Are we yet to see the worst of the Dubai property market fall?

[Wannaberich]

Banks to start lending soon.
http://www.arabianbusiness.com/553386--amlak-tamweel-to-resume-lending-in-weeks---official-

UAE gov't to recapitalise Tamweel, Amlak
http://www.arabianbusiness.com/553956-uae-government-to-recapitalize-tamweel-amlak

Dubai ranked Mideast's best for quality of living - Culture & Society - ArabianBusiness.com

UAE economy ‘to recover faster than other nations’
http://www.dubaichronicle.com/business/economy/uae-economy-to-recover-faster-than-other-nations-8433

 

[AjmanInvestor]

Whatever happens to Dubai investors and buyers have stumbled and fallen

Another one claiming he saw the world wide credit crunch coming.How boring how sad.No-one knew.
Sounds like your really upset for not buying into IC.Had you done so in 2005,even with the price crash you would be fine and earning a very good rental yeild.Had you been really smart you would have sold last year and made a fortune.
You didnt and now you begrudge Dubai becoming the great city it will become.
Sad.

Whatever happens to Dubai market in coming months, investors and buyers have already stumbled and fallen, its only time that will tell whether this new amended law will take how many to loose total investments.

 

[revolutionary]

Banks to start lending soon.
Amlak, Tamweel to resume lending 'in weeks' - official - Banking & Finance - ArabianBusiness.com

UAE gov't to recapitalise Tamweel, Amlak
UAE gov't to recapitalise Tamweel, Amlak - Banking & Finance - ArabianBusiness.com

Dubai ranked Mideast's best for quality of living - Culture & Society - ArabianBusiness.com

UAE economy ‘to recover faster than other nations’
UAE economy ‘to recover faster than other nations’ | Dubai Chronicle

A positive or negative story from the press nowadays is fairly meaningless. Journalists and editors are under pressure to keep their own businesses going. So UK press may talk about the negative side of Dubai - they don't have any advertisers for Dubai anymore but their potential readers want to read about the misfortune that their high risk investment was all someone else's fault, or beleagured UK homeowner's feel happy that its worse somewhere else . Middle East press rely on keeping the property developers happy for their advertising income.

I am happy to read anyone's argument as it may add factors to my own picture of the situation. But I will be having my own thoughts as to what is happening. Blindly following the crowd with your thinking is like being a lemming. There are an awful lot of people who fell off the Dubai cliff!

 

[Wannaberich]

I agree you shouldnt take too much notice of media reports whether good or bad.
However,only one of the four I posted from the Dubai Chronicle can be accused of 'talking up' Dubai.Reports like this I agee have to be taken with a pinch of salt.However the others which contain postive news are not talking up Dubai,trying to convince us all is fine etc,they are merely stating facts.These reports are more trustworthy.

 

[DelboyG]

An interesting read on UAE real estate, that may well explain the current situation of so few end user buyers...

UAE real estate 'up to 50% dearer than Europe' - Real Estate - ArabianBusiness.com

 

[stumbled]

Where are u Stumbled?have u been humbled?
Im waiting for your counter argument with anticipation?

Just got back from a trip.... well, this is your life and you live here. I was here 2 years ago and people can read my post, I predicted the crash back then to a perfection (posts there as proof),I can't waste my time with a fool who is trying very hard to find little snippets from the newspapers and playing his mind games here with no knowledge, the fact is dubai as far as it stands is finished. Prices need to drop another 50% from here. And you still haven't answered my 13 questions, all you have done is wasted my time and you've got your girlfriend in propguy to patronise me.
As of now I am away for 2 weeks to Iceland for a different bargain(dubai could be another iceland too,if abudhabi strangles it a lil). Goodluck to all you who live in hope that this disaster is averted, it's only off the news as people sneeze around the world and this time everyone and every economy dependent on tourism will suffer......hmmmmm.

As of now ...its goodbye....and don't you assume it's good riddance .....as ''i'll be back''(turns his head wears his prada sunglasses and disappears into the sun).

 

[TommyC]

Just got back from a trip.... well, this is your life and you live here.

Think again, he does NOT live in Dubai but have apparently invested in quite a few properties here, that's the why it is in his interest to promote this place blindly as much as he can.

I'm also in the UK so know what the situation is like.

I am not an agent and do not live in Dubai.

