Are we yet to see the worst of the Dubai property market fall?

[stumbled]

Its pointless arguing against you Mumbled,you're way too smart for me.

I rest my case so you finally agree DUBAI IS AND WAS FINSIHED all along.

 

[georgihh]

I rest my case so you finally agree DUBAI IS AND WAS FINSIHED all along.

I have to agree with Dobuy, we need to find new buyers to get rid of our ****.
Talking against Dubai doesn’t help any of us.
Let’s start talking about the high-quality of Dubai cash up and forget about the crap.
Dubuy is also losing but is more diplomatic

 

[stumbled]

I have to agree with Dobuy, we need to find new buyers to get rid of our ****.
Talking against Dubai doesn’t help any of us.
Let’s start talking about the high-quality of Dubai cash up and forget about the crap.
Dubuy is also losing but is more diplomatic

Sure....I will try


We could have done this on page 1, ....don't you think it's a lil too late and plus changing my stance now would be a lil too hypocritical? I have nothing against Dubai or its property MARKET, all i was saying is people there or dubai in general has not gone through a recession and people who invest and have invested out there have done it blindly and still do, never catch a falling knife.

Dubai needs to improve alot of things besides polishing itself to outshine the world.

1)Expats who come there get a LOAN, not a mortgage, these cost a fortune around 8-12% at the moment. If the yield on finished product is 7-10%nett on rental returns how does one make money?? gone are those days, when one bought at launch and sold in 6mnths for 20-30% return. So why talk of those days and make people dream?

2)Dubai needs to change 2 tier treatment and class system, where the locals are treated above and more SUPERIOR then the rest....i ask why?? cause they employ you??? remember you dont work free...most of the people work there alone, leaving their families and comfort many miles away. Treat them well and fair.They need you.

3)It's got the best golf course, its got lovely stadiums, formula one tracks...but why not one major sporting event takes place there?? cause you can build a 10 star hotel on the moon, you will still float, same goes with the desert, you can play ''artificial sports''(indoor).

4)IT DOESN'T HAVE A NATURAL SOURCE OF WATER. It costs them more to produce water than oil. They are heavy polluters.

and i can go on and on .....

Georgihh, we all know this is a forum, where majority probably don't even bother to read our posts, the few that do, get bored after 2 lines or read what people have replied to their own post. I post my perspective and exercise my freedom of speech, i am sure people out there filter 99% of it anyway. So, the point I am making is you will sell your investment, my views shouldn't bother anyone out there anyway. SOMETIMES HONESTY IS THE BEST METHOD OF DIPLOMACY, AS PEOPLE CANNOT BE FOOLED ALL THE TIME.

 

[TommyC]

Its a shame you havent read my posts otherwise you would see I dont 100% recommend investing in Dubai for everyone.
I have said for those living in countries like the UK where there are bargains to be had in your own country due to falling property prices,you should invest at home.
This is even more so with the currently strong dollar which has made buying in Dubai more expensive.However if the dollar weakened enough then it would
be worth people looking at buying in Dubai.
Those who I would suggest should look are those from places like India,Iran,Pakistan for example where there is not really the opportunity to make money from property investments.Also because these places are close to Dubai it makes investments easier.At the moment there are bargains to be had no doubt.However I would wait a while as the market hasnt bottomed out yet.
Long term Dubai will be a good investment.I would be surprised if it boomed like before although after the last crash in the UK it was said prices would never go up like before yet they did.I can see a mini-boom but at worse a healthy increase
of around 10/15% per year.
For anyone to invest in Dubai I would say for sure to do your homework.As you've implied buying there can be full of trouble.For many who have experienced problems,this was because they did not do their homework and greed got in the way.Dubai is full of crooked developers although hopefully the financial crisis will have got rid of many.Projects like Jum Village were basically full of these criminnals.
RERA can be accused of being useless although when you consider the amount of disputes they have to deal with then you have to ask how are they supposed to cope?
In the past I would have said invest in projects that have begun construction.If u invested in one where a set date in the future was given as a commencement date then you only have yourself to blame when it doesnt happen.I would also have said buy from a reputable developer.The beauty now is that these two points do not matter anymore as they are bargains to be had with COMPLETED properties.This is why the off-plan market is dead and those properties are worthless.
You give no answer as to where Dubai will be in 10 years which weakens your argument.You also base your whole argument on Dubai around property investment.Dubai is more than that.Look at it from a point of view of the lifestyle it may give,already gives to the residents.I read another forum where many ex-pats say they simply do not want to return to their home countries.Why do you think that is.
Dubai is not the greatest city on earth.Its doubtful it will ever be so.I believe it will
flourish as a city to do business in and to live and one which will offer very good options for tourists and residents.Is this so impossible to achieve?whats the big deal?

