Cityscape dubai 2008

[Investoman_uae]

As the tradition of the forum goes,... here I am back... and with another Cityscape thread.

This year's Dubai Cityscape is somehow different. Now, I dont know whether everyone noticed but I didnt see cheque's flyin about or people pushing each other to buy a property.

What do you guys see? There is activity sure,.. but I noticed a slow down for sure.

What I dont understand is that developers (the big ones mainly) are still pumpin the market with thousands of units.... and hang on a second... whats that massive ugly lookin nakheel tower on display? I just want to ask... WHY? What for the love of God,... why such a design, such a big tower which will take 10 years to build... and why 2800/sqft... is this a jealousy thing? Emaar beat you to it so you want to beat them at this game?

Anywhoo,...

So, those develops will continue pumpin big projects into the market... and then they will block the market.....

I want to ask.. who is doin feasibility studies for these people? Please someone out there.... who the hell are doin these feasibility studies.... where is all this demand coming from?

Your views on Cityscape please.

Inv.

 

[manman]

Dono why but developers are just booking and not actually taking any cheques this time. Overall response looks good, obviously its not the same as it was in previous years
Manman

 

[sasherwani2]

I think it was pretty active actually. Met many ppl who bought property (even islands!). The bigger developors Emaar , Sourouh eyc definately had their hands full. I was interested in a couple of properties but they were sold out in the morning. Meraas was actually a big bore. I dont like the idea of destroying a historical place (Satwa) to build the same old skyscrappers. Even Nakheel with it's tallest (and ugliest) tower didnt fascinate me. Iconic development doesnt necessarily mean tallest or biggest building. It can be something smaller but brilliant-unique like that new building they are building with the LED screen.

 

[georgihh]

Emaar faster than Titanic

I think it was pretty active actually. Met many ppl who bought property (even islands!). The bigger developors Emaar , Sourouh eyc definately had their hands full. I was interested in a couple of properties but they were sold out in the morning. Meraas was actually a big bore. I dont like the idea of destroying a historical place (Satwa) to build the same old skyscrappers. Even Nakheel with it's tallest (and ugliest) tower didnt fascinate me. Iconic development doesnt necessarily mean tallest or biggest building. It can be something smaller but brilliant-unique like that new building they are building with the LED screen.

I don’t understand how come Emaar is the most reliable developer with hands always full and at the same time the Emaar market shares keep on sinking even faster than Titanic.
Something is not correct, please could you explain

 

[sasherwani2]

I don’t understand how come Emaar is the most reliable developer with hands always full and at the same time the Emaar market shares keep on sinking even faster than Titanic.
Something is not correct, please could you explain

You are linking real assets (property) with financial assets (stocks) here. Though mostly stocks measure the performance of a company but that isnt the case always. Sometimes a stock can depict the political condition of country or a general recession. Emaar is definately the biggest UAE developer with the most widespread porfolio of real estate assets worldwide. However when you see its stocks plunging down to AED6 Dirhams after hitting AED30 at point of time, you can blame several factors here:
1. The stock exchange isnt governed properly weakening the market fundamentals. An example would be DIFX here. The stock exchange is dealing in a foreign currency few people have faith in (US Dollar).
2. The regional or global economic conditions are bad. An example would be DOWJONES which is made up of all bluechip stocks and it reached its lowest point since 1987 yesterday (The Black Monday!) when it plunged below 10,000 points.
3. The IPO was launced at an overprice. For example DP World which launched their stocks at USD 1.30 and today they stand at USD 0.50 with the investors never being able to make even a penny during the last one year.
Many more factors contribute to devaluing of a stock. Emaar's stock, in my view, is suffering due to weak fundamentals of the DFM and an almost certain recession about to hit the United States. Emaar itself is still a highly profitable company.

 

[wesrae]

No direct sales

Dono why but developers are just booking and not actually taking any cheques this time. Overall response looks good, obviously its not the same as it was in previous years
Manman

Hi Manman,

I read in Gulf News last week, that Cityscape were banning direct sales in the show halls this year. Not quite sure of the reasons, but thats why the bigger developers are not doing it.

I'm sure the smaller ones and the agents are though if you look close enough!

 

[manman]

Hi Wesrae thanks for the information. I hope market revives and gets better after cityscape. Though i have a feeling that speculators will default because of the economic conditions around the world and developers will be sell these properties again which will eventually bring the market to a halt if not down
MANMAN

 

[Investoman_uae]

I heard someone was tellin me the first two days are for show and the last two days are for the selling. Anyhow, I think people now are hesitant on whether to buy or not... they want to see where the market is heading.... but in any case, theres alot on offer and theres a choice.... its time people decide to live in these properties instead of flippin them.

Meraas, who the hell are they? Am sure they werent that active before.... where they asleep or somethin? Anyway, I feel sorry for those jumeirah residents around that huge Satwa project.... they gona get it big time... the dust, the noise, the cranes... good luck

So whats your strategies in Cityscape guys? You buy to hold on? Or you buy and try flip (if you get lucky)... or you just go to collect those freebies and end up lookin like a clown with 20 bags (in each hand)....orr.... you go around lookin for the lovely filipino ladies holdin plates with free food on them..... Hey thats what I did....dont be embarassed to admit it....you gota be honest in the real estate field.

Inv.

 

[Sportsman]

I think completed properties will be even more in focus, and should not depreciate. In good areas and in good buildings things will keep moving forward. In all tough times, its location location etc...

I would bet on properties within a year of completion and hold or buy good developments with solid infastructure.

Rent should still hold for the time being and returns will remain solid. I would think the stock market trouble would be good for the real estate market having investors willing to bet on bricks and mortar versus some stock that might be manipulated and fall rapidly....

