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Property prices on Palm Jebel Ali fall by up to 40%

Discussion in 'Dubai property' started by sonofthedesert, Nov 6, 2008.

  1. sonofthedesert

    sonofthedesert New Member

  2. Wannaberich

    Wannaberich New Member

    Sign of a load of bull.
    I read there are two owners with 20 villas between them selling at low premiums to get enough cash to finish off paying for some they want to keep.
    Dont believe everything you read.
     
  3. abudubai

    abudubai New Member

    Great, now I still can't afford one!
     
  4. Wannaberich

    Wannaberich New Member

    Good one !
     
  5. fws

    fws New Member

    The magic words are "UP TO". Have you never been to any sales? In huge letters
    50% OFF and at the side in tiny letters up to
     
  6. Investoman_uae

    Investoman_uae New Member

    Well spotted.

    I think people should not panic at reading this article. Prices are coming down to a realistic value. They have been increasing to stupid levels for the past few years and investors have been gettin greedier day by day.

    On the other hand.... it is not a question of reducing prices to make a sale happen. People cant get finance full stop. So no matter how low a premium is or how cheap a property is.... finance is still at 65/70% LTV.

    Banks have put the real estate market to a halt. So until they start lending more, say a realistic LTV of 85%.... then we will start to see some movement in the market.

    I advice if people can hold on to those properties, then they should. Otherwise, well, hang in there and hopefully the next couple of months bring good news.

    Inv.
     
  7. weeble

    weeble New Member

    Rumours of some banks going back up to 85%

    I heard from a trusted real estate agent the other day that Amlak and Tamweel or Amlak/Tamweel have started lending up to 85% again.

    I cannot verify if this is true or not but it might be worth following up if you need finance
     
  8. georgihh

    georgihh New Member

    Yes they will give you but 12-13% year.
    I don’t understand why the rates are so high here in Dubai when in America they are 4-5% and the dirham is pegged to the $
     
  9. weeble

    weeble New Member

    Banks of Dubai

    Hi there, yes it will be around 12-13% and yet their savings interest rates are a quarter of that.

    The banks here are a laughable matter. The only time I get contacted is when a competitor bank to the one I deal with gets hold of the database for telesales calling.

    I also truly believe that projects which are outside of the short term horizon are out of favour and Jebel Ali seems to be about 5 years from being habitable and 10 years from being a community.

    I live on the Palm and it is only now that we have life on the Shorelines
     
  10. Investoman_uae

    Investoman_uae New Member

    What kind of life? Alien life? Oh and becareful of the fish near the palm.... u kno with all that crap bein pumped into the sea illegally n all. . .. they could be infected by radioactivity from the sewage dumping :D

    Some giant squid could be at the shorelines of your palm villa. Then you will see price drop by 350%.

    Inv.
     
  11. Billa007

    Billa007 New Member

    So true and funny. I was at a friends villa on Palm and trust me late night you dont want to swim in ocean. There are some big weird creatures in that sea. I saw it myself and stuck to the pool after that.
     
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