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Can you smell the recovery? I am confused...

Discussion in 'Dubai property' started by dubister, Mar 7, 2009.

  1. dubister

    dubister New Member

    I am not really sure what to say, but I am usually not to0 upbeat about market coming back in Dubai with all the damages that we have seen. And espcially the with bad debt/mortgage situation on the horizon....But then, fundamentally, a bad mortgage situation woudl only realize if the market continues downwards spiral...:confused:

    But for some reason, for the last three weeks I have observed this, whcih smells something like 2007 to me:

    - Tons of Expats in Abu Dhabi plates driving around. I assume they are moving here for better lifestyle, since its a bargain. I have new neighbors with AD plates....

    - Malls and Entertainment places are packed. No parking spots at MOE, Batuta, DFC...excluding Dubai Mall (that is just too big and not a good benchmark)

    - Reservations at upscale restaurants are hard to get on a weekend night

    - I get two to three calls a weeks to take a personal loan upto 250k for very low rates

    - Credit card ppl calling soliciting

    - Albeit, rental market is down, 2br-3br are hard to find still for families for decent rentals.. No oversupply situation, otherwise, there woudl have been a auction war at my last visit inquiring about 2/3br at discovery gardens..

    What are you thoughts???? Is it to early? Am I smoking something? Is it just plain reaction to stagnancy on my part??? :confused:
     
  2. pisandre

    pisandre New Member

    Some districts of Dubai are clearly cheaper than Abu Dhabi. I am living in Discovery Gardens and most of my neighbours are working there.
    Well, Battuta is not that busy. Dying I would say when you see all the shops closed waiting for a new owner. Burjuman very quiet also.
    Give my number next time. I need cash... :mad:
     
  3. PropGuy

    PropGuy New Member

    Burjuman quite since they made their parking pay only.
     
  4. georgihh

    georgihh New Member

    We will wait and see. The ball is going to bounce back but when and how far we don’t know yet. Dubai is full of surprises and maybe this time positive
     
  5. samsaf

    samsaf New Member

    Well, I second that...

    ... Sports Clubs in WafiCity is very crowded...
    ... around 2 months tickets of "Cirque De-soil" was sold-out within 2 weeks...
    ... traffic is still considerable... a little lower, but Dubai is certainly not empty...
    ... while I did too notice a considerable increase of the number of AbuDhabi residents in Dubai, a lot of my friends living in Abu-Dhabi has noticed an influx of number of Dubai Plate cars in AbuDhabi now..

    I am personally not convinced that we are intro recession in Dubai yet... or at least we didn't see effects to full extent yet (and don't give me the realestate thing... everyone is sacred to part with money these days)

    There was supposed to be a huge leave by Indians who's children attending indian schools by march... well 1/4 of march is finsihed and the huge out-flux of indians is yet to be seen...

    anyone to give any other opinion??
     
  6. georgihh

    georgihh New Member

    Looks like the people prefer spending money in pubs and shopping malls instead of buying properties.
    Maybe they just got a personal loans and went to mall of emirates
     
  7. samsaf

    samsaf New Member

    Well, the public are all now of the same opinion, "Who is in his right mind would buy a property now...?"

    ... try it... tell your friends that you have 3 million AED and you would like to buy a villa which used to be sold for 6 million in Dubai at 2008... and it's now at 2006 prices

    they will all come back to you saying "Hey! Are you crazy?? Wait for at least 6 months... maybe the prices will go back to 2001 levels!"

    So, it's a game of wait and see.... it will take some time to regain the trust in properties as a secure investment.... plus, people still have that "herd mentality" as long as their friends are not buying, they will not risk it...
     
  8. mpat

    mpat New Member

    welll, situation is a bit confusing, no one can tell weather this are the symptoms of recovery.
     
  9. Fran

    Fran New Member

    In my opinion, the recovery should start from stock market, but so far only efforts are evident....
     
  10. pisandre

    pisandre New Member

    Guys, which banks started to offer personal loans? May be my last chance to carry with my coming installments :(
     
  11. Brendan R

    Brendan R New Member

    trying to inject life in a dead body?

    once Easter holidays are behind us, here comes the low season with heat and sandstorms, the mirage will be over by the 1st of June.

    GAME OVER
     
  12. georgihh

    georgihh New Member

    September will start again. What goes up comes down and vise versa, life is like that :):)
     
  13. PropGuy

    PropGuy New Member

    imo recovery will first show in commodities.
     
  14. pisandre

    pisandre New Member

    Guys, it is already some times the crisis has started, right? Are you aware about any defaulters who already lost their deposit? My developer put me a deadline for end of March. If I don't pay, the 30% rule applies :-| Gloops. Why are we not hearing about defaulters? Is it still to happen yet or is it filtered by the local press?
     
  15. Fran

    Fran New Member

    Oil is up, metals too!
     
  16. PropGuy

    PropGuy New Member

    Too early for confirmation.
     
  17. gardengnome

    gardengnome New Member

    Hi
    I have read all the messages posted here with interest!
    Does anyone have any news on whether the China Phase 111 building is going ahead? It has been massively delayed, but the agent says it should be completed June 2010!
    I have invested in Building F16, but am losing heart rapidly.
    Any advice will be gratefully received.

    Gardengnome
     
  18. johnb

    johnb New Member

    Hi,

    What were prices per sqft in 2001/02 in Dubai ?
    What would the prices in Ajman have been at that time as well ?

    thanks
     
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