And apparently he does not have any connection to what the situation is like for the investors in this city. Dubai Property Investors Group is currently up to almost 1000 members, and the problems that comes on the mailinglist are basically the same; Neverending delays, zero ability to communicate with developers, no mortgages and the market at a complete standstill. The amount of lawsuits against developers (from both investors and banks) are surging at the moment and will continue to do so as the situation worsens. The offplan market is dead, and prices for finished units are going down and will continue going down along with the rents, will most likely drop even quicker as it gets closer to the summer. Only the last few days I've been to the Land Department in Dubai on several occasions, and it's a lot of investors running around there with papers trying to sort out registrations status, filing complaints, getting legal consultation etc. etc. And give a try talking to anyone of all those people, they have all spoken to others (or are helping other investors abroad) to get some clarification on whats going on, and get their cases started. This very morning at 7.30 (opening time) there were already 10 sitting in the legal department waiting to file complaints and get some basic consultation on action to be taken, yesterday at 11 AM I was number 45 on the queuing list.

Banks to start lending soon.
Amlak, Tamweel to resume lending 'in weeks' - official - Banking & Finance - ArabianBusiness.com

UAE gov't to recapitalise Tamweel, Amlak
UAE gov't to recapitalise Tamweel, Amlak - Banking & Finance - ArabianBusiness.com

Dubai ranked Mideast's best for quality of living - Culture & Society - ArabianBusiness.com

UAE economy ‘to recover faster than other nations’
UAE economy ‘to recover faster than other nations’ | Dubai Chronicle

Yeah, the government is going to ask for ANOTHER $10B bailout on top of the preceeding $20B. And lending is already available if you have any use of 50% financing on a current market valuation at 10% interest. And sure, Dubai might have a good ranking in the MIDEAST for quality of living, how is that good news in your opinion and a proof of anything except it's good quality in the MIDEAST? Apparently Dubai is number 77 in the world (Dubai and Abu Dhabi rise on best cities list - The National Newspaper and 2009 Quality of Living global city rankings - Mercer survey),meaning there are 76 more desireable places to live if you're looking for "the best city". And since prices are going down, why not invest in those places instead? So again, how was that good news?

There is such a major lack of confidence, for good reasons, here that it will take a bit more than the usual "Economis crisis will not affect Dubai" propaganda in the local news to get anything going again. What this place is lacking is certainly not propaganda, but a more down-to-earth perspective on what is going on.

This is where the problem is:
When they lose their job, they start to talk Malika Karoum

Comment of the day 7starsdubai’s Weblog

One way of examining state crimes is to study the occurence of a trend by the state security forces, whether the state respects human rights in the exercise of its powers.

ABC News Exclusive: Torture Tape Implicates UAE Royal Sheikh - ABC News
Civilized people? Malika Karoum
Rights body reviews abuse video claims - The National Newspaper

And maybe it's not already as "sorted out" as the officials say it is (what else was expected?)
http://edition.cnn.com/2009/WORLD/meast/04/29/uae.nuke.deal/index.html

Someone even put up a website about it:
http://www.uaetorture.com/

Save Zack Shahin - Which is conveniently BLOCKED for everyone using the local Internet Service Providers in the UAE:
U.S. Legal Counsel for Zack Shahin Condemns the United Arab Emirates' Censorship of Web Site Detailing Unjust Arrest and Torture of a U.S. Citizen - Technology News - redOrbit

And this one has already been debated on the forum, completely unbased, huh?
The dark side of Dubai - Johann Hari, Commentators - The Independent

Property scandals Dubai 7starsdubai’s Weblog
Corruption Dubai — Blogs, Pictures, and more on WordPress
Three detained in Dubai corruption probe - Culture & Society - ArabianBusiness.com
AED 49 million corruption case referred to Dubai Courts

And it all came into light when it started slowing down:
Corruption in Dubai Reaches Epic Proportions
Corruption scandal rocks Dubai - eTurboNews.com

And while you were posting links to Arabian Business, you forgot this one:
UBS predicts 70% fall in Dubai house prices - Real Estate - ArabianBusiness.com

So, please, stop spitting other investors in the face by continously posting that propaganda, it won't kick-start anything anyway. It will always be sun after rain, but it will take longer than some people seem to think and will not happen until these problems are solved.

With some luck (and apart from the regular propaganda in this article) he might mean business, fingers crossed: http://www.arabnews.com/?page=4&section=0&article=121667

 

[Wannaberich]

Just got back from a trip.... well, this is your life and you live here. I was here 2 years ago and people can read my post, I predicted the crash back then to a perfection (posts there as proof),I can't waste my time with a fool who is trying very hard to find little snippets from the newspapers and playing his mind games here with no knowledge, the fact is dubai as far as it stands is finished. Prices need to drop another 50% from here. And you still haven't answered my 13 questions, all you have done is wasted my time and you've got your girlfriend in propguy to patronise me.
As of now I am away for 2 weeks to Iceland for a different bargain(dubai could be another iceland too,if abudhabi strangles it a lil). Goodluck to all you who live in hope that this disaster is averted, it's only off the news as people sneeze around the world and this time everyone and every economy dependent on tourism will suffer......hmmmmm.