You have a few valid points, I won't take that from you. But you have to be very careful regarding commencement date in the future or not, there are a lot of projects where construction have started and that's it....for years. Even completion is worth NOTHING since DEWA-connection (water & electricity) can take the same amount of years rendering your investment worthless and consuming all possible profit before it is handed over. The entire current system up to this point have been relying solely on a working pyramid scheme to keep it running, as soon as the number of investors (willing to pay ever increasing prices) no longer increased exponentially, the entire system collapsed. And all the corruption that came with the property market is now coming into light to be sorted out before anything can get going again. But I guess most of us, except newcomers, are painfully aware of these facts by this time.

I have to agree with Dobuy, we need to find new buyers to get rid of our ****.
Talking against Dubai doesn’t help any of us.
Let’s start talking about the high-quality of Dubai cash up and forget about the crap.
Dubuy is also losing but is more diplomatic

Dubai wants your money but they don’t want peanuts.
Less than a million $(cash) forget about Dubai.
Is it attractive I don’t think so?
The problem is that we are stacked with crap properties in Dubai and there is no way out

High five to you man!

 

[PropGuy]

Anybody wants to sell PJA villa at -18%

 

[Sixgun]

Dobuy,
you have a go at people who avoid your questions.

I didn't, I informed you about my financial relationship with Dubai, as I have in many threads.

I then asked you to reciprocate, and you've avoided it.

You have a massive input in this forum, and i may have missed the posts, but I haven't got a clue what your involvement is in Dubai, so like many others, I think your either a troll or real estate agent.

If you want your arguments to hold any meaning, tell us about your own experiences/ investments in Dubai.

By your posts and advice, you should be snapping up bargains at the reate of about 1 a week, is that what you're doing?
I will respect your posts a lot more if I know, as I'm sure others would.

i apologise in advance if you've explained it all before, but I haven't read it.

 

[PropGuy]

By your posts and advice, you should be snapping up bargains at the reate of about 1 a week, is that what you're doing?

I want to do that but sellers are not interested. Like my offer for -18% for PJA villa is open. << cash buyer here

 

[Sixgun]

I want to do that but sellers are not interested. Like my offer for -18% for PJA villa is open. << cash buyer here

What would that make their price, (approx)? I have no idea what original price was.

 

[PropGuy]

What would that make their price, (approx)? I have no idea what original price was.

2.1m approx. OP was 2.8m

 

[Wannaberich]

You have a few valid points, I won't take that from you. But you have to be very careful regarding commencement date in the future or not, there are a lot of projects where construction have started and that's it....for years. Even completion is worth NOTHING since DEWA-connection (water & electricity) can take the same amount of years rendering your investment worthless and consuming all possible profit before it is handed over. The entire current system up to this point have been relying solely on a working pyramid scheme to keep it running, as soon as the number of investors (willing to pay ever increasing prices) no longer increased exponentially, the entire system collapsed. And all the corruption that came with the property market is now coming into light to be sorted out before anything can get going again. But I guess most of us, except newcomers, are painfully aware of these facts by this time.

I get the impression if you walked into a Vega casino with $1000 you would walk out again with the same amount without so much as risking $1.
You're very very cautious.Sometimes in life if u want success you need to take a chance and gamble a little.
For you even a completed property,in a great position,with all DEWA connections,
at a fanastic price etc etc etc etc would still be a risky investment.

 

[Wannaberich]

Dobuy,
you have a go at people who avoid your questions.

I didn't, I informed you about my financial relationship with Dubai, as I have in many threads.

I then asked you to reciprocate, and you've avoided it.

You have a massive input in this forum, and i may have missed the posts, but I haven't got a clue what your involvement is in Dubai, so like many others, I think your either a troll or real estate agent.

If you want your arguments to hold any meaning, tell us about your own experiences/ investments in Dubai.

By your posts and advice, you should be snapping up bargains at the reate of about 1 a week, is that what you're doing?
I will respect your posts a lot more if I know, as I'm sure others would.

i apologise in advance if you've explained it all before, but I haven't read it.

I only have a go at people who make negative sweeping statements against Dubai without putting behind it logical reasoning and facts.
Mumbled for example has said Dubai is finished yet he doesnt say why so he has no credibility.
When I post positive viewpoints on Dubai I like to think I back it up with sound reasons for my opinions.
I am not an agent,I am a small time investor living in the UK.I havent been burned like alot of people out there although my investments have not turned out to be what I had hoped.Dubai has done me no favours.
However,as with some people here like Tommy C who has been burned I have not allowed my personal issues with Dubai to cloud my judgement.I put my investment issues to one side and try to give a neutral and unbiased point of view.
I am not 'snapping up'investments because firstly I do not have the money,and secondly,because of the weak pound Dubai property for people in the UK and some other countries is not so cheap.
However,if the dollar was at the stage it was this time last year,I would wait for the Dubai market to bottom out and buy property if I had the money.
Over the long term it would be a very good investment due to the fact all the fundmentals of Dubai are sound and its future looks bright.
Whats your story and connection with Dubai and why do you always take the negative point of view?