I think the higher down payment will help stop the speculation and be better for the market.

I'm still an optimist in the dubai, abu dhabi markets....

Good luck

 

[Doctor Robert]

my legs are dead. please, no more walking!
So, i'm about to go off to day 3.

thoughts? it seems everyone is eyeing everyone. is he selling? is he buying? etc.
some people have managed to sell. small developers, big developer, me!

I had 2 properties for sale, and both went. so all in all, it has beena pretty good 2 days. now, im going shopping

im sure i can get my hands on some awesome deal!

ps: which is your favorite stand?

my (humble) opinion:

1- Aldaar is cool looking, but those touch screens of theirs did crash...and that is just embarassing.
2- Nakheel is all about: "in your face everyone (especially you, Emaar),mine's the biggest!!"
3- Omniyat is actually a little funky as well (good funky)
4- meeras is just saying: "thats right, Sheikh Mohammad owns us, we are the richest, biggest, baddest developer and we will evict you from your Classic Dubai Homes (I live in Jumeirah and I got my eviction notice!!)

thoughts?

 

[sasherwani2]

my legs are dead. please, no more walking!
So, i'm about to go off to day 3.

thoughts? it seems everyone is eyeing everyone. is he selling? is he buying? etc.
some people have managed to sell. small developers, big developer, me!

I had 2 properties for sale, and both went. so all in all, it has beena pretty good 2 days. now, im going shopping

im sure i can get my hands on some awesome deal!

ps: which is your favorite stand?

my (humble) opinion:

1- Aldaar is cool looking, but those touch screens of theirs did crash...and that is just embarassing.
2- Nakheel is all about: "in your face everyone (especially you, Emaar),mine's the biggest!!"
3- Omniyat is actually a little funky as well (good funky)
4- meeras is just saying: "thats right, Sheikh Mohammad owns us, we are the richest, biggest, baddest developer and we will evict you from your Classic Dubai Homes (I live in Jumeirah and I got my eviction notice!!)

thoughts?

Can you suggest any specific brokers you met who helped you in selling off your properties?

 

[monsi]

Cityscape defies real estate fears?

Article on City Scape: -

Cityscape defies real estate fears - The National Newspaper


Your thoughts?

 

[manman]

i have a flat which is going to be ready in Dec 08. Two Towers Tecom Area. (30 second drive from Greens). I am wondering if i should hold it or sell it before completion. Have already paid 30 percent and 70 percent is to be paid on completion. (finance is available

Also wondering if i sell now how much profit should i asked. My OP is 1325/AED.
Manman

 

[nosstrand]

How did you sell?

I want to sell my 1bed in bd boulevard urgently but don't know where to turn.

my legs are dead. please, no more walking!
So, i'm about to go off to day 3.

thoughts? it seems everyone is eyeing everyone. is he selling? is he buying? etc.
some people have managed to sell. small developers, big developer, me!

I had 2 properties for sale, and both went. so all in all, it has beena pretty good 2 days. now, im going shopping

im sure i can get my hands on some awesome deal!

ps: which is your favorite stand?

my (humble) opinion:

1- Aldaar is cool looking, but those touch screens of theirs did crash...and that is just embarassing.
2- Nakheel is all about: "in your face everyone (especially you, Emaar),mine's the biggest!!"
3- Omniyat is actually a little funky as well (good funky)
4- meeras is just saying: "thats right, Sheikh Mohammad owns us, we are the richest, biggest, baddest developer and we will evict you from your Classic Dubai Homes (I live in Jumeirah and I got my eviction notice!!)

thoughts?

 

[muqarabin]

Anyof you guys out there see D'Seco stand and what is up with their Al-Helio Downtown developement in Ajman?????

 

[sameer.dada]

They banned selling/buying at the fair. But at developer's offices there is a lot of rush. There is major activity and a lot of buying. Most good developer launches are already sold out of the good units. Next week people may report buying volume was larger than last Cityscape. Abu Dhabi was successful as well. They have 280,000 bed shortages and growing. Hydra even launched at AED 4,100 per sq ft. Al Reem performed very well.

 

[Doctor Robert]

i did not use any brokers this time around.
i just walked around the stands where i owned property, listened out for people who were interested and then intercepted them when they walked away. kinda felt like a drug dealer lol

all in all, i think it went pretty well.

by next week we'll see more chatter online and in the papers about the success. not to mention i was wartching cnn earlier, and it seems wall street was going to open up a bit higher than recently.


all will be well again!

 

[sameer.dada]

Dr. Robert - How did that work out? DId you get a deposit from them? Did you have to make some sort of MOU? How fast did you get a transfer date?

 

[nosstrand]

Dr Robert. What is your impression about the EMAAR Downtown Burj Dubai projects? Did they launch the second tower at 18 Burj Dubai Boulevard and were there a lot of selling going on there?

 

[Doctor Robert]

alright, here we go:

how did i do it exactly?

1- i asked for a 5,000 dhs check as a sign of good faith (booking price) which would be post dated for a week so i cant just cash it.
2- we setup another meeting (this coming week) so we can both go to the notary and do the Power of attorney.
3- as for the MOU, i made a copy of the MOU the real estate ageent used when i sold my first property, and i use that as a template.

4- Emaar downtown? to tell you the truth, i would be stretching my wallet if i were to buy there ;-)
but i did sell off a Maysan appartment in Bawadi, and so i did spend quite some time next to the Downtown stand.

it really was busy, and it did seem to me like some salespeople were walking off with some customers. but honestly, i was more focused on selling off my own stuff!


What about you guys? Any sales? Purchases?