darlingbuds

Did anyone notice the price hike in properties in Dubai in the last 3 months? We have been trying to rent a 2 bed in Marina or Palm and already 4 times just before the tennancy signed the owner pulls out and either increases the price or puts the app for sale? Its almoust impossible to find a 2 bed F type on the Palm for 130 now. Only few moths ago they were goinf ofr 110K!
Please share your views

auzdafluff

There's been a couple of reports out that we've hit the bottom. Unfortunately, a combination of greedy estate agents, and foolish owners is likely to cause the market to crash again.

I don't for one second think we've hit the bottom. I refuse to believe that occupancy rates are anywhere near as high as what landlords and estate agents would like to have us believe. You only have to look at the dark towers in the marina to see that.

Millhouse

Wait until the war in Sept

mission

The Palm is so overrated - a colleague of mine lives there (and purely so that he can go around 'bragging' that he lives on the palm ) and the number of issues he's had with his apartment is truly hilarious - Nakheel definitely screwed up on those developments.

In the Marina, near where i live, there's a new building thats just become available, its called Orra (I think) - it looks pretty snazzy from the outside with tennis courts and all....anyway, out of curiosity i rang asking them how much a 2 bed, over looking the marina would cost and they said aprts start at AED 115k, which i thought was pretty steep. Considering there are so many vacant aprts about.

Meow

Are we talking property prices or rents here? Seems to be both.

jackthehat

Another 'Orra Story?'

Millhouse

In theory they should go hand in hand.

Meow

In theory...

Millhouse

and in practice a lot of the time - with only a small difference in timing...sale prices are up c.10% since the bottom as are the rents.

Even if you look at the 2008 bubble, rents and prices both fell (roughly in line) by 50% since the peak.

norsk

did you find somewhere to live by the way?

Millhouse

Not really - we have agreed I will leave mid august so it's a bit too early to look.