 

[Sixgun]

I only have a go at people who make negative sweeping statements against Dubai without putting behind it logical reasoning and facts.
Mumbled for example has said Dubai is finished yet he doesnt say why so he has no credibility.
When I post positive viewpoints on Dubai I like to think I back it up with sound reasons for my opinions.
I am not an agent,I am a small time investor living in the UK.I havent been burned like alot of people out there although my investments have not turned out to be what I had hoped.Dubai has done me no favours.
However,as with some people here like Tommy C who has been burned I have not allowed my personal issues with Dubai to cloud my judgement.I put my investment issues to one side and try to give a neutral and unbiased point of view.
I am not 'snapping up'investments because firstly I do not have the money,and secondly,because of the weak pound Dubai property for people in the UK and some other countries is not so cheap.
However,if the dollar was at the stage it was this time last year,I would wait for the Dubai market to bottom out and buy property if I had the money.
Over the long term it would be a very good investment due to the fact all the fundmentals of Dubai are sound and its future looks bright.
Whats your story and connection with Dubai and why do you always take the negative point of view?

Ok,
Thank you for the civil response.
First of all, how can you blame people like Tommy. C about being bitter? Dubai was advertised and sold as an ultra-proffessional commodity, re: many issues such as resident visas, apts finished on certain deadlines etc etc. everyone knows that property investment carries certain risks, but many people in Dubai are feeling out-right cheated.
Now, i was investing about 10% of my wealth into Dubai, and losing that would have been enough to make me bitter ( i didn't lose it) but I believe many investors had been blinded by the light (yes, their fault partly aswell) and may have invested like 60-100% of their savings, and now they are demoralised.
You must be able to see how some posters have a terrible opinion, they may have lost savings from 20 years work or whatever, and the law changes etc are just unfair to investors, the very people who were trying to help acheive the vision that Dubai was promoting, with their own hard earned cash!.

In my own case, as I've stated before, I invested money with both Damac and Profile (£29k and £50k ) but was eventually, slowly, so disillusioned with their service and competence that I pulled out (after much heart searching) of both projects, and being pre-crisis (just) and being a good talker, and a lot of luck, got the whole lot back, including as I said, a bit on top from ex.rate.

I was forever put off the Dubai "system" by my experiences with what were 2 of the better known developers, and I really feel for the ones who got caught, and are having to fight and pray to get something back.

That is why I have a negative view.

 

[devaya]

http://www.propertyforum.com/forum/dubai-property/13607-we-yet-see-worst-dubai-pr

Hello all!!!


I am that pessimist that came on this forum 2 years ago and shouted on top of my voice how this was all a pack of cards and my posts are still there and there were huge debates and rants against my views, here we are now.

A lil background check, I live in the UK and am landlord since 1997 and have all my properties paid up, no loans or mortgages as i saw this coming since 2005, when I last bought my house the last property deal i made, even back then i thought I was paying through my nose.

My love affair with Dubai was when IC was launched and i agree i missed the boat as I intended to purchase 10 properties, but didnt go ahead with it due to human rights issues and residency rules in the UAE for non localites.

Anyways, from the above optimistic points, all i see is wishful thinking. D.U.B.A.I IS FINSIHED!! that is the sentence that is appropriate for Dubai. With It's dwindling oil reserves and crashing(if nor crashed) property market and diminished job sector what is left for anyone to go to dubai anymorE?? any suggestions????

hmmm...weather?? shopping?? tourism???,,,,,, tax heaven??(taxed indirectly heavily)hmmmmm..... i can't think of any. The Dirhams peg to the dollar is doing it more harm as everything is more expensive, the Brits who are flogging their properties are trying to cash in the depreciated sterling against the dollar and cashing in a small profit on their loss making properties.

You say the banks will start lending soon...yes but at what rate? and to whom? and what will be the deposit?? people who just work in Dubai will have to put down alot more deposit if they want a loan as every bank is scared,as there is no such thing as a job security anywhere in the world let alone in dubai. People in the UK and USA CAN GET A LOAN, cause they are based there and are residents of that country, what about ppl in Dubai, they have no residency rights, so what guarantee will one give to the bank?? If you think of it, Dubai will die and crumble because of its two tier rules for emeratis and outsiders.

The biggest spenders in this world were the American and the Europeans(they still are btw),they are skint and hit so hard its scary. This is the worst recession in our living memory. Dubai has never seen or lived through a recession lets remember that,it will be a shock for the localites, hard for the African(they are cash buyers and dont have a morgage usually) investors as they try to make their payments for unfinsihed projects or try finding a tenant, hard for the russian investors investng there and forget about the europeans and Americans.

Have you recently seen the holiday offers and airline offers to dubai?? you should, its never been this cheap going to dubai.

UK and USA lost the carpet below their feet when their housing and banking bubble burst and these are the 2 giants these banks, this world and china will want to save because of its appetite, dubai is too small a fish and a dream, which will be swallowed and btw it has already lost the floor below the feet and its in free fall, if one hasn't noticed(u guys rarely use the carpet out there anyway).
And remember another thing no one dreams when ur awake, and for those that do......we know what we call em.......Dubai's dreamers!!

good day!!

What the Dubai dreamers dream will end up being your greatest regret - I give you (max) 19 months from now.