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This real estate market is a joke!

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993

Posts

EW GURU

Latest post on 11 April 2013 - 13:20

. It amuses me how the newspapers in the UAE say that recessions abroad do not affect the markets here? Really? Wow, some people really suffer from short term memory. . They said that in 2008, even in October/November, people were cheering the Atlantis opening as some sort of proof that the recession will never hit the region.

117

Posts

EW NEWBIE

Latest post on 11 April 2013 - 12:47

Hola Ladies, Unfortunately the Real Estate market is not regulated as much as other countries that we may be used to. There are literally thousands of "have a go" agents in the market who use dirty tactics to get deals done. Now ... you may not like me after this ... I work in a Real Estate company as a recruitment consultant and we focus hugely on customer service and run our company as if we were in the UK. We have a customer care team that contact all our clients that have been in direct contact with our agents to ensure they are being serviced and are happy. (Hard to believe in Dubai I know ... but we are trying to be known for our customer service and transparency). I can point anybody who wishes to be pointed in the direction of our agents ... or I can just disappear and hang my head in shame that I get tarred with the big bad Dubai Real Estate brush because of all the "have a go agents" out there. Hope I can help :) Thanks for this. I know that there are some exceptions out there. Unfortunately the bad ones outweigh them. Personally, I hate to generalize. But I definitely have not met an exception yet. Maybe I should try out the company you work for:>) I agree with the recessions. As a European myself, I get told by my family everyday that a "cloud" is over Europe. Germany was meant to be holding the EU together, but even they struggle big time. It amuses me how the newspapers in the UAE say that recessions abroad do not affect the markets here? Really? Wow, some people really suffer from short term memory. Back to the Real estate Market here. My friend lives in Falcon city for example. She is surrounded by villas where she has not seen anyone in nearly 3 years. Her landlord then told her that the owners are abroad and are some super wealthy Afghanis that put their money there after the US announced its withdrawal from that country. That leads to the prime problem of this country. If you can bring money into this country without having to proof where it came from, you can basically manipulate the market as you like. You pour it in and inflate the market. You take it out and crash it. It is frustrating to hear that DH, and some others, make more money than over 80% of Dubai residents according to a study announced recently. So we are considered the high incomers. Right? But it seems we are barely scratching the surface of being able to afford a decent home. Just does not seem right.

1848

Posts

EW EXPERT

Latest post on 11 April 2013 - 12:43

I do not think now is a good time to buy. Europe may be entering the double -dip recession in the next 6-12 months. Things are NOT good and the UAE and subsequently the real estate prices will be affected. Best to rent for another year and see what the market does. Interesting...why another recession on the horizon? it's pretty simple, consumption is low, taxes are high..ppl are not spending..and manufacturing is slowing down. with en mass goods sitting in storage..this crisis is going to be generational thing...it is not going anywhere any time soon.Bubbles will continue to burst.Everyone will be affected. we avoided biggest crisis since great depression...but in order to avert the consequences, governments are easing the effects...as much as humanly is possible...Look at the Cyprus....bank run is lurking all over EU.Media did not publicise what has happened in Romania last week or so...bank of Cyprus close the branches there..ppl were trying to get their money out as fast as they could... New report on Slovenia is out, not looking great...Germans debt to GDP ratio is like 80 %... edited by Goose on 11/04/2013 Wow! Didnt know things were that bad. I dont keep up with the news at all. Thanks.

414

Posts

EW EXPLORER

Latest post on 11 April 2013 - 12:28

I do not think now is a good time to buy. Europe may be entering the double -dip recession in the next 6-12 months. Things are NOT good and the UAE and subsequently the real estate prices will be affected. Best to rent for another year and see what the market does. Interesting...why another recession on the horizon? it's pretty simple, consumption is low, taxes are high..ppl are not spending..and manufacturing is slowing down. with en mass goods sitting in storage..this crisis is going to be generational thing...it is not going anywhere any time soon.Bubbles will continue to burst.Everyone will be affected. we avoided biggest crisis since great depression...but in order to avert the consequences, governments are easing the effects...as much as humanly is possible...Look at the Cyprus....bank run is lurking all over EU.Media did not publicise what has happened in Romania last week or so...bank of Cyprus close the branches there..ppl were trying to get their money out as fast as they could... New report on Slovenia is out, not looking great...Germans debt to GDP ratio is like 80 %... <em>edited by Goose on 11/04/2013</em>

1848

Posts

EW EXPERT

Latest post on 11 April 2013 - 12:15

I do not think now is a good time to buy. Europe may be entering the double -dip recession in the next 6-12 months. Things are NOT good and the UAE and subsequently the real estate prices will be affected. Best to rent for another year and see what the market does. Interesting...why another recession on the horizon? They have been talking about it for months now. The European Parlimentary elections will be telling re the Eurozone. Good to know. Was planning on buying property in my home country but will wait now in hopes that prices will fall more later on.

