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House prices in Dubai hit rock bottom ?

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edna.welthorpe36638

516

Posts

EW GURU

Latest post on 17 August 2011 - 15:41

Confidence has not recovered yet. Respondents in the Reuters poll saw zero chance of Dubai’s residential property market recovering in 2011. They gave just a 25 per cent chance of recovery in 2012 and only 50 per cent in 2013 And let's face it, what does "recovery" actually mean? It means that prices stop falling and the market begins to grow again, but of course that doesn't mean that prices are suddenly going to return to pre-crash levels. Even after years of recovery, an awful lot of people who bought at the peak of the market are still going to be deep in negative equity because of the insane degree of property price inflation here before the cheap money vanished and the speculators went with it. Unfortunately, this always happens after property bubbles. And remember how often we were told that it wasn't a property bubble because Dubai was different? Hey ho... The good that will come out of this is that the recovery will be about end users, not speculators, and the rate of increase of property values will be directly proportional to people's ability to pay - or rather, ability to borrow. Property will only sell if it's affordable. I really do feel for those people who bought in the last year or so of the boom though, they overpaid by really brutal amounts that they'll likely never get back.

648

Posts

EW GURU

Latest post on 17 August 2011 - 14:40

The properties were being brought off plan before a brick had even been laid, investors (who had no intention of ever living in these houses) sold the property on and that investor sold it on etc, etc. It’s called flipping.

Princess_I45169

1953

Posts

EW EXPERT

Latest post on 17 August 2011 - 14:28

I dont understand why people were buying properties like no ones business just a few years ago and Dubai was the place to be. After the crash people are talking about very poor quality builds and fact that properties dont last long. Forgive my ignorance didnt people know about the build quality and freehold not being "freehold" whilst the boom was happening? I remember properties selling like hot cakes and at extortionate prices yes but they didn't care as long as they made a fast buck

44

Posts

EW NEWBIE

Latest post on 17 August 2011 - 14:22

I dont understand why people were buying properties like no ones business just a few years ago and Dubai was the place to be. After the crash people are talking about very poor quality builds and fact that properties dont last long. Forgive my ignorance didnt people know about the build quality and freehold not being "freehold" whilst the boom was happening? I remember properties selling like hot cakes and at extortionate prices

648

Posts

EW GURU

Latest post on 17 August 2011 - 14:08

Confidence has not recovered yet. Respondents in the Reuters poll saw zero chance of Dubai’s residential property market recovering in 2011. They gave just a 25 per cent chance of recovery in 2012 and only 50 per cent in 2013. Only one respondent said house prices in Dubai have already reached a bottom. Three said they expected prices to reach a trough in 2011, while others said 2012 or later. In percentage terms, the Dubai housing market crash is set to be nearly double the size of the fall in the US, which is down by about a third from its peak. http://mypropertyblog.wordpress.com/2011/07/27/dubai-still-in-housing-glut-prices-to-drop-another-10-poll/

44

Posts

EW NEWBIE

Latest post on 17 August 2011 - 14:08

Thanks ladies for your replies! @ mother inferior, how is the quality build on your place? Yes better off investing somewhere safer and using the rent to live in Dubai.

Mother Inferior.

113

Posts

EW NEWBIE

Latest post on 16 August 2011 - 21:28

Would never buy in Dubai again. Of course, I am slightly bitter that I bought at the height of the market as it was cheaper than renting then and my AR Villa is probably worth 1.6 Million less than I paid for it - but that's not the reason! Still over-priced compared to rest of the world with regards to quality and value - and all the reasons laid out below...

648

Posts

EW GURU

Latest post on 16 August 2011 - 21:24

I would invest in another country Dubai is to volatile and the laws are too opaque

44

Posts

EW NEWBIE

Latest post on 16 August 2011 - 19:51

Why is it called "Freehold" it should be "Leasehold". Nothing is as it appears!!

141

Posts

EW NEWBIE

Latest post on 16 August 2011 - 19:13

Freehold is a bit different over here. They call them 'freehold villas' but you still don't really own the land the property is on and you're also under a lot of restrictions from the master developer. I didn't know that - interesting. So you can never own the land on which the house you own is built on, just the structure? Presumably Emirati citizens have 'genuine' freehold?

