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Market stable

Discussion in 'Dubai property' started by georgihh, Feb 17, 2009.

  1. georgihh

    georgihh New Member

    After 3 months of aggressive sell off and properties lost as much as half the values we are seeing relative stability. The corrections will not end up until the end of the year but pretty much we are talking +-10% from now on.
     
  2. shazy

    shazy New Member

    and what is backing up this ?
     
  3. georgihh

    georgihh New Member


    The real deals for the last 3-4 weeks
     
  4. Arfie

    Arfie New Member

    Is there much activity taking place at all in Dubai right now ? What is the average selling price for developments in Dubai Marina, JLT, BD etc ?
     
  5. sasherwani2

    sasherwani2 New Member

    georgih, things are ANYTHING but stable right now. You can create a library of distress sale offers right now and these sales will get distresser AND distresser by the hour. The big 4 (Emaar, Nakheel, Tamweel, Amlaak) are just looking at each other right now wondering who will be the first one to fall.
     
  6. Hussein Awadh

    Hussein Awadh New Member

    It's hard to see government backed developers fall. They may close the sales, and other departments but not the companies themselves. More massive lay-offs is more probable imho.

    From my experience of distress sales, once the owner finds a buyer, he increases the price by another 10-15% It's hard to find genuine distress sales.

    Georgihh may be a little right in the sense that there has been a steady decrease in sales, but rents are plunging massively.

    JBR is going down slowly because there are full building owners not releasing their availability at all.

    Then again, there's nothing that can back this but first hand experience since media aren't giving even close to fact figures.
     
  7. desert dream

    desert dream New Member

    cmon ppl...the market is tanking..just look around..ask brokers/investors..
    2 sets of ppl i know..1 bought Palm Jumeirah Villa 4 bed for 5 mil & the second bought jumeirah island 4 bed for 4.2...palm jum will still go down in the summer months,..
    on top of that there is a huge stock of villas and apartments out there..dubai prop is crashing no one can deny that!
     
  8. Hussein Awadh

    Hussein Awadh New Member

    No one is denying that the market is getting bad, prices are dropping in those areas as we speak, Garden homes have gone as low as 6 million but that doesn't mean trade in ready property has stopped.

    here is still a market for ready properties, but to say that it's crashing is blowing things out of proportion. Just because prices aren't as high as they used to be doesn't mean that there isn't a profit to be made.
     
  9. sasherwani2

    sasherwani2 New Member

    How do you define a crash? A 40-60% decline in prices within 60 days isnt a crash?
     
  10. badrah

    badrah New Member

    well said!

    just an example
    In sep 2009 DG 1 BD was around 1.4m - now it's only AED 400,000 (Gulf news and expat.com)

    Springs 2 BD Villa

    Was 3+ M
    Now 900 AED ( i can post the link for the ad if you want)
     
  11. badrah

    badrah New Member

    obviously he is looking to the full half of the cup, which is not there as the cup is already EMPTY :D
     
  12. georgihh

    georgihh New Member

    Now you are talking nonsense
     
  13. memo123

    memo123 Member

    Can you please post the links

    YES ,please post the links , I would like to see these adds and numbers , for this indicates that even if we forfeit 40-50% of the value of unit , we will be still be better off than to continue. FEAR FACTOR IS THE WORD . I only wish that some people will see these numbers and start to inject some liquidity into the market , to revive it , other wise we are heading for a real catastrophe .
     
  14. sasherwani2

    sasherwani2 New Member

    DG is around 600k nowadays. I havent seen anyone selling it for 400k "yet".
     
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