Latest news with #407
Time Out Abu Dhabi
5 days ago
- Business
- Time Out Abu Dhabi
Your guide to the rising property prices in Abu Dhabi
House hunting in Abu Dhabi? You might want to start saving a little more aggressively. The capital's property market has just clocked its strongest capital gains in three years, even though sales activity has taken a tumble. That's according to ValuStrat's latest Q1 2025 report, which shows a market surging in value while grappling with a slowdown in transactions. Property values rose by 2.1 percent quarter-on-quarter and a healthy 7.2 percent year-on-year, with the ValuStrat Price Index now sitting at 125.6 points. Villas led the charge with a 9.7 percent annual increase, while apartment prices grew by 4.5 percent over the same period. Villas on Saadiyat Island saw the biggest jump, with prices up by a whopping 21.2 percent year-on-year. Al Raha and Mohammed Bin Zayed City also saw noticeable growth. As for apartments, Al Reef topped the list with a 7.5 percent annual boost, followed by Saadiyat Island and Al Muneera. The average home in Abu Dhabi is now valued at Dhs10,226 per square metre, with apartments averaging Dhs10,979 and villas at Dhs8,407. And it's not just prices that are climbing – rents are surging too. Apartment rental rates rose by 11.6 percent annually, while villa rents grew by 6.3 percent. A typical studio now goes for Dhs63,000 a year, with a one-bedroom hitting Dhs89,000 and a two-bedroom costing Dhs125,000. Larger homes are significantly pricier, with villa rents averaging Dhs245,000 annually. Despite the appetite for homes, the number of new units coming online remains slim. Only 90 apartments and 189 villas were completed in Q1, representing just two percent of the 2025 pipeline. Still, major developers aren't staying quiet. Aldar launched Mamsha Gardens on Saadiyat Island, IMKAN announced Naseem Al Jurf in Ghantoot Taraf teamed up with Marriott International to deliver W Residences on Al Maryah Island. Sales volumes told a different story. Overall transactions fell sharply – down almost 43 percent quarter-on-quarter – with off-plan sales plunging by 79 percent year-on-year. Yet the average home price is on the rise. Ready property prices jumped by nearly 6 percent, with the average ready home now fetching Dhs1,146 per square foot. The average transaction size increased to Dhs2.6 million. In the commercial sector, Abu Dhabi's office market is thriving. Asking rents climbed more than 30 percent over the year, driven by strong demand and high occupancy in central business districts. Retail is holding its own too, with Yas Mall reporting 97 percent occupancy, an 18 percent jump in footfall a 10 percent rise in tenant sales. The hospitality industry continues to shine, with average room rates hitting Dhs683 – a rise of 37 percent year-on-year – and occupancy reaching nearly 87 percent in early 2025. With 5.2 million guests in 2024, Abu Dhabi is firmly on the global tourism radar hotel supply is expected to exceed 50,000 keys by 2030. New entries to watch include the UAE's first Mondrian Hotel in Downtown Abu Dhabi and a new Waldorf Astoria at the former Anantara Eastern Mangroves site. So whether you're buying, renting, investing or just keeping an eye on trends, the message is loud and clear – Abu Dhabi's property market is booming it's not slowing down anytime soon. More going on in Abu Dhabi UAE residents can now save big time on flights thanks to a new Skyscanner feature No complaints here You can now get a robotaxi from Zayed International Airport Trips to the airport just got an upgrade Abu Dhabi's best restaurants: Everywhere you should eat at least once Your dinner inspo is sorted 20 incredibly fun ways to explore Abu Dhabi after dark The city is at its most fascinating once the sun goes down
CTV News
15-05-2025
- Automotive
- CTV News
Ontario woman shocked by $1,797 bill for Hwy. 407
One Ontario woman said she was thrilled to win this lottery promotion allowing her to drive on the 407 for free for two months, saving her time on her commutes. She was charged $330 for tolls and other fees, but was also charged $1,540 for an unrecognizable plate charge.
New Indian Express
26-04-2025
- Business
- New Indian Express
RIL profit up 2.4% on consumer business
Reliance Industries, country's largest company by market-cap, on Friday reported a tepid 2.4% year-on-year rise in net income at Rs19,407 crore in the March quarter, weighed down by softer energy margins. Strong show by the digital and retail unit businesses has offset the impact. The earnings beat Street estimates of Rs 18,820 crore. Revenue for the reporting period rose 8.8% YoY to Rs 2.88 lakh crore, driven by digital services, retail and oil-to-chemicals business, chairman and managing director Mukesh Ambani said on Friday. The company incurred a capital expenditure of Rs36,041 crore but remained fully covered by cash generation of nearly Rs 40,000 crore, leaving net debt steady at Rs 1.17 lakh crore. It paid Rs 6,669 crore in taxes during Q4FY25 and Rs 25,230 crore for full year. Capex stood at Rs 36,041 crore for Q4FY25 and annual at Rs 131,107 crore. Outstanding debt as of March end stood at Rs 347,530 crore but it has carried cash & cash equivalents of Rs 230,447 crore, only Rs 117,083 crore in net debt or 0.60x its operating profit. It incurred a finance cost of Rs 24,269 crore, up 5% YoY for the fiscal, mainly due to higher average liability balances. Operating profit from digital services rose 18.5% to Rs 39,853 crore as Jio's 5G user base rose to 191 million and average revenue per user rose to Rs 206.2 after tariff revisions. Net profit from this vertical rose 25.7% to `7,022 crore for Q4 and Rs 26,120 crore for full year. Operating profit from retail arm grew 14.3% to Rs 88,620 crore on stronger store operating metrics and a 2.4-fold sequential jump in its hyper-local delivery business. It earned Rs 3,545 crore in net income during the quarter. These gains were partly offset by softer commodity prices and margins. Operating profit from refining arm fell 10% to Rs 15,080 crore as fuel prices were weaker and the cracks narrowed and the margins from polyester fell. As a result oil-and-gas operating profit fell 8.6% to Rs 5,123 crore on lower KG-D6 output, weaker coal-bed-methane price and one-time maintenance costs. For full year, consolidated revenue rose 7.1% to Rs 10.71 lakh crore and operating margins rose 2.9% to `1.83 lakh crore, a net income of Rs 81,309 crore, up 2.9% YoY. Of total pre-tax earnings from oil-and-gas stood at an all-time high of Rs 21,188 crore, those from retail arm crossed Rs 25,000 crore mark for first time. Profit from Jio Platforms topped Rs 25,000 crore, up 22%. Describing FY25 as a challenging year for global business environment with weak macroeconomic conditions and a shifting geo-political landscape, Amabni said 'focus on operational discipline, customer-centric innovation and fulfilling the nation's growth requirements has helped us deliver a steady financial performance'.