993

Posts

EW GURU

Latest post on 16 August 2011 - 18:37

There is a popular forum online (hint: search using a synonym for tall buildings), and you have owners there from all freehold buildings/areas in the UAE. I suggest you go over the threads and you will how bad things can be for many investors. From sinking funds that have been looted dry to deliveries delayed for years to many projects not "cancelled" but progressing at the rate of 6 bricks laid every month Of course you also have some satisfied owners in premium properties but the majority opinion says otherwise. And also <em>edited by Arch on 16/08/2011</em>

7

Posts

EW NEWBIE

Latest post on 16 August 2011 - 16:37

Wow..so what will happen to the apartments that are freehold and will fall apart..who pays for the rebuild and if not rebuilt how is the land divided up? In that case does it mean prices actually decrease as the property ages? With a Villa ...they are freehold so better potential i suppose because atleast you could rebuild them yourself (providing they are freehold) Any repairs for apartment blocks will be divvied up and paid by the owners of the individual flats. It's going to be a huge issue in the coming years (and in some cases already is ) because the majority of companies managing these blocks do not have a sinking fund to pay for major repairs and replacements (e.g. replacement of lifts / air con plant etc etc)after a certain number of years. When the big items need to be paid for there are going to be major bills for the owners of each flat. Usually, in more mature property markets, part of the service charge would be set aside into a sinking fund to pay or at least part pay for the big items, but that doesn't happen over here. Freehold is a bit different over here. They call them 'freehold villas' but you still don't really own the land the property is on and you're also under a lot of restrictions from the master developer. It will be interesting to see what happens when, for example, townhouses in the Springs need to be re-built. If you are going to buy for the long term I would consider these issues very carefully, especially with the apartments. In the UK before you buy you would be able to see a set of the accounts for the management of the building - see what sinking fund has been set aside, what works and costs are planned in the near future but I doubt you would get this info over here.

1238

Posts

EW OLDHAND

Latest post on 16 August 2011 - 16:20

House prices in the states are set to drop further this year - in some cases, up to 15%. Where the legal system is transparent and the houses are well constructed. Just sayin'.

spongemonkey980

4329

Posts

EW MASTER

Latest post on 16 August 2011 - 16:05

Well you won't have any neighbors then, anyway! ;)

44

Posts

EW NEWBIE

Latest post on 16 August 2011 - 15:24

Wow..so what will happen to the apartments that are freehold and will fall apart..who pays for the rebuild and if not rebuilt how is the land divided up? In that case does it mean prices actually decrease as the property ages? With a Villa ...they are freehold so better potential i suppose because atleast you could rebuild them yourself (providing they are freehold)

edna.welthorpe36638

516

Posts

EW GURU

Latest post on 16 August 2011 - 15:04

If you take a nose around the Springs you will find endless examples of the very cheap, very poor build quality that's rife here. Plenty of villas that are only about 6 years old are already in dire need of major renovation work. <em>edited by edna.welthorpe on 16/08/2011</em>

Princess_I45169

1953

Posts

EW EXPERT

Latest post on 16 August 2011 - 14:57

But do you think with the new law that is being introduced with residents getting a 3 year residency visa it will bump prices up? I would buy for long term investment x No not at all... No one trusts the laws here they can change all the time. Also long term the house that u would buy here would be falling to bits in five years time. :\: so the whole of Arabian Ranches is about to disintegrate ??? eek !!! lol well realisticly all new builds here are concrete / steel structure - due to the climate here (hot and humid) moisture will penetrate the concrete straight away and only has a finite time before it starts rusting the steel structure..... 75 years at best. so nothing bought here can ever really be long term.......

3901

Posts

EW MASTER

Latest post on 16 August 2011 - 14:55

But do you think with the new law that is being introduced with residents getting a 3 year residency visa it will bump prices up? I would buy for long term investment x No not at all... No one trusts the laws here they can change all the time. Also long term the house that u would buy here would be falling to bits in five years time. :\: so the whole of Arabian Ranches is about to disintegrate ??? eek !!! lol

fairycakeyumm21878

2239

Posts

EW EXPERT

Latest post on 16 August 2011 - 14:36

But do you think with the new law that is being introduced with residents getting a 3 year residency visa it will bump prices up? I would buy for long term investment x No not at all... No one trusts the laws here they can change all the time. Also long term the house that u would buy here would be falling to bits in five years time.

993

Posts

EW GURU

Latest post on 16 August 2011 - 14:29

The details of the new law arent out yet, there are many questions unanswered so far And just as it has been introduced, it may be withdrawn anytime in the future a

44

Posts

EW NEWBIE

Latest post on 16 August 2011 - 14:18

But do you think with the new law that is being introduced with residents getting a 3 year residency visa it will bump prices up? I would buy for long term investment x

fairycakeyumm21878

2239

Posts

EW EXPERT

Latest post on 16 August 2011 - 14:09

Know one can really answer that ...who knows....if they have the properties arnt worth the money they are selling for now let alone what they were selling for 3 years ago. My dh says he would never buy property here for investment.

506

Posts

EW GURU

Latest post on 16 August 2011 - 13:59

Who knows? They could fall significantly lower? I personally would expect them too due to the current state of the World economy. Are you looking for long term investment, I.e several years or hoping to flip the property in a year or two? I personally wouldn't buy here for a number of reasons, however, I would look at prices going back to when the Dubai Government first allowed non GCC residents to buy here and assume prices could drop back to the amounts these places were being sold at. Not saying they will, but there is a risk.

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