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Re: Dubai Property Crash
Originally Posted by The Dean
(Post 7379342)
I don't follow that............
Forget the comparisons with Dubai - why should Ab Dab rentals rise at all in the current environment? ABU DHABI // More than 50,000 homes will be built for Emiratis over the next 20 years, the Abu Dhabi Urban Planning Council (UPC) said yesterday. Tens of thousands of Emiratis have applied for government housing and the waiting list is up to five years long, so the announcement was warmly welcomed and heralds much needed relief to a housing crisis that has resulted in spectacular rent increases and forced many people to commute from cheaper areas, such as Buraimi in Oman. About 30,000 houses will be constructed in Abu Dhabi and 20,000 in Al Ain at an initial cost of Dh25 billion (US$6.8bn) in the first three years. Both cities suffer from an acute shortage of housing, with demand estimated to exceed supply by a third, with the result being that house prices and rents have soared by as much as 80 per cent in 12 months. |
Re: Dubai Property Crash
Originally Posted by bimcnorth
(Post 7378853)
But we have heard that the streets are paved with Gold in Dubai and you can pick up free cars outside the airport?
There were only ever 11 cars and with 60,000 new arrivals in February alone they have all gone now....sorry :( Awfully crowded here at the moment as you can imagine...best stay in AD :p |
Re: Dubai Property Crash
Originally Posted by bimcnorth
(Post 7382470)
ABU DHABI // More than 50,000 homes will be built for Emiratis over the next 20 years, the Abu Dhabi Urban Planning Council (UPC) said yesterday.
Tens of thousands of Emiratis have applied for government housing and the waiting list is up to five years long, so the announcement was warmly welcomed and heralds much needed relief to a housing crisis that has resulted in spectacular rent increases and forced many people to commute from cheaper areas, such as Buraimi in Oman. About 30,000 houses will be constructed in Abu Dhabi and 20,000 in Al Ain at an initial cost of Dh25 billion (US$6.8bn) in the first three years. Both cities suffer from an acute shortage of housing, with demand estimated to exceed supply by a third, with the result being that house prices and rents have soared by as much as 80 per cent in 12 months. Personally I don't see rents rising in Abu Dhabi, I see them levelling off or even going down slightly. A.D. has been affected by the downturn (far more than people some on here seem to realise) so there are many going home and less new businesses coming out here. For the British companies looking to set up in Abu Dhabi the 25% decline in GBP vs AED hasn't made things any easier. Typically a company setting up here is now looking at £250k+ to set up the smallest of operations once you factor in staff salaries for two, sponsors fee, a year's accomodation and a year's office space. That's a lot for any business to swallow in the current climate..... |
Re: Dubai Property Crash
Defeatist talk - let me check the new gudelines for behaviour and cultural norms... :frown:
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