Every so often we see a few posts which offer a different angle and approach to the norm, this is one of those posts which brings together a mass of information, views and reviews. The original poster has asked forum members to forecast the price per square foot in 2010 for property in Dubai Sports City, Jumeirah Village and another 4 locations in and around the same area. The post has received some very interesting comments and views which show how opinions are so very different between different people – similar to an ‘is the glass half full or half empty’ scenario.
While there have been many comments and forecasts as to what the price of property will be in the areas mentioned, some have gone further and actually given a break down of their reasons and analysis. The basis of the cost structure in the market has also been covered in great detail with many highlighting the fact that developers are starting to factor in rises for construction costs and passing these on to buyers.
There is a very healthy mix of positive and negative views and predictions, and while the truth may be somewhere in between, they are very much food for thought. The thread has also highlighted what investors believe to be the better of the regions mentioned and why they feel this way, with others taking the contrary view and looking at specific markets which are due a ‘catch up’ period. It is advisable to read the majority of the posts to get a balanced opinion, but there is certainly enough information and comment to keep readers busy for some time.
If we all had a crystal ball wouldn’t life be so much easier?
As we touched on above this thread has provoked a large response from those in the forum with many more than willing to come forward with their predictions for property prices in 2010 and their reasons. Even though it is near impossible to predict what prices will be 1 year’s time let alone 2 years, there are some very sound and interesting comments.
However, perhaps the more striking characteristics of this thread is the changing views of those who may have posted upon creation back in April and have reposted some weeks or months later, and those who have joined the thread late. Opinions are changing as the worldwide and local economies change and this is being reflected in the not only the price predictions but comments for the future direction of the markets.
There seems to be a growing consensus that short to medium term there is good growth left in these markets but as the supply / demand ratio starts to level off prices may well start to slow. The region is a boom time at the moment with new ventures being announced on a regular basis and many investors heading for what some are seeing as safe havens at the moment.
In summary there is some very useful information, views and comments on this thread and it seems to have caught the imagination of the masses. While there is no consensus on prices for 2010 this is not unexpected as this is what makes a market.