Is the Dubai property market falling apart or finding a level?

[metlofts]

The sad state of affairs in Dubai means that IMO the market has falled apart. We have an investor group specifically for our project and someone visited RERA recently and it would appear it's a very badly run organisation where staff will not email confirmations probably because if they verbally agree something they can deny it later. An email forms an audit trail where they can be held accountable.

A truly disgraceful situation and i for one will always steer people away from the Dubai property market.

 

[kamenoff]

..which is shameful for any Government organisation and questions the integrity of the whole country. I hope people will not repeat our mistakes of investing in Dubai.

 

[kamenoff]

'Don't buy unless you fully understand the risks you are taking' - The National

New great article which should be a footprint for all future investors in Dubai. The articles confirms our experience in investing in Dubai:
To summarize:

1. Contracts have no any weigh in Dubai. To get out of contract or to get your money, you need to go to Court which is lengthy and expensive. Due to complexity of the system, there is no guarantee of success.

2. There are laws to protect investors but they are useless since you have to go to court - investors pay all expenses;

3. Court: even if you win, you get nothing from the Developer (no cost awarded)

4. In case of bancruptsy, you get only part of your invetsed money. Does Escrow really provide any protection?

5. Remember: "The developer is holding the cash and doesn't want to give it back. They don't have to give it back unless there is a court order. But buyers who have lost their cash can't afford to get a court order and don't like the risk associated with getting it. They may not have the assets at the end of it and so write it off".

6. There is no Government organisation to protect investors. RERA regulate Developers - not investors. For each problem you go to Court....

Do you still want to invest in Dubai?

 

[Fran]

No, never wanted to invest in Dubai even-tough I am engaged in the industry.

From personal point of view, only speculators benefited from the property book. The genuine buyers are stuck with the option to live in their properties and pay tremendous service fees or to write-off their investments.

I would recommend, if you have to live in the city, opt for a furnished apartment and do not waste any time exploring property investments.

 

[dfw]

property management

For the information about the property management this a very good link if you are a property Business man or holder you should link it and get more information is a information provider a to z about the property management.

 

[kamenoff]

The latest property sales in Dubai indicates that people are still prepared to buy...already built properties. The problem I see is with the offplan market. My feeling is that there are people willing to buy and they will be much more if the Government sort out the problem with the offplan projects.

 

[semilion]

samsaf, sorry for your sickness, i'd rather have you laughing. I put prophesing the end on Dubai on par with the willingness to perpetuate euphoria and optimism in light of the current situation.

I'm certainly not prophesing the end of Dubai, just the end of rampant speculation that resulted in the real estate mess people face today, not only in Dubai but the world over.

to me, it's game over for real estate hubris, not for Dubai. I wish people there, trying to make an honest living and working in difficult conditions the best one can hope for.

I have no sympathy for manipulators with vested interests trying to keep markets at inflated levels while they gather enough suckers to pass them the hot potato. Let's make sure the excesses we have seen do not come back. Let's hope prices come down and stabilize at affordable levels so that people in Dubai, from any class, can start looking forward to real life and not short term slavery.

damn, I sound like Obama

LOL, well said

 

[2F2F]

Hi, can anyone tell me or point me to how much a small new house would cost, even 50 KMs from Dubai?

The cheapest, the better, thanks!

 

[kamenoff]

The Market has been very flat in Dubai but if you buy, juts buy a built properly. Do not buy under any circumstances off plan, even if you think that is a very good deal. Thousands of Investors lost money by buying off plans.
In this market you can bargain for a lower price...
If you buy for investment, I would rather stay away from Dubai...the environment is too hostile to investors.
Hope this will help you.

 

[georgihh]

Prices up 50%

Prices of existing units are gone up by 50% in Dubai, for the last 3 months.

Is this another buble or we are realy recovering?

 

[kamenoff]

Apparently Dubai is coming into live again. In many forums people are sharing progress in the delayed building projects. Cross the fingers we are on steady recovery.

