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Discussion Starter · #1 ·
Guys, I think this is the best place to start a thread on this - the Dubai property market. You hear stories that it is suffering, other stories that it is holding up, more stories that westerners are deserting the place and returning home. I would be really curious to know from anyone in Dubai (especially anyone in the real estate game) what the property market is like. Is it still buoyant? Are agents making sales? Are agents registering people and are their still investors buying up. Obviously a few projects have been stalled but I may be considering a move from the UK and really need to information gather so I can make an informed decision on Dubai.
 

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Discussion Starter · #2 ·
Ah well, I gave it a couple of days. Since no one has anything to say about the Dubai market, it is making me think to stay at home and sell houses in London instead :)
 

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Hi,

I work in Dubai in Real Estate, and although the market is flooded with overpriced properties, I can honestly say I am flat out at the moment. Lots of serious cash and finance buyers are purchasing property over here from a complete mixture of countries.

There is lots of speculation that the market is dead, and yes, you are right that a lot of Westerners are fleeing the country after their jobs or contracts have come to a close, but there is a happy influx of people moving here still.

The laws have changed somewhat, in the respect that RERA ( REAL ESTATE REGULATORY AGENCY ) has clamped down on restrictions and licensing. No more taxi drivers becoming Estate Agents !! That said, there are still some shocking companies out there trying their hand at it, but failing badly !!

As much as we have definitely come out of the bad times over here, banks are giving 80% loan to value on mortgages at good rates, encouraging people to get out of rented and buy. People generally have more confidence in the Property Market. Its is sad though meeting people who bought in 2008 and are selling at a 1/4 of what they bought for, hard for anyone to swallow.

All in all, as a Real Estate Broker for the English firm Allsopp & Allsopp, you put in what you get out, the same with anything in life, and I could not be busier, or happier !!

Please call for info and advice further - GEORGE G C HILLS MNAEA +971 (0)56 149 1921 [email protected]
 

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Boom coming in next two years – Sheikh Maktoum

Ed Attwood

22 September 2010



BOOM TIME: Sheikh Maktoum Hasher Al Maktoum, CEO of Al Fajer Properties, speaking at the CEO awards in Dubai. (ITP Images)

Companies in Dubai need to prepare now for a boom that will be coming in the next two years, one of the emirate’s leading business personalities has warned.

“My prediction is that in the next 24 months there is a boom coming that will take everyone by surprise. Those best positioned to take advantage of this boom will be the companies that remain, survive, innovate and improve,” Sheikh Maktoum Hasher Al Maktoum, CEO of Al Fajer Properties, told the audience at the CEO Middle East Awards, held in Dubai.

“We’ve had our hiccups, but what I see is that transparency has improved, we don’t have any more black boxes and the fundamentals of investment have come back, even though bankers are more conservative at the moment.”

As one of the observers who predicted the real estate slide three years ago, Sheikh Maktoum described Dubai as ‘a small cup’ which was easily emptied, but also easily refilled.

“In 2007, when I said that the market could correct by 50 percent, this is when I decided to enter into real estate. People make money when the prices are low, not when the price is already high,” the sheikh added.

The Al Fajer CEO also revealed that the government had been working hard on a ‘marketing platform’ to restore the image of Dubai and reassert the emirate’s presence in the Middle East.

“Legislation has been brought in to encourage immigration and investment in the UAE and you are going to see boards being formed to consolidate all the free zones under very similar management. There will be more working together which will be positive for everybody.”

Sheikh Maktoum said that the recent fall in property prices had resulted in a powerful incentive for foreign firms to come and base their businesses in the UAE.

“Right now the prices here are about $200 a square foot, which equates to about a year and a half to two years rent in the UK. So for two years rent, if you’re a hedge fund or a consulting firm, it makes sense to move here,” he claimed.

In addition, the sheikh said that Dubai’s infrastructure – roads, power and free zones – ensured that the emirate would attract leading businessmen wishing to operate in the emerging markets.

He also stated that while Dubai had suffered from some downside risks during the worldwide recession, the investments the emirate had made in terms of infrastructure were clearly visible.

“If you look at other countries like Ireland that are having difficulties, it is very hard for them to say where the money was spent,” Sheikh Maktoum said.

http://www.arabianbusiness.com/597629-boom-coming-in-next-two-years--sheikh-maktoum
 

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Dubai economy up 2.3% in first six months of 2010

Figures from statistics centre puts real estate contribution to economy at 11%

Mohammed Al Sadafi

Wednesday, November 24, 2010



Dubai's economy grew by 2.3 per cent in the first six months of 2010. (AP)

Dubai's economy grew by 2.3 per cent in the first six months of 2010 according to numbers shared exclusively with this website by Arif Obaid Al Muhairi, Executive Director of the Statistics Centre of Dubai.

Speaking to this website Muhairi said, “The sectors of manufacturing, transport, logistics, services, wholesale and retail trade, hotels, restaurants and government services achieved positive growth and contributed significantly to enhance the economy of the emirate.”

