Dubai among worst hit property markets in the world
Dubai real estate was the 9 worst performing market in the world last year, according to a new report by Knight Frank. However, the results of a survey of the 50 biggest property markets in the world also show the rate of decline in Dubai has began to slow.
Reported in Arabian Business, Dubai prices have declined 49.7 percent overall since the peak in the third quarter of 2008.
Last month, a survey of local analysts by Arabian Business found house prices in Dubai’s battered real estate market will slide a further 15 percent by the end of the year.
Categories: Business in Dubai, Living in Dubai Tags: Real Estate
House prices in Dubai approaching bottom
Real estate prices in Dubai’s battered property market are bottoming out more than two years after the financial crisis sparked a slump that devastated values, an analyst has said.
Fifteen months on from the Dubai World debt crisis, which saw the state-owned conglomerate seek to alter terms on $24.9bn of debt, investor appetite is picking up, said Saeed Hashmi.
“We’re now a year on from the whole Dubai World situation. We’ve moved on, mature markets have stabilised again. Declines are slowing down, we’re getting close to the bottom of the market,” the head of valuation and advisory at Landmark Advisory said.
Categories: Business in Dubai, Living in Dubai Tags: Dubai World, Landmark Advisory, Real Estate
Six Month Realty Visa For Property Owners in Dubai
Well, the game of rule popping goes on for investors who bought “free hold” properties in UAE, thinking they have got residency permit of 25 years. When builders, developers and real estate agents were conning investors government was looking the other way. It suddenly woke up from slumber and started (and modifying) one law after the other for “transparent” real estate transactions.
The newly announced multiple-entry visas for property owners can be renewed as soon as they leave the country, contradicting the earlier official claim that to become eligible to renew the visa, property owners should leave the UAE for at least a month.
Categories: Living in Dubai Tags: Real Estate, Realty Visa, Visa
List of Cancelled / On Hold Real Estate Projects in Dubai
Here is a list of cancelled / on hold real estate projects in Dubai. The developers include Nakheel, Tatweer, Meydan, Tameer, Sama Dubai and Damac amongst others.
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Villa prices in Dubai fall by 45% amid real estate slump
Villa prices at Jumeirah Park and Jumeirah Islands, Nakheel’s exclusive residential developments in Dubai, have plunged up to 45 percent in the last four months.
Brokers across the UAE said speculators were desperately scrambling to off-load property before prices fell further.
Imran Aslam, agent at Dubai-based property broker AAA said completed three to four bedroom villas on Jumeirah Islands were now on the market for as low as six million dirhams, down from 10.5 million dirhams four months ago.
“It’s a big difference now. Investors are quickly reducing prices. They are also finding they have got too many [properties], so they want to sell. At the moment there is no stable price in the market.”
Categories: Living in Dubai Tags: Jumeirah Islands, Jumeirah Park, Nakheel, Real Estate, Recession
Property and Real Estate Companies Cutting Jobs in Dubai
Dubai has felt the heat of global recession and at least property and real estate sectors are already in downsizing mode.
Nakheel, Dubai’s real estate master developer, made 500 people (or 15 per cent of its global workforce) redundant while scaling back projects.
This is the second biggest confirmed job cut in the UAE so far, and comes after two developers, Damac and Omniyat confirmed a total of 269 – 200 by Damac and 69 by Omniyat.
All other major developers have earlier said they are revising headcount downwards, as business activities in Dubai’s real estate has come close to a near halt.
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House prices in Dubai approaching bottomCategories: Business in Dubai Tags: Damac, Jobs, Nakheel, Omniyat, Property, Real Estate