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Dubai property values cut in half

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  • Dubai property values cut in half

    Dubai property values cut in half

    August 4, 2009 - 1:21AM
    House prices in former central Dubai tumbled in the second quarter as the market in the Gulf emirate continues to reel from the global economic downturn, a UAE-based consultancy said on Monday.
    Colliers International's Dubai House Price Index slumped 48 per cent in the three months to the end of June from the same period in 2008 on concerns over financing, expatriate job security and lack of transparency on project delays.
    However, the rate of decline eased to 9 per cent in the second quarter compared with a 42-per cent plunge in the first quarter, according to Colliers.
    The average price rate for residential property fell to 10,215 dirhams ($A3330) per square metre in the second quarter from 11,162 dirhams ($A3639) per metre square in the first quarter.
    It gave no directly comparable figures for the second quarter of 2008.
    "In the coming months, the market will be searching for further evidence of market stabilisation as we draw nearer to the bottom of the market prices," said Ian Albert, regional director at Colliers.
    The index is compiled using mortgage data from financial institutions representing 60 per cent of the mortgage market in Dubai and analyses the trends for prices for both completed and under-construction properties.
    AFP
    http://www.businessday.com.au/busine...0804-e7fp.html
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

  • #2
    Some time ago i heard that the property value in Dubai is cut half i dont know why.but thanx for sharing this information with us i got the answer of my question.

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    • #3
      Very interesting. It is hard to imagine the property values reaching such a low in DUbai, considering their amazing building projects in the last few years which were selling for huge amounts of money.

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      • #4
        I don't know why the value of the properties in Dubai went low, but this is a good news for property buyers and investors.

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        • #5
          At a guess, massive oversupply and no buyers!
          Premium Villa Holidays in Turkey

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          • #6
            Originally posted by revdev View Post
            At a guess, massive oversupply and no buyers!

            The Dubai bubble has popped, it was a ponzi that simply run out of bigger fools!.....no more cheap money.....securitization no more!

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            • #7
              Originally posted by revdev View Post
              At a guess, massive oversupply and no buyers!
              I guess that's one of the reasons or maybe they offer undesirable quality of properties or maybe the location is not an ideal one for the investors.

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              • #8
                It was probably from the Dubai debt that it's neighboring city Abu Dhabi has paid for. Properties in Dubai used to be skyrocket high. Even the cost of living is much more expensive than the other Emirates.

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                • #9
                  Expats leaving. I have heard tales of airport parking lots being filled by unwanted vehicles left by departing expats.

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                  • #10
                    Originally posted by AMR View Post
                    Expats leaving. I have heard tales of airport parking lots being filled by unwanted vehicles left by departing expats.
                    Yes my friend sees it all the time. Pity you couldnt import all the Mercs and Holdens back to NZ for sale cheap

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                    • #11
                      Looks like the foreclosure changes means prices will continue to slide even further
                      http://www.kippreport.com/2010/08/du...continue-drop/

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                      • #12
                        I am shocked to know dubai property values cut off.
                        Well bad news for sellers (if they are ready to sale) and great news for buyers.

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                        • #13
                          Its strange to see that property has greatly fall to half . i think reason might be a great economic crises in the world that has adversely effected the real estate business to much . But i think there is also a great potential for investment in real estate in Dubai . I hope that in future investment in real estate will increase .

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                          • #14
                            Brice

                            Are you related to devidfox?

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                            • #15
                              Originally posted by AMR View Post
                              Expats leaving. I have heard tales of airport parking lots being filled by unwanted vehicles left by departing expats.
                              And with laws like this who can blame them.
                              The place is a Hollywood set, nothing behind the facade.

                              Lost passport leads to alcohol conviction

                              DUBAI // A British tourist who went to the police to report his missing passport was himself arrested, charged and convicted of illegal consumption of alcohol, according to Dubai court records.

                              http://www.thenational.ae/news/uae-n...hol-conviction

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