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Old July 17th, 2019, 03:12 PM   #37141
jeetha
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Quote:
Originally Posted by noir-dresses View Post
We're not just witnessing a high outflow of Western high paying white collar guest workers.

We are also seeing huge outflows of Indian migrant workers leaving the UAE, and GCC.

Less people mean less spending power, which doesn't match the over supply glut, and much more to come real estate.

https://m.timesofindia.com/articlesh...campaign=cppst
That sounds very bad, are the streets empty?
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Old July 17th, 2019, 05:35 PM   #37142
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Watch Emaar, et al. launch more off plan projects to combat this problem.
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Old July 17th, 2019, 07:00 PM   #37143
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Quote:
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Watch Emaar, et al. launch more off plan projects to combat this problem.
I can see it now. 500+ meter twin towers as the centrepiece of their own area. The towers will be built to do a little dance every day at noon, get all their energy from side-mounted wind turbines, and also have the world's largest mall at their base. On-site speakers will shout out that the sheik is a really great guy every 15 minutes, so he'll be onboard with the project and make investors think he's backing it with his own money. Scheduled completion by mid-2021.
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Old July 17th, 2019, 07:37 PM   #37144
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Don't in courage them because they've created a diaperload already.
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Old July 17th, 2019, 08:23 PM   #37145
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They don't need encouragement, they are still reckless with the "build it and they will come" model. Unfortunately I think today that model has run its course.
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Old July 17th, 2019, 09:46 PM   #37146
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I think it goes along like this:

The world's tallest twin towers built on the world's largest car garage, The building is to host the world's largest LED display as an emaar logo, using the world's most efficient LED bulbs. The buildings will have 4 Michelin star restaurants, the most in the world with emaar branded dinnerware and cutlery. It will have the world's most expensive hotel and the world's largest pool with the world's largest aquarium that has the world's largest fish. The building is LEED double platinum using the world's most advanced cladding. The twin towers will have their own futuristic state-of-the-art pod transport that will connect to the metro. The pods have been tested on mars and a main tender for the pods is currently being finalized. The main contractor is in final negotiation with the developer and is scheduled to start construction tomorrow. Construction will be finished for the grand opening of expo 2020. the building is the final residential opportunity in downtown*

*the final opportunity as stands by emaar
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Old July 18th, 2019, 02:41 AM   #37147
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Quote:
Originally Posted by noir-dresses View Post
We're not just witnessing a high outflow of Western high paying white collar guest workers.

We are also seeing huge outflows of Indian migrant workers leaving the UAE, and GCC.

Less people mean less spending power, which doesn't match the over supply glut, and much more to come real estate.

https://m.timesofindia.com/articlesh...campaign=cppst
Dubai has lost its charm and companies can't afford to give enormous salaries to Westerners anymore. Sad news keep piling up.
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Old July 18th, 2019, 09:25 AM   #37148
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Quote:
Originally Posted by Kyll.Ing. View Post
Why quote your own post from weeks ago? You made the point clear the first time.
I had just heard that a friend of mine bothered to join the Home Owners Association of a tower he is invested in.

He was written to by the 'board' asking to sign off on the renewal of the Facilities Management contract.

He said shouldn't we get other quotes in (I think standard is 3 quotes) before deciding.

The developer then stepped in and said, doesn't matter your signature not required.

It's all a sham really.

The reason I want to emphasise the point is that it does appear to be a totally INSINCERE superficial offering. I mean Everything.

If Dubai cannot prevent profiteering in something as essential as cooling here, or perhaps it encourages it.... if Dubai is tricking us into a mirage of 1st world accountability, only for investors to be f*cked by outrageous service charges- it throws up enough red flags to tell investors "DO NOT DO IT"
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Old July 18th, 2019, 09:40 AM   #37149
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Quote:
Originally Posted by Kyll.Ing. View Post
I can see it now. 500+ meter twin towers as the centrepiece of their own area. The towers will be built to do a little dance every day at noon, get all their energy from side-mounted wind turbines, and also have the world's largest mall at their base. On-site speakers will shout out that the sheik is a really great guy every 15 minutes, so he'll be onboard with the project and make investors think he's backing it with his own money. Scheduled completion by mid-2021.
The scheduled completion date, BRILLIANT
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Old July 20th, 2019, 12:50 PM   #37150
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Quote:
Originally Posted by noir-dresses View Post
So last year 2018 real estate prices where dropping an average of 1.5 percent average per month.

Now in 2019 we're starting to witness a ten fold increase in falling property prices.

In April 2019 prices dropped 13 plus percent.

In May 2019 prices dropped another 14 plus percent.

In June 2019 prices dropped another 15 plus percent.

This is turning into a pattern, and the worst is yet to come.

https://www.zawya.com/mena/en/busine...SNG_149159971/

Pretty sure you have misread that, I think its states down 15.3% in the year to June which is 1.6% month to month basis?
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Old July 20th, 2019, 12:59 PM   #37151
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Quote:
Originally Posted by FutureViewDxb View Post
I had just heard that a friend of mine bothered to join the Home Owners Association of a tower he is invested in.

He was written to by the 'board' asking to sign off on the renewal of the Facilities Management contract.

