2,025 per square foot — down 3.1 per cent per cent in December, up 1.6 per cent in November, up 3.2 per cent in October, up 2.4 per cent in September, down 2.1 per cent in August, up 2.2 per cent in July, up 4.1 per cent in June, up 2.3 per cent in May, down 0.9 per cent in April. Satish Kumar / The National
Mohammed bin Rashid City: Dh1,733 per square foot — up 0.5 per cent in December, up 3.1 per cent in November, up 0.7 per cent in October, up 0.6 per cent in September, up 1.2 per cent in August, up 3.6 per cent in July, up 4.0 per cent in June, up 0.1 per cent in May, up 0.7 per cent in April.
Mohammed bin Rashid City: Dh1,733 per square foot — up 0.5 per cent in December, up 3.1 per cent in November, up 0.7 per cent in October, up 0.6 per cent in September, up 1.2 per cent in August, up 3.6 per cent in July, up 4.0 per cent in June, up 0.1 per cent in May, up 0.7 per cent in April.
Dubai Hills: Dh1,653 per square foot — up 2.4 per cent in December, up 1.6 per cent in November, up 2.3 per cent in October, up 1.0 per cent in September, up 0.9 per cent in August, down 0.2 per cent in July, up 4.1 per cent in June, up 1.2 per cent in May, up 1.5 per cent in April. Photo: Emaar Malls Management
Dubai Hills: Dh1,653 per square foot — up 2.4 per cent in December, up 1.6 per cent in November, up 2.3 per cent in October, up 1.0 per cent in September, up 0.9 per cent in August, down 0.2 per cent in July, up 4.1 per cent in June, up 1.2 per cent in May, up 1.5 per cent in April. Photo: Emaar Malls Management
The Meadows: Dh1,559 per square foot — down 1.5 per cent in December, down 0.2 per cent in November, up 2.2 per cent in October, up 1.2 per cent in September, up 1.5 per cent in August, up 2.5 per cent in July, up 0.9 per cent in June, up 1.6 per cent in May, down 0.5 per cent in April. Jeffrey E Biteng / The National
The Meadows: Dh1,559 per square foot — down 1.5 per cent in December, down 0.2 per cent in November, up 2.2 per cent in October, up 1.2 per cent in September, up 1.5 per cent in August, up 2.5 per cent in July, up 0.9 per cent in June, up 1.6 per cent in May, down 0.5 per cent in April. Jeffrey E Biteng / The National
The Lakes: Dh1,514 per square foot — up 1.2 per cent in December, up 2.2 per cent in November, down 1.3 per cent in October, down 1.1 per cent in September, up 1.3 per cent in August, up 1.3 per cent in July, up 1.6 per cent in June, up 1.2 per cent in May, up 1.0 per cent in April. Pawan Singh / The National
The Lakes: Dh1,514 per square foot — up 1.2 per cent in December, up 2.2 per cent in November, down 1.3 per cent in October, down 1.1 per cent in September, up 1.3 per cent in August, up 1.3 per cent in July, up 1.6 per cent in June, up 1.2 per cent in May, up 1.0 per cent in April. Pawan Singh / The National
Jumeirah Islands: Dh1,586 per square foot — up 1.9 per cent in December, down 0.4 per cent in November, up 3.9 per cent in October, up 2.9 per cent in September, down 3.7 per cent in August, down 0.1 per cent in July, up 3.6 per cent in June, up 0.9 per cent in May, up 2.5 per cent in April. Photo: Prestige Dubai
Jumeirah Islands: Dh1,586 per square foot — up 1.9 per cent in December, down 0.4 per cent in November, up 3.9 per cent in October, up 2.9 per cent in September, down 3.7 per cent in August, down 0.1 per cent in July, up 3.6 per cent in June, up 0.9 per cent in May, up 2.5 per cent in April. Photo: Prestige Dubai
Jumeirah Golf Estates: Dh1,409 per square foot — down 3.7 per cent in December, down 0.8 per cent in November, down 1.6 per cent in October, up 4.6 per cent in September, down 1.4 per cent in August, up 4.4 per cent in July, down 1.1 per cent in June, up 3.6 per cent in May, up 4.6 per cent in April. Pawan Singh / The National
Jumeirah Golf Estates: Dh1,409 per square foot — down 3.7 per cent in December, down 0.8 per cent in November, down 1.6 per cent in October, up 4.6 per cent in September, down 1.4 per cent in August, up 4.4 per cent in July, down 1.1 per cent in June, up 3.6 per cent in May, up 4.6 per cent in April. Pawan Singh / The National
The Springs: Dh1,173 per square foot — down 1.0 per cent in December, up 1.7 per cent in November, up 0.9 per cent in October, up 1.0 per cent in September, down 0.4 per cent, up 3.9 per cent in July, up 0.8 per cent in June, up 1.8 per cent in May, up 2.1 per cent in April. Photo: Better Homes
