andrewpops

Saw this in gulf news today:-

http://www.gulfnews.com/nation/Housi.../10166961.html

The best bit - Property consultant and director of Global Hills, Diana Stebbins, says, "The solution will be found in 2009 when people can buy and move into accommodation."

Obviously not learnt from Dubai then....

Norm_uk

They have learnt something from Dubai...create big demand and increase the rents so people are paying more than GBP 800 a month just for a room - with an attached bathroom if they are lucky.

The landlords are the winners everytime...and by 2009 the supply will probably only barely keep up with demand.

N.

Meow

I will be one of those landlords. *smug face*

I have been saying for the past 6 months, that if you want to buy in order to make money, then Abu Dhabi is the place right now.

Eeyore

That rather presupposes that companies are going to keep ratcheting up salaries and perks to keep Western expats (the only people who can afford to pay those prices) coming here. I don't think they will. The UAE's supposed to be a cheap place for companies to do business, after all.

Norm_uk

Many western expats are also struggling to pay rents now. Yesterday I was shocked to hear a friend is sharing a three bedroom apartment at the Marina which costs them all AED180,000.

Twenty three thousand pounds for three rooms and they have to pay one check in advance. I don't recall London being this expensive unless you want to live someone VERY nice....(and the Marina isn't so great really let's be honest).

Companies are looking seriously at Doha and Bahrain for the simple reason that they are now paying middle management employees the same housing allowance they paid their directors four years ago. The UAE (well Dubai) is no longer cheap, it's just cheaper in some places for some people.

N.

niddy

Meow. I just got here last week and would like to look into buying something because I will likely be here for some time. Do you have any advice because I am assuming you have done your research and have settled on a place. Please, if you or anyone else can, e-mail me at [email protected]. Cheers!

Eeyore

That's what I don't understand about all the predictions - generally only from property owners, it has to be said - that rents and property values can only continue to rise.

Rents can only rise if tenants can afford to pay. Put plainly, how *are* tenants going to afford to pay? Do the property owners predict massive salary hikes all round in order to allow rents to rise significantly beyond their current levels? If that's what they're assuming will happen, I'd have to conclude that they're living on a different planet.

I'd say that rents are pretty much at their ceiling for a great many western expats - either the straightforward ceiling of affordability, or the ceiling at which they decide it's not worth their while staying should they rise any further.

expat.brat

You're a mod?? God help us all..

Eeyore

Correction - God help you.

IndieG

LOL congratulations - hope you have been bribed with some dubai property in exchange - fair is fair

Confucius

What!!! We're screwed...Royalement, if I might add...