5499

Posts

EW MASTER

Latest post on 11 April 2013 - 11:48

We are trying to sell our place and what these agents keep telling us is that they have a "serious cash buyer". Also as the keys are with us they all say that their client is traveling this evening/tomorrow morning so they want to view the property NOW. So from a seller's point of view ALL the buyers seem to have lots of cash and travel a lot :) We've got our first viewers coming in an hour so we'll be joining you on the property-selling joyride :( We do seem to have a decent agent though and has already told me to expect time-wasters :D

993

Posts

EW GURU

Latest post on 11 April 2013 - 11:31

We are trying to sell our place and what these agents keep telling us is that they have a "serious cash buyer". Also as the keys are with us they all say that their client is traveling this evening/tomorrow morning so they want to view the property NOW. So from a seller's point of view ALL the buyers seem to have lots of cash and travel a lot :) Let me gguess, they carry their cash with them all the time in a briefcase

226

Posts

EW NEWBIE

Latest post on 11 April 2013 - 11:26

We are trying to sell our place and what these agents keep telling us is that they have a "serious cash buyer". Also as the keys are with us they all say that their client is traveling this evening/tomorrow morning so they want to view the property NOW. So from a seller's point of view ALL the buyers seem to have lots of cash and travel a lot :)

1575

Posts

EW EXPERT

Latest post on 11 April 2013 - 11:16

I do not think now is a good time to buy. Europe may be entering the double -dip recession in the next 6-12 months. Things are NOT good and the UAE and subsequently the real estate prices will be affected. Best to rent for another year and see what the market does. Interesting...why another recession on the horizon? They have been talking about it for months now. The European Parlimentary elections will be telling re the Eurozone.

keeperofthetrea...

94

Posts

EW NEWBIE

Latest post on 11 April 2013 - 11:03

Indeed the market is unregulated which means anything goes on prices; the new emaar 3 bed townhouses for sale this week end are at less than a million, where does that put existing surrounding properties,? Way overpriced?! In the uk there is a standard price within 5-10% per square foot per area, whether on or off plan? Not double or triple the price for the same square footage, and don't give the excuse of established/not established because that makes no sense once everything is built. or are emaar relying on flippers again? This market is crazy and will shoot itself in the foot again unless it adheres to sensible standards;

1848

Posts

EW EXPERT

Latest post on 11 April 2013 - 10:53

I do not think now is a good time to buy. Europe may be entering the double -dip recession in the next 6-12 months. Things are NOT good and the UAE and subsequently the real estate prices will be affected. Best to rent for another year and see what the market does. Interesting...why another recession on the horizon?

BananaJuice75864

15

Posts

EW NEWBIE

Latest post on 11 April 2013 - 10:49

Hola Ladies, Unfortunately the Real Estate market is not regulated as much as other countries that we may be used to. There are literally thousands of "have a go" agents in the market who use dirty tactics to get deals done. Now ... you may not like me after this ... I work in a Real Estate company as a recruitment consultant and we focus hugely on customer service and run our company as if we were in the UK. We have a customer care team that contact all our clients that have been in direct contact with our agents to ensure they are being serviced and are happy. (Hard to believe in Dubai I know ... but we are trying to be known for our customer service and transparency). I can point anybody who wishes to be pointed in the direction of our agents ... or I can just disappear and hang my head in shame that I get tarred with the big bad Dubai Real Estate brush because of all the "have a go agents" out there. Hope I can help :)

keeperofthetrea...

94

Posts

EW NEWBIE

Latest post on 11 April 2013 - 10:48

Same boat here too, total nightmare, we have stopped looking because I couldn't stand the bs and lies and we believe the recent price increase is a blip; in the meantime prices in the areas we were looking at are coming down and will continue to; that doesn't remove the mafia agents unfortunately who will continue to lie, and lie very badly at that, they think we don't do our homework!

1575

Posts

EW EXPERT

Latest post on 11 April 2013 - 10:12

I do not think now is a good time to buy. Europe may be entering the double -dip recession in the next 6-12 months. Things are NOT good and the UAE and subsequently the real estate prices will be affected. Best to rent for another year and see what the market does.

247

Posts

EW NEWBIE

Latest post on 11 April 2013 - 10:02

We are in the same boat as you Akia. We are weighing the options of buying a house here vis-a-vis renting. Haven't ventured out into the market for a survey yet, but I am already sceptical. Hoping for some positive stories of genuine, hard working real estate agents.... or is that just an urban lengend? Sigh...

dogcatcher44047

461

Posts

EW EXPLORER

Latest post on 11 April 2013 - 09:48

The agents here are lazy bandits! Prices are inflated, they do zero work and lie. We hear this all the time from friends who have bought or are looking to rent. We are also in the same boat and have yet to meet an agent who is honest or is hardworking or who will return a call. I really wish the owners who are leasing properties would realize that this agent game is a scam. Perhaps we all need to advertise when we're looking to relocate that we deal with owners only and put these real estate sharks out of business. Phew!

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