He said shouldn't we get other quotes in (I think standard is 3 quotes) before deciding.

The developer then stepped in and said, doesn't matter your signature not required.

It's all a sham really.

The reason I want to emphasise the point is that it does appear to be a totally INSINCERE superficial offering. I mean Everything.

If Dubai cannot prevent profiteering in something as essential as cooling here, or perhaps it encourages it.... if Dubai is tricking us into a mirage of 1st world accountability, only for investors to be f*cked by outrageous service charges- it throws up enough red flags to tell investors "DO NOT DO IT"

How about the fact that RERA insist that each multi-owner building has a homeowners association board with members that must complete all the registration paperwork, and then refuse to grant the owners associations legal status, at least its been that way for the past 4 years
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Old July 20th, 2019, 01:21 PM   #37152
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Quote:
Originally Posted by chefdude View Post
Pretty sure you have misread that, I think its states down 15.3% in the year to June which is 1.6% month to month basis?
Probably, try figuring this out here's their April, and May articles,

https://www.zawya.com/mena/en/story/Dubais_house_prices_plunge_145_in_May_report-SNG_146667149?utm_campaign=magnet&utm_source=article_page&utm_medium=related_articles

https://www.zawya.com/mena/en/business/story/Dubais_house_prices_down_132_in_April-SNG_144638572?utm_campaign=magnet&utm_source=article_page&utm_medium=related_articles
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Old July 20th, 2019, 05:30 PM   #37153
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Quote:
Originally Posted by noir-dresses View Post
Probably, try figuring this out here's their April, and May articles,
April:
Quote:
Month-on-month, the price decline for April was 1.5% compared to 1.7% in March. House prices in the three months up to March were 4.9% lower than in the previous quarter, it said.
This suggests the 13.2% figure is year-on year.

May:
Quote:
House prices across Dubai plunged by 14.5 per cent in May when compared to same period last year, while it fell by 1.5 per cent month-on-month, according to Dubai House Price Index.
This states it outright.

Besides, if the month-on-month price drops had been 15 %, we'd have been looking at a total drop of almost 40 % since March, which would have been a crisis of such a magnitude that it would have got a lot more attention.

That being said, 1.5 % month-on-month isn't good either. It means the same 40% price drop over three years instead, (or prices more than halving every four years) which is still a pretty short time. Granted, it takes a little more for the prices to fall so steadily for so many months in a row, so I don't think we can extrapolate much longer than that.
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Old July 30th, 2019, 01:09 AM   #37154
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Acacia vs Mulberry in Dubai Hills which one is better?
I've similar sales offers in both and size is almost same too.
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Old August 5th, 2019, 08:46 PM   #37155
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Quote:
Originally Posted by noir-dresses View Post
We're not just witnessing a high outflow of Western high paying white collar guest workers.

We are also seeing huge outflows of Indian migrant workers leaving the UAE, and GCC.

Less people mean less spending power, which doesn't match the over supply glut, and much more to come real estate.

https://m.timesofindia.com/articlesh...campaign=cppst
Makes sense why they are leaving: the Indians are seeing an improvement in salaries and standards of living in their home country. Dubai is still an attractive destination for Indians wanting to leave India or ones trying to immigrate to the West, but there is also the issue of not having enough new jobs available for them. The only new ones coming are being hired for construction related to the expo, and even that will slow down next year if the real estate market doesn't pick up again.
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Old August 5th, 2019, 11:36 PM   #37156
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People who did dhs 4000 office jobs are probably not coming anymore.
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Old August 9th, 2019, 05:13 PM   #37157
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This story is 6 weeks old but has some stark realisations as to where the Dubai property market is heading and it's not pleasant

Anyone on the ground there and not looking through rose-tinted glasses could see this unfolding throughout late 2017 and all of 2018

https://www.ameinfo.com/industry/rea...fall-into-2021
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Old August 18th, 2019, 01:03 AM   #37158
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Investment firm to acquire 10,000 holiday homes in Dubai
IBC Group taps Berkshire Hathaway HomeServices to execute transactions worth $5 billion.
https://gulfnews.com/business/proper...bai-1.65825793
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Old August 18th, 2019, 07:06 AM   #37159
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For its project of Marina 101, Sheffield cannot start paying back to the banks, as Sheffield could not start revenue-generating operations, for whatsoever reason.
As per the notice of Bank of Baroda, the banks are already in the market to sell their loan asset, as it is not performing.
The banks have a lien on the Marina 101 (a general provision in loan agreements for the properties), Sheffield cannot sell the property. In a worst-case scenario, the banks could auction it off, if they did not receive any serious Expression of Interest in response to their call, as notified by Bank of Baroda.
The new buyer needs to take both, assets and liabilities.
While there is no confirmed information on the progress post invitation of the EOI, I understand that the above scenario could be a path leading to change of the developer.
Let us keep our fingers crossed and wait for the developments in this direction.
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Old August 19th, 2019, 01:48 AM   #37160
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Investment firm to acquire 10,000 holiday homes in Dubai
IBC Group taps Berkshire Hathaway HomeServices to execute transactions worth $5 billion.
https://gulfnews.com/business/proper...bai-1.65825793
Is it related to the news a few months ago that Buffett is investing in Dubai RE?
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