As of now ...its goodbye....and don't you assume it's good riddance .....as ''i'll be back''(turns his head wears his prada sunglasses and disappears into the sun).

You're very good at asking questions but very poor at defending your opinions.
Like I said before,you did not predict the banking crisis which is why places like Dubai are suffering so stop acting the fool and trying to take credit for predicting this.
You're opinion is to one sided to have any credibility and your bitterness towards Dubai clouds your judgement.
You keep saying Dubai is finished but you never say why and what you mean by 'finished'.Please explain.
Sorry to hear you have to go to Iceland.Its only for two weeks so dont worry.

 

[Wannaberich]

there are 76 more desireable places to live if you're looking for "the best city". And since prices are going down, why not invest in those places instead? So again, how was that good news?

There is such a major lack of confidence, for good reasons, here that it will take a bit more than the usual "Economis crisis will not affect Dubai" propaganda in the local news to get anything going again. What this place is lacking is certainly not propaganda, but a more down-to-earth perspective on what is going on.

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Well done on your post TC,you must have spent alot of time putting that together.
Of course I could do the same from the other point of view but it would be wrong
to give such an unbalanced perspective dont you think.
I could also make a long post with nothing but negative news on many other countries and cities out there.Nowheres perfect.

Yes there are more desirable places to live in the world,however if you're one of the 2.5billion people who live within a 2 hour flight to Dubai,you're more likely to move closer to home than to New York or Sydney.

As for economics factor,tell me how many nations out there arent suffering?Its not just Dubai.Did you know the UK is almost bankrupt?Did u know the UK has many financial and social probelms?Give the citizens of this country the chance to live in Dubai and they would glad go without looking back.

Dubai has many problems but then why should it be perfect and how can it be?
I'd be interested to know where you think Dubai will be in 10years and why?
You only seem to see it in a negative way so tell me why?

 

[Wannaberich]

Dubai property will continue to appeal to "pure investors"

30th April 2009 17:01

Despite the fact property prices in Dubai have plummeted by 41 per cent in the first quarter of 2009 compared to the last quarter of 2008, the emirate could present opportunities for "pure investors" to purchase "significantly undervalued" properties, according to an industry executive.

Robin Wilson, head of overseas at Rightmove.co.uk, said Dubai's infrastructure, climate and "vibrancy" are all advantages for investors and people who were "actively considering" making a property purchase before the recession may find their money stretching further in the current climate.

"I suspect pure investors will increasingly return to Dubai as it may present opportunities if the market over-corrects and property becomes significantly undervalued," he said, adding that prices are expected to correct and show signs of growth by the end of next year.

According to figures from Colliers International, first-quarter property prices in Dubai have fallen by 34 per cent this year, compared to the same three-month period in 2008.
London Stock Exchange - Article

 

[Sixgun]

Hah!

Dobuy said
"Yes there are more desirable places to live in the world,however if you're one of the 2.5billion people who live within a 2 hour flight to Dubai,you're more likely to move closer to home than to New York or Sydney."

2.5 billion, of whom about 2.4 billion live on a $ a day and aint going nowhere.

 

[Wannaberich]

2.5 billion, of whom about 2.4 billion live on a $ a day and aint going nowhere.

I hardly think so.
Of course even without these people,plenty are willing to move from Europe,the US and Australia as has already been demonstrated.
By the time the econonmy has improved which will bring many new jobs,property will be very affordable to buy or rent which will help speed up population increase in Dubai.So basically those forecasting prices to plummet even more,the lower they go the more people will come either to live or invest.Its all good.
Sorry Sixgun.

 

[Carl.B]

Yes there are more desirable places to live in the world,however if you're one of the 2.5billion people who live within a 2 hour flight to Dubai,you're more likely to move closer to home than to New York or Sydney.

Can you please cite some evidence for your proposition that "2.5 billion people live within a 2 hour flight to Dubai"? India has only 1 billion people and it's closest major city, Mumbai is more than a 2 hour flight from Dubai. Other Indian cities are well more than a 2 hour flight away.

All of the African continent has less than one billion people and the overwhelming majority of them live well more than a 2 hours flight away. Europe has 600 million people but again, most of the major population centres are 4-6 hours away.

So where exactly are you pulling this comical statistic from?

Also since when did being surrounded by a lot of people with low flying times make a city prosperous? By this standard, Dacca, Calcutta and Lagos must be among the wealthiest cities in the world. Instead, they are some of the poorest.

