Be Ready

[zombie]

We do live in the Desert, people are seeing MIRAGES.

I agree to one thing, there are a lot of smart people with a lot of money, waiting to put it in the right areas, But I doubt DUbai is going to be it, reason - COst of Living, Cost of Doing Business, Sudden changes of regulations(RESIDENCY FOR FREEHOLD PROPERTY OWNERS???),introduction of VAT etc.

But I hope some of them do, I would dearly love to see the Sale Price of my Units to come up again quickly.

I have the feeling that a lot of people are holding enormous amount of cash and they are ready to splash it in the Dubai property market. I don’t talk about the people looking for loans or payment postpone I talk about the real money – A lots of money from Pakistan, India, Iran, Russia and partly from UK and Europe are waiting for the green light to splash the cash.
We will witness the summer of 2007-2008 one more time.

 

[Manuch76]

at the moment, everyone I talk to, investors, brokers, and agents. Everyone is cautious about the selling. Even if there are people with money, they are very hard to come by.

 

[TommyC]

One thing is for sure, with the kind of developments that are taking place and the amount of projects that have been displayed and are going to stand up in a few years time and the amount of money arabs are willing to invest into the real estate which is the main bussiness in Dubai, this place is not collapsing in the next couple of years. Even though there are some weary investors sitting looking at everything with a suspicious eye, they will have no choice but to invest back in dubai once the world crisis situation gets better and the investor confidence is back.

Just remember that basically NOTHING is being financed by the developers, they merely do some administration. They don't borrow money to start projects they believe in. They only start projects they believe they can make a decent profit of, and it all comes down to the investors if they believe if it will be a good investment. They are free to launch as many mega-super-duper-projects as they wish, if they don't get anyone to pay for them (the investors) they simply don't build. It's not a magic market, and however fancy a building might seem, in the end of the day it's just a building that need end-users, end-users that might not think that a super-expensive building, put together by unskilled indian/pakistani workers in the shortest possible time, with cheapest possible materials being used to maximize developer profits and an expected lifespan of a mere 25 years (due to the climate) is the way to go. Instead of building it right, by the right people with the right resources, money is being spent on Jamie Oliver promoting it. In the end of the day, they got their money, they hand over the building and then they don't give a sh*t. When people start complaining in 5 years about developments starting to detoriate, the developer has since long moved on to more profit opportunites. In my opinion, the better option would be to buy shares in the developers, I know you can even buy specific bonds guaranteeing certain returns (don't have any specifics),or start a development company yourself. People will default every now and then = easy cash for you, and the lame Land Departments futile attempts to stop your indefinite delays will be easy to wipe away (through empty promises or some hard cash to the right people, your choice).

 

[Ayyan]

should the people who have brought in the Burj dubai tower be worried ??

 

[TommyC]

should the people who have brought in the Burj dubai tower be worried ??

I'm pretty sure the actual structure will hold together, but any finishing on top of that will probably have a quality that might be so and so. I currently live in a rental apartment, in a building that is four years old, and this place i falling apart. Leaking windows and sinks, misplaced drains in every toilet, cracks in walls, tiles on the floor cracking and so on and so on. And I'm just the second tenant, even since I moved in about a year ago things are falling apart from no apparent reason. Bascially paint falling of the walls, even the landlords attempts (yeah, the same cheapo UNSKILLED indians/pakistanis) to cover the huge cracks in the walls is falling of by the day.

I've said it to a couple of friends that Dubai will probably have to be rebuilt in another 15 years or so, when the current new buildings are starting to fall apart seriuosly. I wonder what JBR will look like when all the facade finishing is gone, concrete-grey or rusty-stell-brown?

