Dubai property market starts its comeback

[Roshan]

Dubai has built too much in too short a time. It will take years for it to come out of this mess.

The business of newspapers is to sell paper they say and likewise to these so called pandits who try to jump start the market with their so called observations, most of the time for their own personal benifit.

While most of the launched projects will not see the light of day. Lets see what the future holds.

Dubai can now be called another Spain.

Regards

Roshan

 

[Sole Dubai]

I believe the world is doing what it needs to do to jump start their respective markets and whatever is happening in Dubai is not isolated to Dubai. Sure they do not have a shortage of housing, since when was that a bad thing? In the UK the plan to build 75,000 units each year however there are an average of 12% units that are unocuppied or vacant. That number has risen considerably and the latest figures have not been released.

The fact that Dubai is going to have such a huge number of units come onto the market will help the market grow. Those units which are still to be delivered can be bettered and upgraded prior to handover, if they have any business sense! Workmenship and quality control will take presidence over time schedules and profits! Developers will be forced to deliver on their promises if they stand a chance of surviving in this market long term. Reputations will now be a key element as they look to out do one another in terms of finishing and attention to detail which is lacking in this market.

I always focus on the positive note and look to build on what we already have acheived and set higher standards and goals.

 

[georgihh]

I believe the world is doing what it needs to do to jump start their respective markets and whatever is happening in Dubai is not isolated to Dubai. Sure they do not have a shortage of housing, since when was that a bad thing? In the UK the plan to build 75,000 units each year however there are an average of 12% units that are unocuppied or vacant. That number has risen considerably and the latest figures have not been released.

The fact that Dubai is going to have such a huge number of units come onto the market will help the market grow. Those units which are still to be delivered can be bettered and upgraded prior to handover, if they have any business sense! Workmenship and quality control will take presidence over time schedules and profits! Developers will be forced to deliver on their promises if they stand a chance of surviving in this market long term. Reputations will now be a key element as they look to out do one another in terms of finishing and attention to detail which is lacking in this market.

I always focus on the positive note and look to build on what we already have acheived and set higher standards and goals.

Nothing is going to happen in Dubai for the next few years. Quality constriction needs more money.
Lots of people are holding their properties for better days, but for how long. By the end of the year they might **** it and sell for nothing. We are not far from the bottom but still can go down. New construction or new releases, if not 5 star quality, is not going to be built in the near future. Who is going to buy all the rubbish – I don’t know

 

[jeffslaw]

Property prices in Dubai are bottoming out with initial signs of confidence returning to the market, new research said yesterday.

"Distressed stock is gradually clearing, with further signs of consolidation as volumes continue to pick up. Also, more recently, mortgage providers have moved to ease their requirements, raising loan-to-value (LTV) and relaxing credit norms, which we view as a further sign of some normalcy returning to the market," HSBC said in its "Property Ladder" report.

I have just returned from Dubai and your view is not borne out. Distressed sales continue to populate the advertisements and the amount of repossessed and unsold property continues to grow. No new money is coming in as potential purchasers are too frightened. You must be a dreamer or connected to a developer!

 

[jeffslaw]

Nothing is going to happen in Dubai for the next few years. Quality constriction needs more money.
Lots of people are holding their properties for better days, but for how long. By the end of the year they might **** it and sell for nothing. We are not far from the bottom but still can go down. New construction or new releases, if not 5 star quality, is not going to be built in the near future. Who is going to buy all the rubbish – I don’t know

No one with any sense will buy the rubbish. It should eventually be so cheap that the lower paid may take a look at it. Developers will have to look at time share as a way of getting stock off their books although that is not as popular as it once was. In the meantime I am looking for people who have got stuck with purchases in Dubai especially those who have dealt with DAMAC

 

[paul66]

Stop worrying about property prices in Dubai! It is NOT just the Dubai market that is fallen just in case every 'Dubai Basher' has purposely forgotten, the whole world is in a mess at the moment. When the recovery comes (most analysts like myself are predicting next year starting with the USA then the rest of the world) Dubai will also recover and most likely faster than the developed world.

We will be back to early 2008 levels in about 3-4 years time (MAXIMUM)

Regards,
Paul

FX and Equities Analyst
SG Securities

 

[jeffslaw]

Stop worrying about property prices in Dubai! It is NOT just the Dubai market that is fallen just in case every 'Dubai Basher' has purposely forgotten, the whole world is in a mess at the moment. When the recovery comes (most analysts like myself are predicting next year starting with the USA then the rest of the world) Dubai will also recover and most likely faster than the developed world.