 

[Stifenmark]

No, we can can not conclude that the Dubai real estate/property price is falling. However the Dubai property price is not increasing as per the market situation, and it is predicted that the property price of Dubai will come to huge demand soon as comparison with other countries. Have a great day! Cheers!

 

[kamenoff]

Not sure I understand what you mean

"is predicted that the property price of Dubai will come to huge demand soon"????

Do you mean the properties will be in demand?

 

[Debo]

It may seem Dubai is improving especially with ready properties and rental incomes but I fear for the integrity of all of these if the backlog of issues created by the off-plan speculative era is not dealt with by the bodies that should be concern.
The implication of that is that investors who play in that market most not go to bed and if they do, it has to be with only one eye closed. How long can that last? This is the question begging for answer.

 

[DSC MAN]

It may seem Dubai is improving especially with ready properties and rental incomes but I fear for the integrity of all of these if the backlog of issues created by the off-plan speculative era is not dealt with by the bodies that should be concern.
The implication of that is that investors who play in that market most not go to bed and if they do, it has to be with only one eye closed. How long can that last? This is the question begging for answer.

WHat ?,.....

 

[2F2F]

The Market has been very flat in Dubai but if you buy, juts buy a built properly. Do not buy under any circumstances off plan, even if you think that is a very good deal. Thousands of Investors lost money by buying off plans.
In this market you can bargain for a lower price...
If you buy for investment, I would rather stay away from Dubai...the environment is too hostile to investors.
Hope this will help you.

No I want to move and live in the UAE...so again I ask:

Hi, can anyone tell me or point me to how much a small new house would cost, even 50 KMs from Dubai?

The cheapest, the better, thanks!

 

[dalvir bains]

Dubai IS recovering, BUT only in the the Dubai Marina / Jumeira & Greens, Prices have been rising for the past 18 months and continue to do so, CRAP areas such as International City which have been severely neglected by Nakheel are not rising much at all, i was in Dragon Mart & Decided to visit international city 3 months Ago and was bitten by mosquitoes 4 times in an hour, and i had to leave upon hearing there was an outbreak of Malaria there, and OVER a hundred residents had been Seriously affected! So i got into a taxi as soon as i heard that, I had a thorough medical check once i arrived back in india
I for one, will NEVER go anywhere near that Infested/Smelly place again!

 

[2F2F]

Dubai IS recovering, BUT only in the the Dubai Marina / Jumeira & Greens, Prices have been rising for the past 18 months and continue to do so, CRAP areas such as International City which have been severely neglected by Nakheel are not rising much at all, i was in Dragon Mart & Decided to visit international city 3 months Ago and was bitten by mosquitoes 4 times in an hour, and i had to leave upon hearing there was an outbreak of Malaria there, and OVER a hundred residents had been Seriously affected! So i got into a taxi as soon as i heard that, I had a thorough medical check once i arrived back in india
I for one, will NEVER go anywhere near that Infested/Smelly place again!

oh that's interesting...I had no idea that malaria still existed in the UAE and International City clusters had the cheapest prices I found so far

Thanks

 

[james-powerhouse]

ah ah, let me laugh. What a bunch of nonsense. Who are you trying to persuade? Do you think you'll find suckers on this forum attracted by drowning in the sands of dubai. Come on, get real, game over.

You are not selling a dream anymore, you are perpetuating a nightmare.

truth be told he is right

It has been all over the news (Emirates 24/7) also reviewed by many real estate agents in Dubai. There are already increases of 2/3percent in villa sales and rentals, and it is also predicted that there is a property boom in 2013.

 

[Hessie]

BS

truth be told he is right

It has been all over the news (Emirates 24/7) also reviewed by many real estate agents in Dubai. There are already increases of 2/3percent in villa sales and rentals, and it is also predicted that there is a property boom in 2013.

Oh it's in the news (that the Government doesn't influence at all lol) - must be true then - nonsense.......absolute nonsense.....

This is a land where thieves and liars prosper and many live off the stolen money earned and invested by hard working investors........

As corrupt a place as ou will ever find -
Don't go there don't invest there - and if you have get out if ou can..,...