Abu Dhabi Market?

[Investoman_uae]

Any views on how things are goin in the Abu Dhabi Market? Al Reem Island.... is it still lookin good or are things slow same as Dubai?

I have an apartment in Time Tower Najmat Abu Dhabi, should I sell? Or be positive nd hold on to it till completion? Thing is... I dont want to get the bank involved... but it looks like if I wont have a choice since the payment is in November.

The payments are 15% every 6 months which is good.

Inv.

 

[sonofthedesert]

See my reply to the bubble burst thread.

cheers

 

[sameer.dada]

whats the latest with abu dhabi? anyone have any updates..positive or negative?

 

[sonofthedesert]

Many new developments are now reducing prices. Saw some Hydra towers on Reem in the Gulf News now being advertised for 1950 sq/ft. That is a price decline. People that paid 2300-2400 at Dubai Cityscape must be a little anxious. I am also amazed that a city with such high rents (I know 2 different people that pay over 200,000/year for 2-bedrooms.) has such a poor re-sale market. I suppose its indicative of the general state of the economy. Hopefully the rental market stays reasonably strong so people can rent their places out in a few years. Time to liquidate stocks and other assets and make those 10% installments.

 

[sameer.dada]

I know someone who also pays 200,000 aed rent and the apartment is not a new building. Many people bought for over 2,300 in AD including myself. The market has reacted total opposite of what we thought.

 

[sonofthedesert]

I think the word we're looking for is...

"fleeced"!

Just remember to think long term now with your investments. It is the only course...or you could stop making installments if you feel you might make more money in something else. The 'cut and run' approach! I know for a fact that many are starting to do it. Here is a link to an article on another website that does discuss the link between the UAE Real Estate declines and DFX/ADX crashes. If Dubai real estate goes down, everything comes down!

Bloomberg.com: Exclusive

 

[sameer.dada]

Yes I've heard people are cutting and running. They apparently are recovering their money in buying finished or almost ready apts in Dubai.