Market stable

[georgihh]

After 3 months of aggressive sell off and properties lost as much as half the values we are seeing relative stability. The corrections will not end up until the end of the year but pretty much we are talking +-10% from now on.

 

[shazy]

After 3 months of aggressive sell off and properties lost as much as half the values we are seeing relative stability. The corrections will not end up until the end of the year but pretty much we are talking +-10% from now on.

and what is backing up this ?

 

[georgihh]

and what is backing up this ?

The real deals for the last 3-4 weeks

 

[Arfie]

The real deals for the last 3-4 weeks

Is there much activity taking place at all in Dubai right now ? What is the average selling price for developments in Dubai Marina, JLT, BD etc ?

 

[sasherwani2]

georgih, things are ANYTHING but stable right now. You can create a library of distress sale offers right now and these sales will get distresser AND distresser by the hour. The big 4 (Emaar, Nakheel, Tamweel, Amlaak) are just looking at each other right now wondering who will be the first one to fall.

 

[Hussein Awadh]

georgih, things are ANYTHING but stable right now. You can create a library of distress sale offers right now and these sales will get distresser AND distresser by the hour. The big 4 (Emaar, Nakheel, Tamweel, Amlaak) are just looking at each other right now wondering who will be the first one to fall.

It's hard to see government backed developers fall. They may close the sales, and other departments but not the companies themselves. More massive lay-offs is more probable imho.

From my experience of distress sales, once the owner finds a buyer, he increases the price by another 10-15% It's hard to find genuine distress sales.

Georgihh may be a little right in the sense that there has been a steady decrease in sales, but rents are plunging massively.

JBR is going down slowly because there are full building owners not releasing their availability at all.

Then again, there's nothing that can back this but first hand experience since media aren't giving even close to fact figures.

 

[desert dream]

cmon ppl...the market is tanking..just look around..ask brokers/investors..
2 sets of ppl i know..1 bought Palm Jumeirah Villa 4 bed for 5 mil & the second bought jumeirah island 4 bed for 4.2...palm jum will still go down in the summer months,..
on top of that there is a huge stock of villas and apartments out there..dubai prop is crashing no one can deny that!

 

[Hussein Awadh]

cmon ppl...the market is tanking..just look around..ask brokers/investors..
2 sets of ppl i know..1 bought Palm Jumeirah Villa 4 bed for 5 mil & the second bought jumeirah island 4 bed for 4.2...palm jum will still go down in the summer months,..
on top of that there is a huge stock of villas and apartments out there..dubai prop is crashing no one can deny that!

No one is denying that the market is getting bad, prices are dropping in those areas as we speak, Garden homes have gone as low as 6 million but that doesn't mean trade in ready property has stopped.

here is still a market for ready properties, but to say that it's crashing is blowing things out of proportion. Just because prices aren't as high as they used to be doesn't mean that there isn't a profit to be made.

 

[sasherwani2]

No one is denying that the market is getting bad, prices are dropping in those areas as we speak, Garden homes have gone as low as 6 million but that doesn't mean trade in ready property has stopped.

here is still a market for ready properties, but to say that it's crashing is blowing things out of proportion. Just because prices aren't as high as they used to be doesn't mean that there isn't a profit to be made.

How do you define a crash? A 40-60% decline in prices within 60 days isnt a crash?

 

[badrah]

cmon ppl...the market is tanking..just look around..ask brokers/investors..
2 sets of ppl i know..1 bought Palm Jumeirah Villa 4 bed for 5 mil & the second bought jumeirah island 4 bed for 4.2...palm jum will still go down in the summer months,..
on top of that there is a huge stock of villas and apartments out there..dubai prop is crashing no one can deny that!

well said!

just an example
In sep 2009 DG 1 BD was around 1.4m - now it's only AED 400,000 (Gulf news and expat.com)

Springs 2 BD Villa

Was 3+ M
Now 900 AED ( i can post the link for the ad if you want)

 

[badrah]

How do you define a crash? A 40-60% decline in prices within 60 days isnt a crash?

obviously he is looking to the full half of the cup, which is not there as the cup is already EMPTY

 

[georgihh]

well said!

just an example
In sep 2009 DG 1 BD was around 1.4m - now it's only AED 400,000 (Gulf news and expat.com)

Springs 2 BD Villa

Was 3+ M
Now 900 AED ( i can post the link for the ad if you want)

Now you are talking nonsense

 

[memo123]

Can you please post the links

well said!

just an example
In sep 2009 DG 1 BD was around 1.4m - now it's only AED 400,000 (Gulf news and expat.com)

Springs 2 BD Villa

Was 3+ M
Now 900 AED ( i can post the link for the ad if you want)

YES ,please post the links , I would like to see these adds and numbers , for this indicates that even if we forfeit 40-50% of the value of unit , we will be still be better off than to continue. FEAR FACTOR IS THE WORD . I only wish that some people will see these numbers and start to inject some liquidity into the market , to revive it , other wise we are heading for a real catastrophe .

 

[sasherwani2]

Now you are talking nonsense

DG is around 600k nowadays. I havent seen anyone selling it for 400k "yet".