Further property price falls expected in Dubai as negative outlook expected to continue

[Nicholas Wallwork]

Property prices in some parts of Dubai are likely to fall another 20% this year, according to*business leaders who fear that a recovery in the real estate market is still some way off.

A meeting of the Arabian Business Think Tank (ABTT) heard that average prices for an apartment*on Nakheel's man-made island, Palm Jumeirah are predicted to fall to AED1,022 per square foot by*May 2011 from current averages of AED1,200 per square foot.

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[Fran]

20% is a moderate estimate.....

 

[eyeC]

property prices related to income ,so if rent falls as it is the case for Dubai property in general condominium prices fall follows and the continuous fall of rent means we still have not reached a bottom for the property market.

oversupply, less jobs ,less inflow of people to the country ,wages less , and more properties are coming to the market soon from 2008,2009 ,2010 construction but was delayed for handover all this will have an impact on rent prices.

so leonardo da vinci was right its hard to resist a bubble at the end stages

 

[Catherine4u]

I think this fall of price will be or a shorter duration as Dubai have taken a lot of steps to improve the real estate sector. By the last quarter of this year I think Dubai will acquire its past position in the real estate market.

I hope everyone here agrees.

 

[goldilocks]

no confidence!

I agree that Dubai have taken alot of steps to help this sector but they need to do more.I'd like to be optimistic but it would be good if I could just get my property handed over in the first place. One of the big companies here in Dubai, (rhymes with Jalil) won't even entertain me. My property is over two years delayed and I'm paying a mortgage on it.Why should I pay for their delay?
People don't have the confidence and this will have a huge knock-on effect!
I know many people who would love to buy here, but when they hear my story, they get turned off.

 

[Fran]

perhaps, you need to be more aggressive ...... go to their office and don't leave without some sort of a solution; or go to the bank and ask the bank to pressure them - do something!

 

[goldilocks]

I have. You have no idea how much time has been spent. I've even had my story in the newspaper. They don't care and are being protected. I have sat in their offices for hours on end, sent numerous e-mails and even hired a solicitor. They are above the law as far as I can see and this frightens me alot!

 

[Fran]

it is not that they are above the law which they are, but most probably they don't know what to do and need time to figure it out. You just keep doing what you are doing and make as much noise as possible, but legal noise, not on online forums. Talk to BBC business report , to Kipp Report ( they love such stories),write to Emirates Business 24/7. Record a video and post it on YouTube, start a Facebook group and keep bombarding them with emails etc. Hopefully, they still have staff to answer......

 

[goldilocks]

Thanks. Some good ideas. Much appreciated.

 

[Wannaberich]

I think this fall of price will be or a shorter duration as Dubai have taken a lot of steps to improve the real estate sector. By the last quarter of this year I think Dubai will acquire its past position in the real estate market.

I hope everyone here agrees.

Sorry, no.

 

[FlipItFast]

I think this fall of price will be or a shorter duration as Dubai have taken a lot of steps to improve the real estate sector.

What steps?