 

[financier888]

Dubai property will continue to appeal to "pure investors"

30th April 2009 17:01

Despite the fact property prices in Dubai have plummeted by 41 per cent in the first quarter of 2009 compared to the last quarter of 2008, the emirate could present opportunities for "pure investors" to purchase "significantly undervalued" properties, according to an industry executive.

Robin Wilson, head of overseas at Rightmove.co.uk, said Dubai's infrastructure, climate and "vibrancy" are all advantages for investors and people who were "actively considering" making a property purchase before the recession may find their money stretching further in the current climate.

"I suspect pure investors will increasingly return to Dubai as it may present opportunities if the market over-corrects and property becomes significantly undervalued," he said, adding that prices are expected to correct and show signs of growth by the end of next year.

According to figures from Colliers International, first-quarter property prices in Dubai have fallen by 34 per cent this year, compared to the same three-month period in 2008.
London Stock Exchange - Article

WTF? 'Pure Investor' Is that a vegetarian investor? vegan investor? talk about spin.... that's a new one..... ugh....

 

[Brendan R]

Pure Investors = not infidels

 

[Sixgun]

Can you please cite some evidence for your proposition that "2.5 billion people live within a 2 hour flight to Dubai"? India has only 1 billion people and it's closest major city, Mumbai is more than a 2 hour flight from Dubai. Other Indian cities are well more than a 2 hour flight away.

All of the African continent has less than one billion people and the overwhelming majority of them live well more than a 2 hours flight away. Europe has 600 million people but again, most of the major population centres are 4-6 hours away.

So where exactly are you pulling this comical statistic from?

Also since when did being surrounded by a lot of people with low flying times make a city prosperous? By this standard, Dacca, Calcutta and Lagos must be among the wealthiest cities in the world. Instead, they are some of the poorest.

Dobuy,
why don't you take a month off somewhere nice, relax, and forget about Dubai (that's how it's spelt, sorry for the bad news)

Have you ever heard the old saying,

" it's better to keep your mouth closed, and have people think you're a fool, rather than open it and confirm it"

 

[Wannaberich]

Dobuy,
why don't you take a month off somewhere nice, relax, and forget about Dubai (that's how it's spelt, sorry for the bad news)

Have you ever heard the old saying,

" it's better to keep your mouth closed, and have people think you're a fool, rather than open it and confirm it"

You're a moron with nothing valid to say like your buddy Mumbled.
If you're so anti Dubai why dont u f.off to another forum rather than bring your pathetic bitterness here.How much did you lose?is it still hard to accept?
Never mind,theres bargains to be had.Open your wallet and dont miss it,
theres a fortune to be made out there unless u dont have the balls?
Probably.

 

[Wannaberich]

Can you please cite some evidence for your proposition that "2.5 billion people live within a 2 hour flight to Dubai"? India has only 1 billion people and it's closest major city, Mumbai is more than a 2 hour flight from Dubai. Other Indian cities are well more than a 2 hour flight away.

All of the African continent has less than one billion people and the overwhelming majority of them live well more than a 2 hours flight away. Europe has 600 million people but again, most of the major population centres are 4-6 hours away.

So where exactly are you pulling this comical statistic from?

Also since when did being surrounded by a lot of people with low flying times make a city prosperous? By this standard, Dacca, Calcutta and Lagos must be among the wealthiest cities in the world. Instead, they are some of the poorest.

Get on the internet and do some research bro.
As for your comparisons to Dacca etc.Pathetic really.You can put a bull**** spin on everything.U and your girlfriends have proved that.

 

[cascades]

Just a small peice of information. Many of the villas in THE Springs complex are in terrible condition due to poor construction quality. The cost for repairs is more than the price paid originally. I think the life of villa properties should not be more than 7/8 years. Keep this in mind when making purchases in dubai. Cost of repairs is exhorbidant.

 

[Carl.B]

Get on the internet and do some research bro.
As for your comparisons to Dacca etc.Pathetic really.You can put a bull**** spin on everything.U and your girlfriends have proved that.

Sorry, but no sugar. I don't have to do research on the internet to determine what I know is palpably false (i.e. that 2.5 Billion people live within 2 hours flying time of Dubai).

I believe you've rather simplistically added the populations of India (1 Billion),Europe (0.6 Billion) and Africa (0.9 Billion) to reach the 2.5 Billion number.

As I already mentioned, there is NO WAY that the entire populations of India, Europe and Africa live within a two-hour commute time of Dubai. Not unless they were all flying here on Lockheed SR-71 Blackbirds.

Also, with respect, I was not comparing Dubai to Dacca. I was simply pointing to an example of a city that refutes your implied assertion that a city surrounded by vast numbers of people will inevitably have a booming property market.