The Springs: Dh1,173 per square foot — down 1.0 per cent in December, up 1.7 per cent in November, up 0.9 per cent in October, up 1.0 per cent in September, down 0.4 per cent, up 3.9 per cent in July, up 0.8 per cent in June, up 1.8 per cent in May, up 2.1 per cent in April. Photo: Better Homes
Arabian Ranches: Dh1,232 per square foot — down 0.8 per cent in December, up 0.5 per cent in November, up 1.3 per cent in October, up 1.4 per cent in September, up 0.8 per cent in August, down 2.5 per cent in July, up 1.7 per cent in June, up 0.7 per cent in May, up 3.7 per cent in April. Pawan Singh / The National
Arabian Ranches: Dh1,232 per square foot — down 0.8 per cent in December, up 0.5 per cent in November, up 1.3 per cent in October, up 1.4 per cent in September, up 0.8 per cent in August, down 2.5 per cent in July, up 1.7 per cent in June, up 0.7 per cent in May, up 3.7 per cent in April. Pawan Singh / The National
Meydan City: Dh1,223 per square foot — up 2.8 per cent in December, down 0.7 per cent in November, up 0.8 per cent in October, up 0.4 per cent in September, up 0.6 per cent in August, down 0.4 per cent in July, up 1.3 per cent in June, up 0.9 per cent in May, up 0.9 per cent in April.
Meydan City: Dh1,223 per square foot — up 2.8 per cent in December, down 0.7 per cent in November, up 0.8 per cent in October, up 0.4 per cent in September, up 0.6 per cent in August, down 0.4 per cent in July, up 1.3 per cent in June, up 0.9 per cent in May, up 0.9 per cent in April.
Al Barari: Dh1,282 per square foot — up 0.8 per cent in December, down 1.2 per cent in November, up 1.0 per cent in October, up 2.9 per cent in September, up 2.2 per cent in August, up 3.5 per cent in July, up 3.0 per cent in June, down 0.7 per cent in May, up 4.9 per cent in April. Photo: Luxhabitat
Al Barari: Dh1,282 per square foot — up 0.8 per cent in December, down 1.2 per cent in November, up 1.0 per cent in October, up 2.9 per cent in September, up 2.2 per cent in August, up 3.5 per cent in July, up 3.0 per cent in June, down 0.7 per cent in May, up 4.9 per cent in April. Photo: Luxhabitat
Jumeirah Park: Dh1,189 per square foot — up 4.5 per cent in December, up 2.9 per cent in November, down 2.0 per cent in October, down 1.9 per cent in September, up 0.4 per cent in August, up 0.4 per cent in July, up 3.8 per cent in June, up 0.2 per cent in May, up 0.8 per cent in April. Pawan Singh / The National
Jumeirah Park: Dh1,189 per square foot — up 4.5 per cent in December, up 2.9 per cent in November, down 2.0 per cent in October, down 1.9 per cent in September, up 0.4 per cent in August, up 0.4 per cent in July, up 3.8 per cent in June, up 0.2 per cent in May, up 0.8 per cent in April. Pawan Singh / The National
Victory Heights: Dh1,181 per square foot — up 4.0 per cent in December, down 0.3 per cent in November, up 4.2 per cent in October, down 0.9 per cent in September, down 1.3 per cent in August, down 0.3 per cent in July, up 1.4 per cent in June, up 3.7 per cent in May, down 2.2 per cent in April. Photo: Luxhabitat
Victory Heights: Dh1,181 per square foot — up 4.0 per cent in December, down 0.3 per cent in November, up 4.2 per cent in October, down 0.9 per cent in September, down 1.3 per cent in August, down 0.3 per cent in July, up 1.4 per cent in June, up 3.7 per cent in May, down 2.2 per cent in April. Photo: Luxhabitat
Mudon: Dh1,066 per square foot — up 1.1 per cent in December, up 4.1 per cent in November, down 0.7 per cent in October, up 2.1 per cent in September, down 2.6 per cent in August, up 0.9 per cent in July, up 1.4 per cent in June, down 0.5 per cent in May, up 2.7 per cent in April. Satish Kumar / The National
Mudon: Dh1,066 per square foot — up 1.1 per cent in December, up 4.1 per cent in November, down 0.7 per cent in October, up 2.1 per cent in September, down 2.6 per cent in August, up 0.9 per cent in July, up 1.4 per cent in June, down 0.5 per cent in May, up 2.7 per cent in April. Satish Kumar / The National
Jumeirah Village Triangle: Dh996 per square foot — down 2.9 per cent in December, down 0.6 per cent in November, up 2.8 per cent in October, up 0.4 per cent in September, up 0.7 per cent in August, down 0.1 per cent in July, up 3.7 per cent in June, down 0.2 per cent in May, up 2.3 per cent in April. Pawan Singh / The National
