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What is going on with Dubai’s property market?
October 30, 2008 2:30 by kippreport
Emirates Business 24/7 reported today that property prices in Dubai have gone up by 17 percent in September.
To confirm these reports, I spoke with a property consultant at Remax Associates Dubai and he said that if those numbers are true, then he’s clearly out of touch. So I called Better Homes to double check, and sure enough, they have no idea where that percentage came from.
As confusing and fast paced as Dubai’s property market was in the past, it made sense to me (sort of). But with the conflicting reports seen in the news, and the numerous positive and negative statements made by bank officials and Land Department employees over the past week, it’s hard to assess how healthy this market really is.
I know if I wait for the numbers to get in, I’ll know how the financial crisis has affected Dubai’s property market, but this period of uncertainty is hard to bear.
Any words of wisdom?
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2 Comments
I would definitively say the prices have dropped 10 % at least since Ramadan.
We are all trying to asses the Dubai Property market but I can back up my statement, being in the midst of trying to sell a villa in Jumeirah Park, one in Jumeirah Village and one villa in Green Community and they are not moving, unless I drop the price significantly.
Word on the street is UAE Central Bank will once again allow the 90 % financing back onto market roughly in Januray 09 so I am holding of my sales till then hoping for a recovery in prices.
My gameplan anyway…..
The writing on the wall is not encouraging. A friend who is a senior sales executive for commercial property with one of the leading real estate companies says that she has not sold a single unit from May. Says her clients have money. But no one is buying. The reversal of domino effect is bound to happent. With no takers for rental properties (a large percentage of both commercial and residential are lying vacant) the rents have to come down to realistic levels. Writer drove through one street in the Springs and noticed almost half of 40 villas on the street was empty. Some of them totally neglected with doors and windows open and free flyers and news papers filling up the front.
Perhaps Dubaiaites have a pleasent surprice coming their way. Landlords pleading not to leave.