UAE house prices seen falling further 15-20%
Jun 11th 2009, 8:51 am
#1
Forum Regular
Thread Starter
Joined: May 2009
Posts: 61
UAE house prices seen falling further 15-20%
Property prices in the UAE will fall another 15-20 percent and won’t bottom out until the end of the year....
http://www.arabianbusiness.com/558486
http://www.arabianbusiness.com/558486
Jun 11th 2009, 8:53 am
#2
Go on.. Pull my finger..
Joined: Jul 2008
Location: Dubai
Posts: 5,726
Re: UAE house prices seen falling further 15-20%
Property prices in the UAE will fall another 15-20 percent and won’t bottom out until the end of the year....
http://www.arabianbusiness.com/558486
http://www.arabianbusiness.com/558486
Jun 11th 2009, 9:15 am
#3
BE Forum Addict
Joined: Aug 2007
Posts: 3,287
Re: UAE house prices seen falling further 15-20%
when the arse has completely fallen out of an emperors no clothes market, I would say the bottom is a long way away.
Loads of real estate is finally coming to completion in Dubai after being held back for 2 or 3 years. Rents and sales prices next year will do another huge dive as landlords and owners compete to get anything for the vast swathe of empty properties.
Loads of real estate is finally coming to completion in Dubai after being held back for 2 or 3 years. Rents and sales prices next year will do another huge dive as landlords and owners compete to get anything for the vast swathe of empty properties.
Jun 11th 2009, 9:22 am
#4
Go on.. Pull my finger..
Joined: Jul 2008
Location: Dubai
Posts: 5,726
Re: UAE house prices seen falling further 15-20%
when the arse has completely fallen out of an emperors no clothes market, I would say the bottom is a long way away.
Loads of real estate is finally coming to completion in Dubai after being held back for 2 or 3 years. Rents and sales prices next year will do another huge dive as landlords and owners compete to get anything for the vast swathe of empty properties.
Loads of real estate is finally coming to completion in Dubai after being held back for 2 or 3 years. Rents and sales prices next year will do another huge dive as landlords and owners compete to get anything for the vast swathe of empty properties.
Jun 11th 2009, 9:51 am
#5
**** it we'll do it live
Joined: Oct 2004
Location: Dubai
Posts: 7,892
Re: UAE house prices seen falling further 15-20%
admon i'm not even sure that the emperor has been told hes butt naked yet!
Jun 11th 2009, 9:55 am
#6
If I have to explain...
Joined: Sep 2008
Location: Where ever the road takes me
Posts: 3,999
Jun 11th 2009, 12:02 pm
#7
banned
Joined: Oct 2008
Posts: 7,611
Re: UAE house prices seen falling further 15-20%
Property prices in the UAE will fall another 15-20 percent and won’t bottom out until the end of the year....
http://www.arabianbusiness.com/558486
http://www.arabianbusiness.com/558486
hahahahahahhahahahahahhaha
should have sold...
Jun 12th 2009, 5:57 am
#9
Joined: May 2007
Posts: 317
Re: UAE house prices seen falling further 15-20%
... i am a property owner ... i live in my apartment ... my basis is that over the next 10 years i'll be repaying my property at 135,000 / year ... at any value at that time I'll have that value ... at the same time you'll be paying your rent to someone else basically wasting AED 1,35 million (let alone those who pay more and stay longer). so how do you see yourself laughing and better off than a property owner?
indeed ... i MAY lose my money ... but you have signed in advance to lose yours and you consider that clever ... what am i missing there?
indeed ... i MAY lose my money ... but you have signed in advance to lose yours and you consider that clever ... what am i missing there?
Last edited by diablo; Jun 12th 2009 at 6:23 am.
Jun 12th 2009, 7:12 am
#10
Account Closed
Joined: Oct 2008
Posts: 2,502
Re: UAE house prices seen falling further 15-20%
Naw dude. I have a thing called a housing allowance. I made sure before coming out here that my base income paid the mortgage back home as well.
I was briefly tempted to buy something a year ago, but thank god I didn't.
I was briefly tempted to buy something a year ago, but thank god I didn't.
... i am a property owner ... i live in my apartment ... my basis is that over the next 10 years i'll be repaying my property at 135,000 / year ... at any value at that time I'll have that value ... at the same time you'll be paying your rent to someone else basically wasting AED 1,35 million (let alone those who pay more and stay longer). so how do you see yourself laughing and better off than a property owner?
indeed ... i MAY lose my money ... but you have signed in advance to lose yours and you consider that clever ... what am i missing there?
indeed ... i MAY lose my money ... but you have signed in advance to lose yours and you consider that clever ... what am i missing there?