Jumeirah Village Triangle: Dh996 per square foot — down 2.9 per cent in December, down 0.6 per cent in November, up 2.8 per cent in October, up 0.4 per cent in September, up 0.7 per cent in August, down 0.1 per cent in July, up 3.7 per cent in June, down 0.2 per cent in May, up 2.3 per cent in April. Pawan Singh / The National
Sustainable City: Dh970 per square foot — down 0.8 per cent in December, up 1.2 per cent in November, down 0.4 per cent in October, up 0.5 per cent in September, down 0.7 per cent in August, up 0.7 per cent in July, up 2.6 per cent in June, down 0.8 per cent in May, up 0.6 per cent in April. Antonie Robertson / The National
Sustainable City: Dh970 per square foot — down 0.8 per cent in December, up 1.2 per cent in November, down 0.4 per cent in October, up 0.5 per cent in September, down 0.7 per cent in August, up 0.7 per cent in July, up 2.6 per cent in June, down 0.8 per cent in May, up 0.6 per cent in April. Antonie Robertson / The National
Town Square: Dh826 per square foot — up 1.2 per cent in December, down 0.9 per cent in November, up 1.5 per cent in October, up 0.4 per cent in September, up 0.6 per cent in August, up 0.6 per cent in July, down 0.8 per cent in June, down 1.0 per cent in May, up 1.4 per cent in April. Satish Kumar / The National
Town Square: Dh826 per square foot — up 1.2 per cent in December, down 0.9 per cent in November, up 1.5 per cent in October, up 0.4 per cent in September, up 0.6 per cent in August, up 0.6 per cent in July, down 0.8 per cent in June, down 1.0 per cent in May, up 1.4 per cent in April. Satish Kumar / The National
Living Legends: Dh831 per square foot — up 3.9 per cent in December, down 3.0 per cent in November, down 4.2 per cent in October, down 1.9 per cent in September, up 2.6 per cent in August, up 0.7 per cent in July, up 4.0 per cent in June, up 1.2 per cent in May. Pawan Singh / The National
Living Legends: Dh831 per square foot — up 3.9 per cent in December, down 3.0 per cent in November, down 4.2 per cent in October, down 1.9 per cent in September, up 2.6 per cent in August, up 0.7 per cent in July, up 4.0 per cent in June, up 1.2 per cent in May. Pawan Singh / The National
Jumeirah Village Circle: Dh652 per square foot — up 4.6 per cent in December, up 3.7 per cent in November, down 1.8 per cent in October, down 1.3 per cent in September, down 1.4 per cent in August, up 3.3 per cent in July, down 1.6 per cent in June, up 0.8 per cent in May, up 1.3 per cent in April. Antonie Robertson / The National
Jumeirah Village Circle: Dh652 per square foot — up 4.6 per cent in December, up 3.7 per cent in November, down 1.8 per cent in October, down 1.3 per cent in September, down 1.4 per cent in August, up 3.3 per cent in July, down 1.6 per cent in June, up 0.8 per cent in May, up 1.3 per cent in April. Antonie Robertson / The National
Falconcity of Wonders: Dh754 per square foot — up 0.5 per cent in December, down 0.8 per cent in November, up 0.9 per cent in October, down 2.0 per cent in September, up 4.8 per cent in August, up 0.7 per cent in July, flat in June, down 2.5 per cent in May, up 1.6 per cent in April. Sarah Dea / The National
Falconcity of Wonders: Dh754 per square foot — up 0.5 per cent in December, down 0.8 per cent in November, up 0.9 per cent in October, down 2.0 per cent in September, up 4.8 per cent in August, up 0.7 per cent in July, flat in June, down 2.5 per cent in May, up 1.6 per cent in April. Sarah Dea / The National
Damac Hills 2: Dh605 per square foot — up 0.4 per cent in December, up 1.3 per cent in November, down 1.2 per cent in October, down 0.4 per cent in September, down 0.5 per cent in August, down 0.4 per cent in July, down 1.6 per cent in June, up 1.0 per cent in May, up 1.3 per cent in April. Photo: Allsopp & Allsopp
Damac Hills 2: Dh605 per square foot — up 0.4 per cent in December, up 1.3 per cent in November, down 1.2 per cent in October, down 0.4 per cent in September, down 0.5 per cent in August, down 0.4 per cent in July, down 1.6 per cent in June, up 1.0 per cent in May, up 1.3 per cent in April. Photo: Allsopp & Allsopp