 

[Ayyan]

I'm pretty sure the actual structure will hold together, but any finishing on top of that will probably have a quality that might be so and so. I currently live in a rental apartment, in a building that is four years old, and this place i falling apart. Leaking windows and sinks, misplaced drains in every toilet, cracks in walls, tiles on the floor cracking and so on and so on. And I'm just the second tenant, even since I moved in about a year ago things are falling apart from no apparent reason. Bascially paint falling of the walls, even the landlords attempts (yeah, the same cheapo UNSKILLED indians/pakistanis) to cover the huge cracks in the walls is falling of by the day.

I've said it to a couple of friends that Dubai will probably have to be rebuilt in another 15 years or so, when the current new buildings are starting to fall apart seriuosly. I wonder what JBR will look like when all the facade finishing is gone, concrete-grey or rusty-stell-brown?

hi tommy

I was thinking more towards if the price falls any further currenty stands at 5700 sqft couple of months ago it was 8000

 

[TommyC]

hi tommy

I was thinking more towards if the price falls any further currenty stands at 5700 sqft couple of months ago it was 8000

I'm sure the prices will go lower, I assume you're talking about offplan commercial property? The offplan market as a whole is about to die without regulations protecting the investors. A fact that has become extremely apparent now when the market is slowing down and there are no profits to be made, but instead more time to look over your investments. Do a Google search about neverending delays in certain projects, sudden cancellations in projects and so on. If you look a little further you will find stories about developers using contracts as a mean to gain money in highly unethical ways, and also forget all about escrow accounts protecting your money, at most it might make it a bit harder for the developer to run away with them, but won't stop them from doint whatever. The Land Department in all it's glory is currently nothing but a facade to make it seem the government actually have a sound plan to protect investors. They are more like only responsible for any contact between developers and upset investors being abused issuing the standard "the Facade Dubai" statements: "We will deal with this promptly!" "Business as usual" "No crisis here" bla bla bla bla bla bla. It's all a neverending b*ll**** farse that mostly resembles the infamous: the Iraqi Information Minister

Law 13 was close to being the protection the investors needed, but when they realised that this would make developers actually having to stick to what they've promised since investors otherwise would have the option to get out with a reasonable loss, they quickly gathered and changed that law.

Yeah, Baghdad is safe, no americans here...everything is business as usual.

 

[georgihh]

Are you ready?
Is it going to be this winter or the next winter?
Two billion people are behind this town – can’t go wrong

 

[memo123]

The best is yet to come
These Developers do start with nothing some , not even building permit only land ,
They come up with an idea, vision as they call it , and the investors put all the money for this "developer" to start from a to z without one penny from the developer's pocket .
Must add the way all the investors got so greedy and literally the market became all one way , 90 % of the market are investors and no end users , for it is too expensive to buy . Developers got also so greedy with some of them selling the foot for 7000 Dirhams!. Developers have been making billions without putting one penny from their own money , they have been using investor's money and minimal bank's loans, They became more greedy by the day . And greed led to this calamity
investors have been getting away with paying 5% of the total value then flipping them within month , with a 20-25 % premium . they have made so much money doing so for the last 6 years , and now it is time to face the reality where some investors don't even know what, where they bought , they just bought a bird in the air hoping for a quick profit .
UAE is not an isolated entity , in no way, and it is totally integrated in the international market and banking system .It has been financing of all types of risky banking instruments world wide. options, futures and different derivatives. And so far none of them have declared their losses and have not been clear about their involvement , and that is why the stock market for the last month and a half have been opening , limit low , Most of the big developers have their stocks at 1/3 of the book value .
last year the government of Abu dhabi bought Citibank at 25-27 US dollar , and paid 7 billion dollars on that deal .Today city bank is at 9 Dollars . There is no transparency and the developers and government heads have been calming the market , but without giving any true information to put the investors at ease and shed some light on how much the actual losses of these banks are.
so if you tell me these government know what they are doing . Believe me at these current oil ($44 -+last night close) prices none of the new governmental projects will materialize, Yes , they will finish what they have started , but . We have not yet seen the domino effect with investors defaulting , then banks starting writing off loans and developers and contractors going bankrupt. Just look at the Dubai stock market only last week it lost 26% of its value . Damac is laying off people only last week they laid off 200 people , emmar and nakheel declared that they are considering doing the same given the slow market conditions . Most importantly , all of them cant get financing for any of their new projects, while the banks have guaranteed them that they will continue supporting them with outstanding projects only , Banks have pulled out of so many commitment for there all had one clause in the contract giving them the right to do so .
ALL in all the best is yet to come , we have not seen step one yet of the downward correction .
P.S. Where are the 2 billion people going to come from?????

