Go Back  British Expats > Living & Moving Abroad > Middle East
Reload this Page >

Dubai Housing Prices Tumble To 2008 Levels

Dubai Housing Prices Tumble To 2008 Levels

Old Sep 2nd 2019, 12:42 pm
  #1  
Onwards and Upwards!
Thread Starter
 
Joined: Sep 2010
Posts: 884
Johnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond repute
Default Dubai Housing Prices Tumble To 2008 Levels

Ouch!
https://www.zerohedge.com/economics/...le-2008-levels
Johnnyboy11 is offline  
Old Sep 2nd 2019, 1:33 pm
  #2  
Lost in BE Cyberspace
 
Millhouse's Avatar
 
Joined: Aug 2009
Location: Disneyland, Dubai
Posts: 15,887
Millhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond repute
Default Re: Dubai Housing Prices Tumble To 2008 Levels

Originally Posted by Johnnyboy11
And the pace of the slowdown is accelerating.
Millhouse is offline  
Old Sep 2nd 2019, 4:21 pm
  #3  
Forum Regular
 
Joined: Sep 2018
Posts: 35
Me 2.0 is an unknown quantity at this point
Default Re: Dubai Housing Prices Tumble To 2008 Levels

Increasing, perhaps. Not accelerating.
Me 2.0 is offline  
Old Sep 2nd 2019, 5:30 pm
  #4  
"Insert witty title here"
 
Irishbeekeeper's Avatar
 
Joined: Nov 2012
Location: dxb
Posts: 2,251
Irishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond repute
Default Re: Dubai Housing Prices Tumble To 2008 Levels

Man sometimes I hate being right about these sort of things.
Watch this space next year folks, its gonna get worse, I can feel it.
Now its come to people I personally know who have been fired and companies I have worked with have closed shop.
The IT market has fallen to the same fate the mobile market has suffered. The same mentality (people from a certain place in the world but never mind that), sell sell sell, doesnt matter how much you make, buy and sell and keep the cash rolling, loss or profit will be calculated by year end. As long as the sale happens.

It might be great for the consumers but this is not a self sustaining business model because in the end the serious business players just end up leaving or bowing out. VAT and Amazon has ***** the market. I can only talk about IT and I forecast more and more businesses leaving by next summers.
As a one time property owner here in Dubai, I keep my eye on the property market as well and its pretty shoddy now. The same flat for 500k is down to 300k and I am willing to bet it will be 250k next summer. Thats a 50% drop in almost 2 years. Rent income has also gone down drastically. A 60K annual rental is now at 32K with the service companies across the board increasing their service charges instead of decreasing them! w t f man, this cant run in the long term you know.
Oh and by the way they have opened the market to the chinese cash and they are going crazy buying here, dont ask me why, I dont have an answer to that
Irishbeekeeper is offline  
Old Sep 3rd 2019, 3:36 am
  #5  
home
 
Forsu's Avatar
 
Joined: Apr 2010
Posts: 34
Forsu is a splendid one to beholdForsu is a splendid one to beholdForsu is a splendid one to beholdForsu is a splendid one to beholdForsu is a splendid one to beholdForsu is a splendid one to beholdForsu is a splendid one to beholdForsu is a splendid one to beholdForsu is a splendid one to beholdForsu is a splendid one to beholdForsu is a splendid one to behold
Default Re: Dubai Housing Prices Tumble To 2008 Levels

Originally Posted by Irishbeekeeper
Man sometimes I hate being right about these sort of things.
…its gonna get worse

As a one time property owner here in Dubai, I keep my eye on the property market as well and its pretty shoddy now. The same flat for 500k is down to 300k and I am willing to bet it will be 250k next summer. Thats a 50% drop in almost 2 years. Rent income has also gone down drastically. A 60K annual rental is now at 32K with the service companies across the board increasing their service charges instead of decreasing them! w t f man, this cant run in the long term you know.
Just curious: isn't this a long overdue correction? Rents, prices, etc. etc. were way too high and kept spiraling out of control since 2002. Even during the 2008 crash prices didn't drop much for groceries, utilities and such. In fact, if I remember correctly they went up. Nah, this is a long overdue correction and needs to drop even further. As for the service companies they are all government owned and will milk the expat till they are dry. Didn't the ruler say in an interview (I think in 2008) that those who cannot afford to stay can leave? I am paraphrasing here but I think he said something like "I've built four runways for those who cannot afford to stay so they can leave."

I feel sorry for businesses that have to wind up and close down; as you probably know it is a nightmare to close a company and cancel a license here. It is very easy to setup but near impossible to close (kinda like Hotel California).

