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Dubai real estate market

Discussion in 'Buying Overseas Property' started by hassan, May 10, 2007.

  1. hassan

    hassan New Member

    Most that arrive in Dubai pontificate as to why the market does not operate on traditional real estate fundamentals and how it must be then set for a bust. Contrarians seem to focus on the uniqueness of the Dubai real estate market and stress the out of the box components such as population growth that is 3-4 times that of other developing cities around the world.
    Many Dubai investors are finding that shortstay renting produces much higher than average returns and given average hotel rates of $232 US per night the demand is pushed to find alternatives. For more information on Dubai apartment and villa rentals and furnishing options
    What a great investment aportunity
     
  2. carollia

    carollia New Member

    All i know is that Dubai has blessed with beautiful resources.
     
  3. thebest

    thebest New Member

    I'm very much skeptical about Dubai property boom. I think it is an artificial boom, there are no data available that why all of a sudden Dubai is booming. All Dubai (almost whole UAE) is built by ordinary and hardworking people from India, Pakistan, Bangladesh etc. these people were always under paid and worked hard under most demanding weather condition and built Dubai. And now when Dubai is built home prices and rent went skyrocketing high, ordinary people are unable to afford to buy or rent a place there. My question is a person who is making almost 2500 dirham’s per how can he afford to buy 2 million dollar condo in Dubai, or 3000 Dirhams 2 bedroom rental place. Why prices are as high as other developing countries has. Or maybe prices are set for wealth international buyers… not for ordinary people who really built that country.

    SL
    Gobesthome member
     
  4. chrisc

    chrisc New Member

    I was recently in Dubai looking at the market there and the stats are a little bemusing. There are permissions granted to build 1.9 MILLION apartments/houses by 2010. Many projects are delayed at present due to bad project management, reworking of apartments due to bad quality work, and their mistreatment of workers. Since the fall of the US dollar, quite a few Indian and Bangladeshi workers are staying at home as it is not worth their time going to Dubai any more. Also, the horrific safety standards there have killed several workers last year, notably when a section of a bridge linking Palm Islands collapsed.

    Against this is the fact that reasonably-priced office space is practically unobtainable in Dubai, and that serviced apartments are enjoying 80%+ occupancy rates.

    These are all facts. I do not wish to influence any decision about whether or not one should invest in Dubai.
     
  5. nepoez

    nepoez New Member

    I agree. If you are interested in long term wealth it's best not to be a speculator and trying to hit a jack pot. There are great fundamentals in Canada, although that's only overseas to overseas folks .

     
  6. apacheman

    apacheman New Member

    A lot of oil resources :p?
     
  7. Chaz_The_Sun

    Chaz_The_Sun New Member

    Interesting reading. I'll be honest, I'm looking to buy a place in Dubai because it intrigues me so much. It's almost as if you can combine the kind of lifestyle you might get from buying a place in Spain or Portugal with the kind of lifestyle you might expect from Las Vegas or New York. It's just a fantastic place.

    However, I'm yet to be totally convinced. Whilst I look at this as more as an emotional purchase than an investment, I certainly don't want to throw my money a way. As it stands, as keen as my heart is, I'm having a hard time convincing my head that investing £500k+ in the area is a totally sound move.

    Chaz
     
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