Dubai property prices could fall another 30% as banks become more aggressive in pursuing repossessio

[Nicholas Wallwork]

Property prices in Dubai could fall another 30 % from current levels and up to 150,000 homes could*be lying empty by the end of 2011, according to analysts.

With prices in some locations down by up to 50%, the latest forecast from UBS is a blow to the*emirate's property market. It also comes as it has been reported that one of Dubai's iconic*developments, Palm Jumeirah, has seen its first re-possession.

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[georgihh]

Build and they will come – what a joke
No petrol – no money - nobody comes
Last year 50%, this year 30%, next year 30%
At the end maybe, We need to pay money to the locals to get rid of the property

 

[Wannaberich]

This report is a joke.Its impossible to predict how many empty homes there could be at the end of 2011.These people have just plucked a figure from no-where.

 

[Neera naidoo]

i know the dissillusionment felt by all we investors. But i still have hope for Dubai. Tide this time out and it will start to rise again. If the investors lose hope then it will fall. Let us try and help promote the place for our own sake. Dubai is still one of the most beautiful in the world- compare for yourself.

 

[revolutionary]

recovery

The value of the property in Dubai has traditionally combined an element of return on rentals and speculation of what those future rental rates will be.

My one experience is that I have just let out my apartment for 15% more than a friend who rented out the exact same view/outlook/size in the same block a few months ago. This was to the first person visited the apartment on the same day I spoke to agents, and I turned down the second person who immediately followed.

OK I was disappointed that I didn't receive the sort of money that was apparently being paid 18 months ago, but the speed of my success and urgency from the potential tenants suggested that rates were climbing even in an area (JLT) where a huge number of new apartments are becoming available. My own block filled up very rapidly.

I can only see improvement right now as the building works complete, and other projects remain on hold. I don't expect ridiculous gains since I suspect there are still plenty of owners willing to sell if only there were any buyers out there But there are plenty of renters for good locations which will be the foundation.

 

[georgihh]

The value of the property in Dubai has traditionally combined an element of return on rentals and speculation of what those future rental rates will be.

My one experience is that I have just let out my apartment for 15% more than a friend who rented out the exact same view/outlook/size in the same block a few months ago. This was to the first person visited the apartment on the same day I spoke to agents, and I turned down the second person who immediately followed.

OK I was disappointed that I didn't receive the sort of money that was apparently being paid 18 months ago, but the speed of my success and urgency from the potential tenants suggested that rates were climbing even in an area (JLT) where a huge number of new apartments are becoming available. My own block filled up very rapidly.

I can only see improvement right now as the building works complete, and other projects remain on hold. I don't expect ridiculous gains since I suspect there are still plenty of owners willing to sell if only there were any buyers out there But there are plenty of renters for good locations which will be the foundation.

I have also notice the buildings are getting occupied and looks like the business is starting again in Dubai.
The government has done well by decreasing the prices of the company licenses and a few more relaxations will alive this place in a year time.
Once is stabilized and we witness steady flow of new expatriates we can go back to the property market.
People will come but we need good surprises not bad ones

 

[Neera naidoo]

Hi I have 2 studio apartments to rent at JLT. Can you recommend an agent?