We will be back to early 2008 levels in about 3-4 years time (MAXIMUM)

Regards,
Paul

FX and Equities Analyst
SG Securities

Your certainty about price recovery in Dubai is extraordinary. I do not share your optimism. Buyers are now extremely rare and very cautious. You will not see a revival of the buying frenzy of 2008 within the next decade.

Regards,

Jeff

 

[paul66]

Your certainty about price recovery in Dubai is extraordinary. I do not share your optimism. Buyers are now extremely rare and very cautious. You will not see a revival of the buying frenzy of 2008 within the next decade.

Regards,
Jeff

Of course Buyers will be extremely rare and very cautious at present - the world is in a recession - name me one country where the property market is booming currently???.

You are saying next decade property market will not recover??? Is this ONLY for Dubai or the whole world??? Unless theres a World War III, no property market will stay down for 10 years!!...anywhere in the world and especially Dubai which is an emerging market.

Take Singapore, for example, when during the Singapore property crash, prices fell around 60-70%. And then only few years later it was back to normality and back to the boom prices.

At current levels, apart from Dubai and UAE, I am also very bullish on USA, UK, Qatar, Saudi Arabia, India, Brazil and parts of Turkey.

Regards,
Paul

 

[cascades]

I think it is time for analyst to retire and get some real jobs like cleaning and maintanance which is badly required at reasonable, efficient and honest prices, so the moms and pops of the world can retire in peace in dubai.

 

[hearts]

I thought I would revive this old thread with regard to recent events.

Dubai is now finished as a "hot spot" Property prices will continue to fall and will never again reach the prices of 2006-2007. Any money invested there can be considered lost.

 

[Wannaberich]

I thought I would revive this old thread with regard to recent events.

Dubai is now finished as a "hot spot" Property prices will continue to fall and will never again reach the prices of 2006-2007. Any money invested there can be considered lost.

Obviously you lost your money in Dubai?

 

[hearts]

I lost my heart in San Fransisco. I lost my money in Monte Carlo. Luckily I was never stupid enough to consider Dubai anything other than a White Elephant ;-)

 

[jeffslaw]

"Never say never again"

I thought I would revive this old thread with regard to recent events.

Dubai is now finished as a "hot spot" Property prices will continue to fall and will never again reach the prices of 2006-2007. Any money invested there can be considered lost.

I have to disagree. The US property market has taken a bashing and even the UK market was badly hit. We are in a world recession but these things do nto last forever. I think it will take 5-10 years to recover but recover it will. I do not think the UAE sheikhs will allow Dubai to flounder but Abu Dhabi will demand attractive terms for its continuing support - that is natural commercial thinking.

Dubai remains one of the most attrctive holiday resorts in the world and service in hotels is second to none. It is placed strategically between the far East and the West which is ideal for trade.

 

[Brendan R]

people talk about recovery. Recovery to what? Bubble valuations?

People talk about a financial crisis. It is no financial crisis, it is just a return to fairer valuations.

The world will be a much better place after values have deflated.

Ponzi scheme after Ponzi scheme being exposed, it is harder and harder to find suckers to catch the hot potato.

 

[kully sanghera]

[ame=http://www.youtube.com/watch?v=PQfuOkDpZ4k]YouTube - Dubai International City Tv Commercial (try finding me)[/ame]

 

[Brendan R]

ah ah, absolutely ridiculous, a new pinnacle has been reached in foolishness :marchmellow:

 

[Wannaberich]

ah ah, absolutely ridiculous, a new pinnacle has been reached in foolishness :marchmellow:

Were u born negative or did u just become that way?

 

[financier888]

IC Commercial

Gotta love it ! Glad to see that someone still has a sense of humour !
I am going to send this link to an expat friend that just stayed in IC for two months. He sent me photos of the basement areas and stairwells that were strewn with garbage, replete with rats and vermin. He told me that at night, some of the tenants - whom were construction workers, were building bon fires outside the building and raising hell till the wee hours. Many of the flats have anywhere from 5-10 construction workers per flat !!! INCLUDING studios!! cheery thought indeed....

Wonder why they didn't include some shots of the bon fires at night?

My friends parting comments were as he was leaving - 'the place has turned into a slum!'

good luck!

 

[Sixgun]

Well you can't blame the company for putting out feely-good promo's,

The investors may as well enjoy them, dance along with them, as the funding will be coming straight out of their 'secure' escrow accounts.

 

[georgihh]

One more year of recovery and this place and I will stay alone in Burj Dubai :ridinghorse: