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georgihh
New Member
Dubai property prices to fall '70% from peak'
I am looking for one bedroom (ready) in DM for 100000$ - more you wait more you lose
I am looking for one bedroom (ready) in DM for 100000$ - more you wait more you lose
Is the Dubai property market falling apart or finding a level?
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PropGuy
New Member
if you find one at that price let me know.I am looking for one bedroom (ready) in DM for 100000$ - more you wait more you lose
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georgihh
New Member
Be patient
100k$ is a lot of money for 700 sqft(net) even in DM
By the end of the year or early next year I will let you know
100k$ is a lot of money for 700 sqft(net) even in DM
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PropGuy
New Member
imo, there is another wave coming of panic selling, but that would be last wave. Don't expect price to go lower after that. It is just my technical and financial analysis, but I could be wrong. Your price would make dhs 524 per sq ft. I don't think you will find that price in a good and new building. Anyhow, good luck. If you find two, let me know.By the end of the year or early next year I will let you know
100k$ is a lot of money for 700 sqft(net) even in DM
S
Sole Dubai
New Member
Plan to scrap mandatory business sponsorship
Establishing a new company in Dubai may no longer require a mandatory UAE sponsor if the government approves a recommendation to this effect, which is currently under study, said a top Dubai Chamber official.
Hamad Buamim, Director-General of Dubai Chamber, said the proposal has been with the Executive Council for the past three months. If approved, the new policy may be announced with the revised Company Law this year.
"This is in line with what the business community is expecting," he told Emirates Business. "It would support the business community in attracting more investment. The government is looking into this issue along with the Company Law that is under revision and is expected to be out in 2009."
The Dubai Chamber has also recommended to the Executive Council to change ownership laws, which will pave the way for 100 per cent ownership of businesses outside the free zones.
The privilege is only on a case-by-case basis and would prioritise businesses that are strategic to the economy, according to Khalid Al Kassim, Deputy Director-General of Economic and Sector Development at the Dubai Department of Economic Development.
Dubai Chamber officials feel it is possible to do away with the sponsorship system even at a national level. Dr Belaid Rettab, Senior Executive Director of the Dubai Chamber, said the proposal to "ban" the sponsorship system is possible and feasible for the entire economy, not just Dubai.
"UAE's private sector would like to see an end to the sponsorship system and free entry allowed for all companies without any barriers," he said. "This is possible, and it is expected the government will review this issue."
The chamber has also recommended that the government needs to issue monetary policies to enable banks to provide easier access to funds at lower service charges and interest rates.
"We are already seeing some tangible results, such as the call for the financial sector to ease financing of the business community. The business community has said that finding financing was very difficult in February and March, but now it's easier," Buamim said.
In the real estate sector, the chamber recommended that existing limitations on foreign ownership of properties be removed.
"Rera is doing its best to manage the market but it is has not yet reached the levels where we would like to see it managed," Rettab said. "There are still a lot of unknowns about the visas connected to real estate. Things have to be clarified."
I personally feel that what we are witnessing here if it does go ahead is Dubai reallying evolving for the better. Removing all these unnecessary ristrictions on ownership whether it be businesses or property. It is a huge step in the right direction in my book and I commend it! Now they need to focus on quality control and workmanship, or am I just asking too much too soon.
Hamad Buamim, Director-General of Dubai Chamber, said the proposal has been with the Executive Council for the past three months. If approved, the new policy may be announced with the revised Company Law this year.
"This is in line with what the business community is expecting," he told Emirates Business. "It would support the business community in attracting more investment. The government is looking into this issue along with the Company Law that is under revision and is expected to be out in 2009."
The Dubai Chamber has also recommended to the Executive Council to change ownership laws, which will pave the way for 100 per cent ownership of businesses outside the free zones.
The privilege is only on a case-by-case basis and would prioritise businesses that are strategic to the economy, according to Khalid Al Kassim, Deputy Director-General of Economic and Sector Development at the Dubai Department of Economic Development.
Dubai Chamber officials feel it is possible to do away with the sponsorship system even at a national level. Dr Belaid Rettab, Senior Executive Director of the Dubai Chamber, said the proposal to "ban" the sponsorship system is possible and feasible for the entire economy, not just Dubai.
"UAE's private sector would like to see an end to the sponsorship system and free entry allowed for all companies without any barriers," he said. "This is possible, and it is expected the government will review this issue."
The chamber has also recommended that the government needs to issue monetary policies to enable banks to provide easier access to funds at lower service charges and interest rates.
"We are already seeing some tangible results, such as the call for the financial sector to ease financing of the business community. The business community has said that finding financing was very difficult in February and March, but now it's easier," Buamim said.
In the real estate sector, the chamber recommended that existing limitations on foreign ownership of properties be removed.
"Rera is doing its best to manage the market but it is has not yet reached the levels where we would like to see it managed," Rettab said. "There are still a lot of unknowns about the visas connected to real estate. Things have to be clarified."
I personally feel that what we are witnessing here if it does go ahead is Dubai reallying evolving for the better. Removing all these unnecessary ristrictions on ownership whether it be businesses or property. It is a huge step in the right direction in my book and I commend it! Now they need to focus on quality control and workmanship, or am I just asking too much too soon.
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PropGuy
New Member
That will drop the prices further in freehold areas.
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paul66
New Member
Property prices will not be affected much as more people would look to buy if limitations are removed.
With business and companies - this would all be bad news for the local Emiratis and freezones who will no longer earn a fee for being a partner or setting up.
however, if they remove the company/business restrictions this would be excellent news for foreigners as then you no longer would require an emirati partner or set up at the expensive freezones.
If this barrier comes down, this will inevitably bring in new businesses which also means more employment which means more people and a healthy economy. Lets hope this happens as quickly as possible so I can move my business from London to Dubai!!!
With business and companies - this would all be bad news for the local Emiratis and freezones who will no longer earn a fee for being a partner or setting up.
however, if they remove the company/business restrictions this would be excellent news for foreigners as then you no longer would require an emirati partner or set up at the expensive freezones.
If this barrier comes down, this will inevitably bring in new businesses which also means more employment which means more people and a healthy economy. Lets hope this happens as quickly as possible so I can move my business from London to Dubai!!!
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PropGuy
New Member
Depends on which emiratis. I'm talking about allowing to buy property in local areas. If emirati already has property in those locations then they will see their wealth double, as for Emiratis who can't afford to buy they will be pushed down further. In Al barsha and Jumeriah you can see the prices double if not triple. I think these ideas are coming from people who are holding stocks in these locations. In 2008, luxury villas in barsha were selling between 15million to 20million, now nobody is buying them even at 6.5 million. Emiriates hills and PJ luxury villas are still selling for 11m to 16m. If this law is passed you can see villa not selling for 6.5million to hit 10million at least since it will increase the demand.
As for expats who bought villas for 8m to 30m in 2008, they can forget it, after this law, prices of those villas will not return to those levels as it will increase the supply.
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paul66
New Member
UAE economy to start recovering from July 2009
UAE economy to start recovering next month on government support
By Zaher Bitar, Staff Reporter, Gulf News
Published: June 16, 2009, 23:44
Dubai: The UAE economy will start to rebound next month in a gradual recovery that could stretch into next year, a top government official said on Tuesday.
"The government's intervention and support in terms of monetary and economic policy will ensure a smooth recovery that will boost investment," Hamad Bu Amim, director-general of the Dubai Chamber of Commerce and Industry, told delegates at a seminar.
He believes that the government's liquidity injection is a step forward that will help the economy to recover by 2010.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, recently ordered a cut in government fees by 20 to 30 per cent.
Bu Amim said the Dubai Chamber strived to provide the business community with adequate market information to help overcome the current slowdown. This includes advisory services to help companies manage their businesses better.
Fahd Shah, an economic researcher at the Dubai Chamber, quoted from a survey and said business leaders were looking for policies and actions to make business conditions more favourable.
According to the survey these actions should address financial constraints and provide access to government services. These moves will also promote market efficiency and transparency, he added.
Ehsan Khoman, another researcher at Dubai Chamber, said inflation was set to fall this year, allowing authorities to focus entirely on stimulating economic activity and freeing credit markets.
Khoman said the fall in the country's output would only be limited. "The UAE's exposure to sub-prime toxic assets has been minimal relative to Europe and the United States," he said.
"Moreover, monetary policy response has been timely and impressive in scale with the UAE Central Bank cutting the repo rate to one per cent in January."
source: Gulfnews: UAE economy to start recovering next month on government support
UAE economy to start recovering next month on government support
By Zaher Bitar, Staff Reporter, Gulf News
Published: June 16, 2009, 23:44
Dubai: The UAE economy will start to rebound next month in a gradual recovery that could stretch into next year, a top government official said on Tuesday.
"The government's intervention and support in terms of monetary and economic policy will ensure a smooth recovery that will boost investment," Hamad Bu Amim, director-general of the Dubai Chamber of Commerce and Industry, told delegates at a seminar.
He believes that the government's liquidity injection is a step forward that will help the economy to recover by 2010.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, recently ordered a cut in government fees by 20 to 30 per cent.
Bu Amim said the Dubai Chamber strived to provide the business community with adequate market information to help overcome the current slowdown. This includes advisory services to help companies manage their businesses better.
Fahd Shah, an economic researcher at the Dubai Chamber, quoted from a survey and said business leaders were looking for policies and actions to make business conditions more favourable.
According to the survey these actions should address financial constraints and provide access to government services. These moves will also promote market efficiency and transparency, he added.
Ehsan Khoman, another researcher at Dubai Chamber, said inflation was set to fall this year, allowing authorities to focus entirely on stimulating economic activity and freeing credit markets.
Khoman said the fall in the country's output would only be limited. "The UAE's exposure to sub-prime toxic assets has been minimal relative to Europe and the United States," he said.
"Moreover, monetary policy response has been timely and impressive in scale with the UAE Central Bank cutting the repo rate to one per cent in January."
source: Gulfnews: UAE economy to start recovering next month on government support
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revolutionary
New Member
I would also be interested at that price. There is definitely a bottom to be had and I don't believe in the freefall scenario of the doomsters. Would have bought there 3 years ago had the prices not already been astronomical.I am looking for one bedroom (ready) in DM for 100000$ - more you wait more you lose
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paul66
New Member
If you can find 5 ready apartments at even $125,000 in the Marina I will buy them from you and even give you a $50,000 cash bonus commission!
Prices in the Marina will not fall this low unless the world goes into depression!
Regards
Paul
Prices in the Marina will not fall this low unless the world goes into depression!
Regards
Paul
S
Sole Dubai
New Member
House prices to fall another 20% in 2009
Dubai house prices will fall another 20 per cent this year, as the emirate continues to suffer a sharp downturn, a Reuters poll showed.
Residential real estate prices in Dubai – home to man-made islands in the shape of palm trees and the world's tallest building – have a less than 20 per cent chance of picking up before 2011, according to the median forecast of ten analysts at banks, investment firms and research institutions.
Three of 10 forecasters said they expected prices to hit a bottom in the second half of 2009 and three predicted it would happen in the first half of 2010. One forecaster said prices would rise by 10 per cent from now in 2010.
Five analysts expected prices to fall a further 20 per cent or more this year and prices could fall an additional 15 per cent next year before stabilising in 2011, the poll showed.
"We may see a further drop in prices as the magnitude of the problem in the sector is still high and the recovery of the sector may take some more time," said Sajeer Babu, an equity analyst at National Bank of Abu Dhabi, which participated in the June 2 to June 9 poll.
Property prices in the seaside emirate have slumped since late last year following the global financial crisis and a drop in oil prices.
More than half of the construction projects in the UAE worth $582 billion (Dh2.13 trillion),have been put on hold, Dubai-based market research firm Proleads said in February.
Rents in Dubai are seen declining by 40 per cent for the full year 2009 and a further 10 per cent in 2010 before recovering in 2011, the poll showed.
While it indicated that house prices for 2009 will fall an average of 50 per cent from a peak in the third quarter, it is likely that prices for off plan properties, or properties still under construction, will fall in excess of that.
DELAYED RECOVERY
Liquidity problems, job losses and additional supply to the market are expected to delay the recovery in Dubai's property sector.
"We believe a recovery is likely in late 2010 or early 2011, with this based on a series of factors which include a decline in demand for buying property," said Sana Kapadia, Vice President, equity research at EFG-Hermes in Dubai.
"Our house view is that lower or potentially negative population growth is likely to put a strain on demand," she said, adding more clarity regarding the legal framework for property ownership and greater confidence were also needed.
Dubai's population is set to fall 17 per cent this year, the bank said in a report in March.
In a previous Reuters poll in March, Shuaa Capital said it expected 80,000 units of supply for the next two years.
Dubai property prices had soared sharply after the emirate opened its real estate sector to foreign investors in 2002, granting them freehold ownership rights at many developments.
From the beginning of 2007 to mid-2008, property prices jumped almost 80 percent, according to Morgan Stanley estimates.
As buying properties became more expensive, Dubai's mainly expatriate population opted to rent instead, causing prices to spiral upwards.
Three of the analysts said rents in Dubai could fall as much as 50 per cent during 2009.
Meanwhile, Abu Dhabi, the UAE capital and home to most of the country's oil, has fared better during the global economic downturn.
House prices there are expected to fall 25 per cent on average for the full year, with two out of eight analysts saying prices would slump as much as 45 per cent.
Prices would remain flat in 2010 and pick up in 2011, the poll showed.
Residential real estate prices in Dubai – home to man-made islands in the shape of palm trees and the world's tallest building – have a less than 20 per cent chance of picking up before 2011, according to the median forecast of ten analysts at banks, investment firms and research institutions.
Three of 10 forecasters said they expected prices to hit a bottom in the second half of 2009 and three predicted it would happen in the first half of 2010. One forecaster said prices would rise by 10 per cent from now in 2010.
Five analysts expected prices to fall a further 20 per cent or more this year and prices could fall an additional 15 per cent next year before stabilising in 2011, the poll showed.
"We may see a further drop in prices as the magnitude of the problem in the sector is still high and the recovery of the sector may take some more time," said Sajeer Babu, an equity analyst at National Bank of Abu Dhabi, which participated in the June 2 to June 9 poll.
Property prices in the seaside emirate have slumped since late last year following the global financial crisis and a drop in oil prices.
More than half of the construction projects in the UAE worth $582 billion (Dh2.13 trillion),have been put on hold, Dubai-based market research firm Proleads said in February.
Rents in Dubai are seen declining by 40 per cent for the full year 2009 and a further 10 per cent in 2010 before recovering in 2011, the poll showed.
While it indicated that house prices for 2009 will fall an average of 50 per cent from a peak in the third quarter, it is likely that prices for off plan properties, or properties still under construction, will fall in excess of that.
DELAYED RECOVERY
Liquidity problems, job losses and additional supply to the market are expected to delay the recovery in Dubai's property sector.
"We believe a recovery is likely in late 2010 or early 2011, with this based on a series of factors which include a decline in demand for buying property," said Sana Kapadia, Vice President, equity research at EFG-Hermes in Dubai.
"Our house view is that lower or potentially negative population growth is likely to put a strain on demand," she said, adding more clarity regarding the legal framework for property ownership and greater confidence were also needed.
Dubai's population is set to fall 17 per cent this year, the bank said in a report in March.
In a previous Reuters poll in March, Shuaa Capital said it expected 80,000 units of supply for the next two years.
Dubai property prices had soared sharply after the emirate opened its real estate sector to foreign investors in 2002, granting them freehold ownership rights at many developments.
From the beginning of 2007 to mid-2008, property prices jumped almost 80 percent, according to Morgan Stanley estimates.
As buying properties became more expensive, Dubai's mainly expatriate population opted to rent instead, causing prices to spiral upwards.
Three of the analysts said rents in Dubai could fall as much as 50 per cent during 2009.
Meanwhile, Abu Dhabi, the UAE capital and home to most of the country's oil, has fared better during the global economic downturn.
House prices there are expected to fall 25 per cent on average for the full year, with two out of eight analysts saying prices would slump as much as 45 per cent.
Prices would remain flat in 2010 and pick up in 2011, the poll showed.
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georgihh
New Member
To bring the investors back to the city drastic changes and actions are required from the government immediately. I think is a bit too late by now, but it is always better than never. If the plan 2015 is still on the map they need to start tomorrow. Reducing the fees by20-30% is a good start, but enough.
To improve the image of Dubai, first they need to clear the old mess created by known and unknown sponsors and developers. Only by than the way for another build up will be cleared. If they are trying to forget about the pass, the recovery will take a long long time and might never happen.
And finally to all the dealers from this forum – Old time is gone things are changing you need to find a different way if you want to be successful.
To improve the image of Dubai, first they need to clear the old mess created by known and unknown sponsors and developers. Only by than the way for another build up will be cleared. If they are trying to forget about the pass, the recovery will take a long long time and might never happen.
And finally to all the dealers from this forum – Old time is gone things are changing you need to find a different way if you want to be successful.
S
Sole Dubai
New Member
When will Dubai property market reach the bottom?
Even analysts from global finance houses disagree on what the coming quarters hold for Dubai's beleaguered real estate sector.
A report recently released by HSBC bank said that property prices in the emirate had risen by 4% in April and 5% in May.
'Market data from April and May show a range of positive indicators: Agreed property sale prices are rising, volumes are holding up well, and banks have loosened their lending criteria,' said the report. '[But]We will not be able to discern a sustainable trend until later in 2009.'
Analysts from Deutsche Bank and UBS are more pessimistic on the sector's outlook. Citing the number of new units that are expected to hit the market, and the question mark over the predicted population fall, both banks are expecting further falls in prices.
'We expect UAE property prices to decline another 15% to 20% from current levels, and only expect a bottom by year-end', stated Deutsche.
UBS issued an even more negative prognosis, estimating a further 40% price fall by Q4 2010, when a glut of new units would push vacancy rates in the city from an estimated 15% currently, to over 33%.
Rise in transactions
Real estate firms in the city, however, have been quick to pounce on the uplift in transactions and the slowdown in depreciation as a turn in the market.
'I'm not sure whether 'bottoming out' is the right phrase, but you can certainly say that stabilization is coming in,' Charles Neil, CFO at Landmark Properties told AME Info.
'There was a very rapid fall in prices for both rentals and sales, some of it, I think, spurred by panic over November, December and January. What we have noticed over the last few months is that the difference between the listing prices and the transactional prices has narrowed. It's a sign that sellers are actually not prepared to go lower, they'd rather withdraw their properties from the market.'
Sector analysts have noted a similar trend in the market. '[After falls of up to 40%] The first signs of stabilization in Dubai's real estate sector have appeared, taking observers by surprise since further declines were expected. Some caution is warranted, as there are still question marks surrounding population flows in the coming months,' Standard Chartered said in a sector report.
Neil puts the upsurge in transactions down to a number of deals available to cash buyers - and the beginning of a slow return to liquidity, with local banks returning to lending, although under stricter criteria.
'The two biggest providers, Tamweel and Amlak, who had 60% of the market are not back in at all, and we don't know when they will be. Commercial banks are starting to come in, and they are obviously looking to grab market share, and some are being quite aggressive. Lending is now safer for them because prices have come down, and assuming that they aren't going to fall much lower, they've got a good cushion now.'
Market 'still seeking bottom'
But not all market watchers agree with the view that the market is turning. 'I don't agree that the market has bottomed out, unfortunately I think that we still have a while to go,' Heather Wipperman-Amiji, CEO of real estate advisory firm Investment Boutique, told AME Info. Current estimates point to 45,000 new units expected to come onto the market in 2009/2010.
'If you could turn off the tap in terms of new supply coming online, and look strictly at transactional activity and asking prices, then maybe you could call it - but the reality is that you can't, and the new supply is going to have a considerable impact on pricing.
'For sellers and buyers, there's also been a desire to see a deal done before the summer and Ramadan, because they can see a real slow down in the market. So I think that has helped with the pick up in activity. At the end of the day everyone would like to see a bit more activity, but they [real estate groups] are looking at symptoms rather than causes. I don't see how it's possible that we've seen the bottom given the amount of supply that's going to come online and the predicted population decline over the summer and what that knock-on effect will be for businesses again.'
Return to stability
This ties in with UBS estimates that up to a third of properties in the city will be lying empty by the end of 2010, as more projects reach completion.
'I'm hopeful that by Q3 2010 you may start to see more stability in the market,' says Wipperman-Amiji. 'Right now, developers with projects that have 20% to 30% to go on their build are desperate to complete because they want that final payment. But those who are less than 50% in are slowing down or putting things on hold while they see what happens in the market.'
Neil agrees with the long range forecast: 'I don't see prices moving very quickly in 2010, but they will start to increase in 2011. In the majority of markets prices come back to where they left off from, so that could be between five and seven years in our view.'
A report recently released by HSBC bank said that property prices in the emirate had risen by 4% in April and 5% in May.
'Market data from April and May show a range of positive indicators: Agreed property sale prices are rising, volumes are holding up well, and banks have loosened their lending criteria,' said the report. '[But]We will not be able to discern a sustainable trend until later in 2009.'
Analysts from Deutsche Bank and UBS are more pessimistic on the sector's outlook. Citing the number of new units that are expected to hit the market, and the question mark over the predicted population fall, both banks are expecting further falls in prices.
'We expect UAE property prices to decline another 15% to 20% from current levels, and only expect a bottom by year-end', stated Deutsche.
UBS issued an even more negative prognosis, estimating a further 40% price fall by Q4 2010, when a glut of new units would push vacancy rates in the city from an estimated 15% currently, to over 33%.
Rise in transactions
Real estate firms in the city, however, have been quick to pounce on the uplift in transactions and the slowdown in depreciation as a turn in the market.
'I'm not sure whether 'bottoming out' is the right phrase, but you can certainly say that stabilization is coming in,' Charles Neil, CFO at Landmark Properties told AME Info.
'There was a very rapid fall in prices for both rentals and sales, some of it, I think, spurred by panic over November, December and January. What we have noticed over the last few months is that the difference between the listing prices and the transactional prices has narrowed. It's a sign that sellers are actually not prepared to go lower, they'd rather withdraw their properties from the market.'
Sector analysts have noted a similar trend in the market. '[After falls of up to 40%] The first signs of stabilization in Dubai's real estate sector have appeared, taking observers by surprise since further declines were expected. Some caution is warranted, as there are still question marks surrounding population flows in the coming months,' Standard Chartered said in a sector report.
Neil puts the upsurge in transactions down to a number of deals available to cash buyers - and the beginning of a slow return to liquidity, with local banks returning to lending, although under stricter criteria.
'The two biggest providers, Tamweel and Amlak, who had 60% of the market are not back in at all, and we don't know when they will be. Commercial banks are starting to come in, and they are obviously looking to grab market share, and some are being quite aggressive. Lending is now safer for them because prices have come down, and assuming that they aren't going to fall much lower, they've got a good cushion now.'
Market 'still seeking bottom'
But not all market watchers agree with the view that the market is turning. 'I don't agree that the market has bottomed out, unfortunately I think that we still have a while to go,' Heather Wipperman-Amiji, CEO of real estate advisory firm Investment Boutique, told AME Info. Current estimates point to 45,000 new units expected to come onto the market in 2009/2010.
'If you could turn off the tap in terms of new supply coming online, and look strictly at transactional activity and asking prices, then maybe you could call it - but the reality is that you can't, and the new supply is going to have a considerable impact on pricing.
'For sellers and buyers, there's also been a desire to see a deal done before the summer and Ramadan, because they can see a real slow down in the market. So I think that has helped with the pick up in activity. At the end of the day everyone would like to see a bit more activity, but they [real estate groups] are looking at symptoms rather than causes. I don't see how it's possible that we've seen the bottom given the amount of supply that's going to come online and the predicted population decline over the summer and what that knock-on effect will be for businesses again.'
Return to stability
This ties in with UBS estimates that up to a third of properties in the city will be lying empty by the end of 2010, as more projects reach completion.
'I'm hopeful that by Q3 2010 you may start to see more stability in the market,' says Wipperman-Amiji. 'Right now, developers with projects that have 20% to 30% to go on their build are desperate to complete because they want that final payment. But those who are less than 50% in are slowing down or putting things on hold while they see what happens in the market.'
Neil agrees with the long range forecast: 'I don't see prices moving very quickly in 2010, but they will start to increase in 2011. In the majority of markets prices come back to where they left off from, so that could be between five and seven years in our view.'
S
shubh
New Member
Many people are saying this that real estate market of Dubai is crumbling, but it is not so. But as a real estate professional, I see it as a correction. I have seen many luxury projects coming up here, and the response reflects the safe future if not too bright.
foreclosureworkouts
foreclosureworkouts
F
financier888
New Member
foreclosures & turn around
It will take at least 2-3 years before the market truly stabilizes - till the additional inventory of 30,000 + flats gets absorbed and the investors that are holding multiple units -- many sitting vacant - have their epiphany. I am sure that many are holding-on waiting for a miracle at this years cityscape in Oct. Doubtful at best - considering how marginal sales at Cityscape were last year - in spite of a record attendance of 70,000 +. and that was BEFORE the market really crashed !
Dubai and UAE are also getting bad press with so many investors having been burnt with seemingly no recourse, under the same laws that were supposed to protect them. This is putting-off many investors - large and small. The many changes - in as many months regarding the visa policy, sends the wrong signal - erratic changes in policy that affects investors. Many other countries - especially in SE Asia offers flats / houses and extend owners 5 year visas - and some - can get a PR - ideally suited for the long term 'user' market - which Dubai / UAE desperately need. The erratic changes in policy suggest -' Yes we want your money - but please, don't stay too long' You can't have it both ways as much as many countries would prefer. What value is a 6 month visa when you are purchasing a property for US $250,000!!!!! Dubai is an 'emerging' market - a fact that has seemed to escape the powers that be, as the city was compared to Paris , London, NYC etc. Even Singapore will provide you with a 5 year PR when you purchase as a foreigner at these kinds of levels. But 6 months? and as evidenced, no real rule of law that protects investors? With developers that have skirted the escrow laws and were allowed to simply walk away? Never seen anything quite like it, nor expected it.
One investors from the UK raised this issue just the other day 'Why should I buy or invest in a place where I can't even get a long term visa to live in it? no point and he's right. I think the authorities were overwhelmed by the tremendous success, demand and overall 'buzz' about Dubai and lost sight. It's time to face the reality and in earnest, address the core issues, before the descent goes to steep, making the climb out - all the more difficult, costly with precious time lost.
If there is not prompt and decisive action against these rogue developers that are simply waltzing to the airport, with their 'one way ticket home', leaving all the investors behind 'burnt crisp' - it doesn't matter what they do - creditability gone and hard to restore it. The visa issue is critical. And Ajman, what a PR disaster for the UAE! My God! What are they thinking? Isn't anyone in Abu Dhabi considering the blowback on the entire UAE over the Ajman fiasco? Total rip-off.
time will tell and cityscape 09 is just around the corner
good luck to all
As your 'iconic' signature suggests - 'forclosure' workouts is the prime market to work to get the best deals, although, usually, if buying a portfolio from the bank - it's best to wait a year till they take the first write-down and have your cash ready.
It will take at least 2-3 years before the market truly stabilizes - till the additional inventory of 30,000 + flats gets absorbed and the investors that are holding multiple units -- many sitting vacant - have their epiphany. I am sure that many are holding-on waiting for a miracle at this years cityscape in Oct. Doubtful at best - considering how marginal sales at Cityscape were last year - in spite of a record attendance of 70,000 +. and that was BEFORE the market really crashed !
Dubai and UAE are also getting bad press with so many investors having been burnt with seemingly no recourse, under the same laws that were supposed to protect them. This is putting-off many investors - large and small. The many changes - in as many months regarding the visa policy, sends the wrong signal - erratic changes in policy that affects investors. Many other countries - especially in SE Asia offers flats / houses and extend owners 5 year visas - and some - can get a PR - ideally suited for the long term 'user' market - which Dubai / UAE desperately need. The erratic changes in policy suggest -' Yes we want your money - but please, don't stay too long' You can't have it both ways as much as many countries would prefer. What value is a 6 month visa when you are purchasing a property for US $250,000!!!!! Dubai is an 'emerging' market - a fact that has seemed to escape the powers that be, as the city was compared to Paris , London, NYC etc. Even Singapore will provide you with a 5 year PR when you purchase as a foreigner at these kinds of levels. But 6 months? and as evidenced, no real rule of law that protects investors? With developers that have skirted the escrow laws and were allowed to simply walk away? Never seen anything quite like it, nor expected it.
One investors from the UK raised this issue just the other day 'Why should I buy or invest in a place where I can't even get a long term visa to live in it? no point and he's right. I think the authorities were overwhelmed by the tremendous success, demand and overall 'buzz' about Dubai and lost sight. It's time to face the reality and in earnest, address the core issues, before the descent goes to steep, making the climb out - all the more difficult, costly with precious time lost.
If there is not prompt and decisive action against these rogue developers that are simply waltzing to the airport, with their 'one way ticket home', leaving all the investors behind 'burnt crisp' - it doesn't matter what they do - creditability gone and hard to restore it. The visa issue is critical. And Ajman, what a PR disaster for the UAE! My God! What are they thinking? Isn't anyone in Abu Dhabi considering the blowback on the entire UAE over the Ajman fiasco? Total rip-off.
time will tell and cityscape 09 is just around the corner
good luck to all
P
paul66
New Member
Latest Dubai Video (22JUN2009)
Latest Dubai Video (22JUN2009) From 3Sat TV (in German)
Dubai - Übermorgenland in der Klemme
3sat.Mediathek - Video: Dubai - Übermorgenland in der Klemme (hitec, 22/06/09)
Latest Dubai Video (22JUN2009) From 3Sat TV (in German)
Dubai - Übermorgenland in der Klemme
3sat.Mediathek - Video: Dubai - Übermorgenland in der Klemme (hitec, 22/06/09)
S
stumbled
New Member
Is this the calm before the storm??
Charts: Worst Correction Yet to Come - Economy * Europe * News * Story - CNBC.com
Charts: Worst Correction Yet to Come - Economy * Europe * News * Story - CNBC.com
P
paul66
New Member
Asteco Dubai Report - 2009 Q2
http://web.asteco.com/resources/pdf/q22009/q22009_dubai.pdf
(Highly informative and interesting report for all)
http://web.asteco.com/resources/pdf/q22009/q22009_dubai.pdf
(Highly informative and interesting report for all)
P
paul66
New Member
Emaar Chairman expects demand to exceed supply in 1 to 1.5yrs
Emaar Chairman expects demand to exceed supply in 1 to 1.5yrs
Also...for the Western Countries, the British Media and those who wish Dubai to fail...He reiterates the fact that DUBAI IS PART OF THE UAE and help from Abu Dhabi is help from a brother NOT an enemy!:beer:
Here's the Video on CNBC...
Video - CNBC.com
Regards,
Paul
Emaar Chairman expects demand to exceed supply in 1 to 1.5yrs
Also...for the Western Countries, the British Media and those who wish Dubai to fail...He reiterates the fact that DUBAI IS PART OF THE UAE and help from Abu Dhabi is help from a brother NOT an enemy!:beer:
Here's the Video on CNBC...
Video - CNBC.com
Regards,
Paul