Jun 12th 2009, 7:20 am
#11
A bubbly-jock...
Joined: Mar 2005
Location: Teneriffe
Posts: 6,262
Re: UAE house prices seen falling further 15-20%
Property prices in the UAE will fall another 15-20 percent and won’t bottom out until the end of the year....
http://www.arabianbusiness.com/558486
http://www.arabianbusiness.com/558486
Jun 12th 2009, 7:48 am
#12
Joined: May 2007
Posts: 317
Re: UAE house prices seen falling further 15-20%
but you could have rented the house back home so the mortgage (or part of it) is paid by the tennants there and buy here that would be paid by your allowance. you're calling it a housing allowance as it's someone elses' money so they are paying it for you??? it's your money dude and with the right contract you can use that allowance for your apartment?
and you know ... it might be too early for thanking God for not buying one
Last edited by diablo; Jun 12th 2009 at 7:52 am.
Jun 13th 2009, 9:04 am
#13
ex-expat
Joined: Nov 2008
Location: in front of my computer - in sunny Sussex!
Posts: 2,162
Re: UAE house prices seen falling further 15-20%
yeah - haha - after 10 years of paying high mortage repayments (considering that rents are now generally below repayments on peak sales prices), hoping that you (general "you") continue to have a job and that you want to stay in Dubai for 10 years... you'll have a 10 year-old property in a Dubai development that already looks the worse for wear - and it isn't even finished yet!
I will watch how Dubai ages with the utmost interest. For JBR in particular, I could well imagine maintenance charges rocketting again in 5-10 years' time in order to cover necessary refurb costs.
I just don't think the "at the end of the mortgage term, at least I have a property" argument holds water in Dubai - they cannot possibly hold their value over such lengths of time, just in terms of built quality and quantity of new properties coming on the market. Just look at what's currently more desirable - a 10 year old apartment along SZR or a new-build in the Marina?
I will watch how Dubai ages with the utmost interest. For JBR in particular, I could well imagine maintenance charges rocketting again in 5-10 years' time in order to cover necessary refurb costs.
I just don't think the "at the end of the mortgage term, at least I have a property" argument holds water in Dubai - they cannot possibly hold their value over such lengths of time, just in terms of built quality and quantity of new properties coming on the market. Just look at what's currently more desirable - a 10 year old apartment along SZR or a new-build in the Marina?
Jun 13th 2009, 9:56 am
#14
Viva la revolucion..
Joined: Jul 2007
Location: Dubai / NY
Posts: 691
Re: UAE house prices seen falling further 15-20%
Doesnt it effect everyone? If a major chunk of the economy is R.E. driven, and that crashes.. everyone suffers.. so I guess I wouldnt be too excited about all this.. even if I were a tenant somewhere....
Last edited by zamboooka; Jun 13th 2009 at 10:02 am.
Jun 13th 2009, 10:07 am
#15
Account Closed
Joined: Oct 2008
Posts: 2,502
Re: UAE house prices seen falling further 15-20%
I have a tenant for my DC apartment and the rent covers the mortage and utilities costs. Rather a good thing since I did have to take a pay cut.
I live in a weird country with a weird real estate market. I know better than to play games with large sums of money in Dubai. I'm content to use the housing allowance for rent.
It's certainly the case that people who bought in 2008 and probably even 2007 are paying more in mortgage fees than the rent on a similar property. Plus they don't have to worry about declining price values, skyrocking maintenance charges, finding tenants in a dwindling market.
I live in a weird country with a weird real estate market. I know better than to play games with large sums of money in Dubai. I'm content to use the housing allowance for rent.
It's certainly the case that people who bought in 2008 and probably even 2007 are paying more in mortgage fees than the rent on a similar property. Plus they don't have to worry about declining price values, skyrocking maintenance charges, finding tenants in a dwindling market.
... I have that thing called a housing allowance too - which pays my house back home and an apartment here and tennants which pay my other apartments ...
but you could have rented the house back home so the mortgage (or part of it) is paid by the tennants there and buy here that would be paid by your allowance. you're calling it a housing allowance as it's someone elses' money so they are paying it for you??? it's your money dude and with the right contract you can use that allowance for your apartment?
and you know ... it might be too early for thanking God for not buying one
but you could have rented the house back home so the mortgage (or part of it) is paid by the tennants there and buy here that would be paid by your allowance. you're calling it a housing allowance as it's someone elses' money so they are paying it for you??? it's your money dude and with the right contract you can use that allowance for your apartment?
and you know ... it might be too early for thanking God for not buying one