With all the civil wars / peace issues in the middle east, I wonder how it affects Dubai? I still hope and believe Dubai is picking up amidst the crisis around the middle east.
I would agree with Bernand, there are real transactions happening and there are some investors shopping for bargain. I have also seen some investors purchasing but its on a very low scale. Not to mention any banks names but some of them are quite busy with mortgage applications and are lending in completed developments that carry lowest risk possible.
My perception is that at the moment there is more confidence than in 2009 - Q3 2010 - hard to say how long it will last for.
I'm sorry but this is not in my opinion accurate at all!! I'm a ripped off investor who has had to wait years for cancellation for a development with no progress or reports.According to the news and research of seniors, 2012 will be good for Dubai real estate and property sector. Business Bay and Dubai Marina are the places where you can find a large number of tenants and investors. There are also many new projects of apartments in these places and investors are taking interest due to heavy demand of property over there.
Whist there is no question that there have been (and still are) some pretty unscrupulous developers, there is another side to the story.I'm sorry but this is not in my opinion accurate at all!! I'm a ripped off investor who has had to wait years for cancellation for a development with no progress or reports.
RERA are now starting to take action and have officially cancelled the project i invested in on JVS but realistically you cannot possibly think that anything is going to get better for Dubai in the short term without some serious transparency and some serious international news that investors are not losing their money for old investments. You can't just brush under the carpet that investors who invested between the mid 2000's and now have lost life savings!!!
I don't want to labour this point but....My advice is proceed with caution when considering Dubai or the UAE.
There are many other places i'd consider before risking a single dirham.
It shouldn't take a country to be backed into the corner before applying a transparent system. If the government really wanted to make it work in a fair and businesslike way then you might have thought they'd have been a bit more prepared in terms of regulation and law.
Maybe because i'm from the UK that I expect things to be done properly...
I don't want to labour this point but....
1) If you had consulted a lawyer prior to making your investment he/she would have told you that the property rules had never been tested as there had never previously been a property market (as such) in Dubai.
Whether a lawyer was consulted or not a contract is a contract and surely you must concede that wrongdoing has been done on a massive scale in Dubai. I'm a member of a group of investors who have been nothing short of conned. Look around in the Dubai section of this forum and many other have too. I find your point a bit on the 'i told you so' side.
2) It's quite unreasonable to blame the Dubai government. Heard of the phrase caveat emptor?
It's in the interest of the Dubai Government to create and uphold a fair environment and ultimately if a foreign investor loses money after the comment that anybody investing in Dubai would not loose money or its investment. there's going to be anger and dismay hence the reason i feel it's my duty to warn others of my experience and hopefully influence at least their decision to perform due diligence.
3) As for your advice:
" My advice is proceed with caution when considering Dubai or the UAE.
There are many other places i'd consider before risking a single dirham."
Sound stuff! Obviously, you should have taken it prior to make your speculative investment?
Not sure why you think personally attacking my original decision taking into consideration you do not know me but again, i wouldn't touch Dubai with someone else's money!
4) As for things being done "properly" in the UK - last time I looked the UK was £800billion in debt!!
Yes I agree, there's one thing having good laws on paper but unless you can enforce those laws they're just for show.Interesting views. The fact is that there are good regulations and Laws in Dubai but they serve the Developers. The investment environment is very hostile and there is no support from the Government. For me the main problem is RERA. If they implemented the Law properly Dubai wouldn't be in this mess. People invest money all over the world but can point another country or city with so many rip offs? At the same time the crime rate in Dubai is practically no existant. This make you think is the crime of rip off of the Investors by the Developers is officially legalised in Dubai? You after that you wonder why the people don't invest in Dubai....