Welcome to the Hotel UAE yah,
such a lovely blace, such a lovely blace,
anytime of the year, inshallah, you can come here,
blenty blace for you in jumeirah, sharjah, ajman and fujairah
for some it can be heaven
for some it can be hell
yanni, we are brogrammed to receive,
you can check out any time
but you can never leave!
Forsu is offline  
Old Sep 3rd 2019, 6:10 am
  #6  
BE Forum Addict
 
UKCityGent's Avatar
 
Joined: Feb 2007
Location: Kuwait
Posts: 1,202
UKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond repute
Default Re: Dubai Housing Prices Tumble To 2008 Levels

[QUOTE=
Welcome to the Hotel UAE yah,
such a lovely blace, such a lovely blace,
anytime of the year, inshallah, you can come here,
blenty blace for you in jumeirah, sharjah, ajman and fujairah
for some it can be heaven
for some it can be hell
yanni, we are brogrammed to receive,
you can check out any time
but you can never leave![/QUOTE]

That actually made me laugh !

You have a great future here
UKCityGent is offline  
Old Sep 3rd 2019, 12:14 pm
  #7  
"Insert witty title here"
 
Irishbeekeeper's Avatar
 
Joined: Nov 2012
Location: dxb
Posts: 2,251
Irishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond repute
Default Re: Dubai Housing Prices Tumble To 2008 Levels

Hahaha! Now THAT was funny man! Have an upvote!
Yeah I would agree that theres more tough love down the road!
Irishbeekeeper is offline  
Old Sep 3rd 2019, 1:48 pm
  #8  
Lost in BE Cyberspace
 
Millhouse's Avatar
 
Joined: Aug 2009
Location: Disneyland, Dubai
Posts: 15,887
Millhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond repute
Default Re: Dubai Housing Prices Tumble To 2008 Levels

Originally Posted by Me 2.0
Increasing, perhaps. Not accelerating.
Nah, it's ok.
Millhouse is offline  
Old Sep 3rd 2019, 5:00 pm
  #9  
Forum Regular
 
Joined: Sep 2018
Posts: 35
Me 2.0 is an unknown quantity at this point
Default Re: Dubai Housing Prices Tumble To 2008 Levels

I can see why you came to the sandpit.
Me 2.0 is offline  
Old Sep 3rd 2019, 5:18 pm
  #10  
Lost in BE Cyberspace
 
Millhouse's Avatar
 
Joined: Aug 2009
Location: Disneyland, Dubai
Posts: 15,887
Millhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond repute
Default Re: Dubai Housing Prices Tumble To 2008 Levels

Originally Posted by Me 2.0
I can see why you came to the sandpit.
Probably the same reason as you came...
Millhouse is offline  
Old Sep 4th 2019, 4:42 am
  #11  
Account Closed
 
Joined: Feb 2011
Posts: 0
scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141
Default Re: Dubai Housing Prices Tumble To 2008 Levels

Originally Posted by Millhouse
Probably the same reason as you came...
scrubbedexpat141 is offline  
Old Sep 4th 2019, 4:37 pm
  #12  
Forum Regular
 
Joined: Sep 2018
Posts: 35
Me 2.0 is an unknown quantity at this point
Default Re: Dubai Housing Prices Tumble To 2008 Levels

Doubt it. I could find a job in London.
Me 2.0 is offline  
Old Sep 4th 2019, 4:58 pm
  #13  
 
nonthaburi's Avatar
 
Joined: Feb 2010
Location: Buraydah , Saudi Arabia
Posts: 2,863
nonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond repute
Default Re: Dubai Housing Prices Tumble To 2008 Levels

Originally Posted by Me 2.0
Doubt it. I could find a job in London.
I think he's in the region for the religious side of things.
nonthaburi is offline  
Old Sep 4th 2019, 7:01 pm
  #14  
Lost in BE Cyberspace
 
Millhouse's Avatar
 
Joined: Aug 2009
Location: Disneyland, Dubai
Posts: 15,887
Millhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond repute
Default Re: Dubai Housing Prices Tumble To 2008 Levels

Originally Posted by Me 2.0
Doubt it. I could find a job in London.
advisory doesn’t count.
Millhouse is offline  
Old Sep 5th 2019, 4:51 am
  #15  
Account Closed
 
Joined: Feb 2011
Posts: 0
scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141
Default Re: Dubai Housing Prices Tumble To 2008 Levels

Originally Posted by Millhouse


advisory doesn’t count.

scrubbedexpat141 is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.