 

[Ayyan]

ok

so should I sell my 1 bed in the burj dubai tower ?? now then as it seems all doom and gloom

i do agree that the market is to expensive for the end user i mean paying 4000 aed for a foot is crazy who has 4m for a 1 bed ?

 

[georgihh]

The best is yet to come
These Developers do start with nothing some , not even building permit only land ,
They come up with an idea, vision as they call it , and the investors put all the money for this "developer" to start from a to z without one penny from the developer's pocket .
Must add the way all the investors got so greedy and literally the market became all one way , 90 % of the market are investors and no end users , for it is too expensive to buy . Developers got also so greedy with some of them selling the foot for 7000 Dirhams!. Developers have been making billions without putting one penny from their own money , they have been using investor's money and minimal bank's loans, They became more greedy by the day . And greed led to this calamity
investors have been getting away with paying 5% of the total value then flipping them within month , with a 20-25 % premium . they have made so much money doing so for the last 6 years , and now it is time to face the reality where some investors don't even know what, where they bought , they just bought a bird in the air hoping for a quick profit .
UAE is not an isolated entity , in no way, and it is totally integrated in the international market and banking system .It has been financing of all types of risky banking instruments world wide. options, futures and different derivatives. And so far none of them have declared their losses and have not been clear about their involvement , and that is why the stock market for the last month and a half have been opening , limit low , Most of the big developers have their stocks at 1/3 of the book value .
last year the government of Abu dhabi bought Citibank at 25-27 US dollar , and paid 7 billion dollars on that deal .Today city bank is at 9 Dollars . There is no transparency and the developers and government heads have been calming the market , but without giving any true information to put the investors at ease and shed some light on how much the actual losses of these banks are.
so if you tell me these government know what they are doing . Believe me at these current oil ($44 -+last night close) prices none of the new governmental projects will materialize, Yes , they will finish what they have started , but . We have not yet seen the domino effect with investors defaulting , then banks starting writing off loans and developers and contractors going bankrupt. Just look at the Dubai stock market only last week it lost 26% of its value . Damac is laying off people only last week they laid off 200 people , emmar and nakheel declared that they are considering doing the same given the slow market conditions . Most importantly , all of them cant get financing for any of their new projects, while the banks have guaranteed them that they will continue supporting them with outstanding projects only , Banks have pulled out of so many commitment for there all had one clause in the contract giving them the right to do so .
ALL in all the best is yet to come , we have not seen step one yet of the downward correction .
P.S. Where are the 2 billion people going to come from?????

How many people live in India, Pakistan, Iran, Russia, Syria, Lebanon, Jordan, Egypt, Iraq, Sudan, Sri lanka, UK and good percentage of Europe?
All those people have been pouring money in Dubai during the years and I don’t see why they will stop now
Unless other paradise is created in this Region the above mention people will keep on investing in Dubai.
All of us know that Dubai is artificial, but this is the way it works and Dubai is the only place where all of those people can protect their cash.
At the moment the prices went to much up and correction is happening, but will come the time when we will get to the bottom and the prices will go mad again.
The real business in the property market in Dubai is about 20% percents all the rest is speculation.
The speculation doesn’t depend on supply, demand and all the rules.
Having said that unless another Dubai appears on this planet the People will keep on circulating their cash from Dubai and out of Dubai.
If this country becomes a normal country where people pay tax and the investors are checked properly than I will say the game is over

 

[mohammedno11]

Are you guys living in a dreamworld ?????????

