Updated price per sq ft Abu Dhabi

[sonofthedesert]

Hi all:

I was doing some digging around this week in preparation for the Abu Dhabi Real Estate and Investment Show 27-29 Jan 2009. I spoke to a real estate agent at a very reputable company with respect to the price per square ft. of my places. She mentioned that some are being listed at 1500-1600 dirhams/per sq ft, but the only sales being made are in the 1200-1400 dirhams/per sq ft range (10%+ discount from listed). This effectively means that in the last year (Jan 08 to Jan 09) prices have dropped on avg 30% in Abu Dhabi or possibly even more. Moreover, this agency is not even taking/listing anything at more than 1600 sq ft and said they are expecting a further 10-30% decline in 2009. I'm just wondering if anyone else out there have been quoted similar figures and what do you all expect out of the up-coming real estate show? I think I may check out some of the seminars and see what the so-called 'experts' have to say about the situation. There may also be some deals available for those who have sat on the sidelines, but these are truly bad times for those who purchased in late 07 or in 2008.

 

[sooks]

i hv put my ocean terrace al reem hi flr sea facing unit 1431sqf for sale at 1400psf. lets see if it will go at this price range

 

[Investoman_uae]

I bought in Time Towers at 1824/sqft back in May 2008 before Cityscape Abu Dhabi and I know alot who bought in Al Reem Island at more than me.... but at the moment, I dont know... I have decided to find the next installment and then the bank kicks in.

Would it be worth 2 Million in Oct 2010 on completion? What do you guys think? Its 1,119sq.ft and I am hoping if I can come up with the next payment and the bank then pays the rest.... once its completed I'll just rent it because it will be amongst the first to be completed at the entrance of Al Reem Island.

Any thoughts?

I cant walk away from a downpayment of 300,000 dhs.... its too much to loose

The good news is the developer is on foundations and goin onto the first floor. (if you call this good news)

Inv.

 

[sonofthedesert]

I bought in Time Towers at 1824/sqft back in May 2008 before Cityscape Abu Dhabi and I know alot who bought in Al Reem Island at more than me.... but at the moment, I dont know... I have decided to find the next installment and then the bank kicks in.

Would it be worth 2 Million in Oct 2010 on completion?


What do you guys think? Its 1,119sq.ft and I am hoping if I can come up with the next payment and the bank then pays the rest.... once its completed I'll just rent it because it will be amongst the first to be completed at the entrance of Al Reem Island.

Any thoughts?

I cant walk away from a downpayment of 300,000 dhs.... its too much to loose

The good news is the developer is on foundations and goin onto the first floor. (if you call this good news)

Inv.

While I don't stand to lose 300000, I'm in a similar boat. I've made 140000 in installments on a Hydra place with another 70,000 or so to go. I bought in Jan for 1700 sq ft and have been told these are now selling at 1200 per square foot. If these things continue to decline I'm not sure it will ever get back to the levels of 2008. I'm also worried about a flood of people intending to rent out apts in order to cover some of their losses. 80% of the apartments sold in AD were speculative and that is bad news. Rents are dropping dramatically around the world and it will most likely happen here as well if the recession continues, people continue to leave, and a glut of places come onto the market in the next few years. Then I'd be stuck making mortgage payments on a place that isn't worth anything close to what I paid for it. Seriously weighing my options on this one and it appears I'm not the only one.