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Sales transaction volumes in 2022 were up 61 per cent annually, compared with 2021, while off-plan sales volumes rose 81 per cent a year, Dubai Land Department data shows.

Changes to visa rules have made it easier for foreigners to settle in the UAE while ultra-high-net-worth individuals flocked to Dubai on the back of the country's positive handling of the coronavirus.

Read more

How will Dubai and Abu Dhabi property markets perform in 2023?

There has been significant investor interest recently in the prime market, in particular, with prices having risen by as much as 50 per cent in 2022, according to Knight Frank.

The property consultant forecasts the emirate will have the highest prime price growth in the world in 2023, ahead of cities such as Miami and Paris.

The positive outlook has been echoed across the market, with Allsopp and Allsopp also expecting property values to gain 10 per cent to 15 per cent this year.

"Premium/luxury residential locations will continue to enjoy more significant gains until we reach a supply/demand equilibrium point," said chief executive Lewis Allsopp.

"Given that this is unlikely to occur anytime soon, cash-rich investors eyeing value will continue to propel the market forward.

"As the world faces a very uncertain 2023, Dubai is seen as a safer alternative to many home countries. This positive sentiment will see a continuation of heavy inward foreign investment coming into the city across many industry segments."

MAG said its mansions offer investors a unique experience by reflecting the natural elements of the sky.

"The use of glass-framed courtyards, changeable architectural screens and covered terraces allow continuous journeys for the residents to engage with the interiors and gardens," it said.

The overall Keturah Resort, which also contains a Ritz-Carlton hotel, offers homeowners access to the beach and will have a private members-only club, a women’s club, a kids club, Michelin-star restaurants and a retail promenade.

On Women's Day
While you're here
While you're here
Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

RESULTS

Welterweight

Tohir Zhuraev (TJK) beat Mostafa Radi (PAL)

(Unanimous points decision)

Catchweight 75kg

Anas Siraj Mounir (MAR) beat Leandro Martins (BRA)

(Second round knockout)

Flyweight (female)

Manon Fiorot (FRA) beat Corinne Laframboise (CAN)

(RSC in third round)

Featherweight

Bogdan Kirilenko (UZB) beat Ahmed Al Darmaki

(Disqualification)

Lightweight

Izzedine Al Derabani (JOR) beat Rey Nacionales (PHI)

(Unanimous points)

Featherweight

Yousef Al Housani (UAE) beat Mohamed Fargan (IND)

(TKO first round)

Catchweight 69kg

Jung Han-gook (KOR) beat Max Lima (BRA)

(First round submission by foot-lock)

Catchweight 71kg

Usman Nurmogamedov (RUS) beat Jerry Kvarnstrom (FIN)

(TKO round 1).

Featherweight title (5 rounds)

Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)

(TKO round 1).

Lightweight title (5 rounds)

Bruno Machado (BRA) beat Mike Santiago (USA)

(RSC round 2).

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Tomorrow 2021
While you're here
UK%20-%20UAE%20Trade
%3Cp%3ETotal%20trade%20in%20goods%20and%20services%20(exports%20plus%20imports)%20between%20the%20UK%20and%20the%20UAE%20in%202022%20was%20%C2%A321.6%20billion%20(Dh98%20billion).%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A%3Cp%3EThis%20is%20an%20increase%20of%2063.0%20per%20cent%20or%20%C2%A38.3%20billion%20in%20current%20prices%20from%20the%20four%20quarters%20to%20the%20end%20of%202021.%3C%2Fp%3E%0A%3Cp%3E%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20UAE%20was%20the%20UK%E2%80%99s%2019th%20largest%20trading%20partner%20in%20the%20four%20quarters%20to%20the%20end%20of%20Q4%202022%20accounting%20for%201.3%20per%20cent%20of%20total%20UK%20trade.%3C%2Fp%3E%0A
UAE currency
While you're here
SANCTIONED
  • Kirill Shamalov, Russia's youngest billionaire and previously married to Putin's daughter Katarina
  • Petr Fradkov, head of recently sanctioned Promsvyazbank and son of former head of Russian Foreign Intelligence, the FSB. 
  • Denis Bortnikov, Deputy President of Russia's largest bank VTB. He is the son of Alexander Bortnikov, head of the FSB which was responsible for the poisoning of political activist Alexey Navalny in August 2020 with banned chemical agent novichok.  
  • Yury Slyusar, director of United Aircraft Corporation, a major aircraft manufacturer for the Russian military.
  • Elena Aleksandrovna Georgieva, chair of the board of Novikombank, a state-owned defence conglomerate.
Updated: January 12, 2023, 11:49 AM`
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