1. Projects like Jumeirah Gardens from MEERAS will be postponed. (read newspaper)

2. Nakheel Harbour postponed

3. Arabian Canal Limitless postponed

Dubai is bancrupt guys, there is no plan to save everybody. Dubai Government will sell their assest to Abu Dhabi to bail them out. Soon gys you will hear about takeover of Dubai Holding, Nakheel and Co. !!

The Game is OVER !

Btw. Dubai Property Show in Russia. I just spoke to some agents. A big flop !!!

Guys dream on about the golden winter ! I would suggest to buy a thick coat.

 

[TommyC]

Are you guys living in a dreamworld ?????????

1. Projects like Jumeirah Gardens from MEERAS will be postponed. (read newspaper)

2. Nakheel Harbour postponed

3. Arabian Canal Limitless postponed

Dubai is bancrupt guys, there is no plan to save everybody. Dubai Government will sell their assest to Abu Dhabi to bail them out. Soon gys you will hear about takeover of Dubai Holding, Nakheel and Co. !!

The Game is OVER !

Btw. Dubai Property Show in Russia. I just spoke to some agents. A big flop !!!

Guys dream on about the golden winter ! I would suggest to buy a thick coat.

Well, that's a plan, Dubai back to reality realising the Information Minister won't save them and instead join forces with Abu Dhabi and build something sustainable!?

 

[georgihh]

Are you guys living in a dreamworld ?????????

1. Projects like Jumeirah Gardens from MEERAS will be postponed. (read newspaper)

2. Nakheel Harbour postponed

3. Arabian Canal Limitless postponed

Dubai is bancrupt guys, there is no plan to save everybody. Dubai Government will sell their assest to Abu Dhabi to bail them out. Soon gys you will hear about takeover of Dubai Holding, Nakheel and Co. !!

The Game is OVER !

Btw. Dubai Property Show in Russia. I just spoke to some agents. A big flop !!!

Guys dream on about the golden winter ! I would suggest to buy a thick coat.

Couple of projects delayed or canceled just to cool the market
What difference does it make who is the owner of Nakheel Dubai or Abu Dhabi?

 

[Wannaberich]

Are you guys living in a dreamworld ?????????

1. Projects like Jumeirah Gardens from MEERAS will be postponed. (read newspaper)

2. Nakheel Harbour postponed

3. Arabian Canal Limitless postponed

Dubai is bancrupt guys, there is no plan to save everybody. Dubai Government will sell their assest to Abu Dhabi to bail them out. Soon gys you will hear about takeover of Dubai Holding, Nakheel and Co. !!

The Game is OVER !

Btw. Dubai Property Show in Russia. I just spoke to some agents. A big flop !!!

Guys dream on about the golden winter ! I would suggest to buy a thick coat.

I would suggest you stop posting crap.
All three projects have already started and there has been no mention of them being stopped.
You sound like another jealous individual who missed the boat in Dubai.

 

[Ayyan]

can say with authority that arabian canal is well underway no cancellation there

 

[TommyC]

Btw. Dubai Property Show in Russia. I just spoke to some agents. A big flop !!!

Regarding the property show, the Information Minister has spoken (well, not really the outcome of the show, but the usual forecast of the outcome):

By combining their expertise in Russia and our expansive knowledge of the global and regional landscape, we are confident that the Moscow International Property Show will be a resounding success similar to the Dubai edition,' concluded Al Shezawi.

Guess we will have a shiny pressrelease tomorrow, I hope they are right, but as the REAL Information Minister claimed:

"They are not in Baghdad. They are not in control of any airport. I tell you this. It is all a lie. They lie. It is a hollywood movie. You do not believe them."

You can't trust everything you hear from the Heads.