Al Muhairi added, “The ability of the economy of Dubai to overcome influences of the global financial crisis and achieve this growth, is a testament to the strength of Dubai's economy.”

Speaking about the real estate sector he said, “This sector was influenced by the global financial crisis which led to a decline in its contribution to the emirate's economy - from 17 per cent in 2008 to 14 per cent in 2009, and now to 11 per cent in the first half of 2010.”

He added, “The decline in rents, which is stimulating re-growth and demand for real estate in the foreseeable future, will positively affect the real estate sector.”

http://www.emirates247.com/business...-first-six-months-of-2010-2010-11-24-1.320568
 

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CNBC anchor says US coverage of Dubai World downturn 'simplistic'


Erin Burnett, the business anchor at the US cable news channel CNBC, interviews Hamad Buamim, the director general of the Dubai Chamber of Commerce, during her evening broadcast this month near the Dubai Mall fountain. Jeff Topping / The National


The US media's coverage of the financial downturn in Dubai was "simplistic", says Erin Burnett, the business anchor at the US cable news channel CNBC.

A lack of understanding of the business culture, "hyperbolic" headlines and a lack of nuance defined much of the coverage of last year's Dubai World debt standstill, Ms Burnett said on a recent trip to the UAE.

"I would say it's simplistic. There's no ill intent … Some of the headlines have been a little bit 'it's over', or 'it's not over'. And what we [at CNBC] have tried to do is provide nuance," she said.

"I think the US media tried to do a fair job. I think sometimes headlines got a little bit hyperbolic. I think that could be a fair criticism. That happened in the US media with a lot of things about the crisis. I'm sure Greece could have had a similar set of complaints … So I don't think it was Dubai-specific."

Ms Burnett, who anchors the Street Signs show and co-anchors Squawk on the Street, as well as contributing to other programmes, previously made a one-hour documentary about Dubai called City of Money and Mystery.

She was in the UAE during the Dubai World debt announcement last November to report for the TV network and during her most recent visit was working on a show about the debt issue one year on. Mohamed Alabbar, the chairman of Emaar, was among the people she interviewed.

"I have spent a lot of time over the past few years getting to know people [in Dubai]. And I think that helped differentiate our coverage - that when things were happening, we were able to find out what was really happening," said Ms Burnett.

"A lot of people in the US don't really understand pretty simple things about Dubai. People think that Dubai has a lot of oil and even people who do know a lot about it don't necessarily understand who is who."

http://www.thenational.ae/business/...s-coverage-of-dubai-world-downturn-simplistic
 

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Discussion Starter · #7 ·
Hi,

I work in Dubai in Real Estate, and although the market is flooded with overpriced properties, I can honestly say I am flat out at the moment. Lots of serious cash and finance buyers are purchasing property over here from a complete mixture of countries.

There is lots of speculation that the market is dead, and yes, you are right that a lot of Westerners are fleeing the country after their jobs or contracts have come to a close, but there is a happy influx of people moving here still.

The laws have changed somewhat, in the respect that RERA ( REAL ESTATE REGULATORY AGENCY ) has clamped down on restrictions and licensing. No more taxi drivers becoming Estate Agents !! That said, there are still some shocking companies out there trying their hand at it, but failing badly !!

As much as we have definitely come out of the bad times over here, banks are giving 80% loan to value on mortgages at good rates, encouraging people to get out of rented and buy. People generally have more confidence in the Property Market. Its is sad though meeting people who bought in 2008 and are selling at a 1/4 of what they bought for, hard for anyone to swallow.

All in all, as a Real Estate Broker for the English firm Allsopp & Allsopp, you put in what you get out, the same with anything in life, and I could not be busier, or happier !!

Please call for info and advice further - GEORGE G C HILLS MNAEA +971 (0)56 149 1921 [email protected]
That's really useful information, thanks. I have to say, ask me two months ago whether I would ever work in Dubai and I would have said no but right now it almost seems like I'm talking myself into it. I've been speaking to brokers in Dubai quite a lot over the last week - George, are all the brokers over there commission only or would I find a British or other employer that would pay a basic plus commission?
 

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Discussion Starter · #8 ·
Thanks also Dubai is cool. I have to say though, those articles are a bit fluffy and no different to the prophesies we get in the UK about which way the market is going. If Sheik Makhtoum knew which way the market was going, he would be a billionaire. Wait a second... ;)
 

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Hi,

I work in Dubai in Real Estate, and although the market is flooded with overpriced properties, I can honestly say I am flat out at the moment. Lots of serious cash and finance buyers are purchasing property over here from a complete mixture of countries.

There is lots of speculation that the market is dead, and yes, you are right that a lot of Westerners are fleeing the country after their jobs or contracts have come to a close, but there is a happy influx of people moving here still.

The laws have changed somewhat, in the respect that RERA ( REAL ESTATE REGULATORY AGENCY ) has clamped down on restrictions and licensing. No more taxi drivers becoming Estate Agents !! That said, there are still some shocking companies out there trying their hand at it, but failing badly !!

As much as we have definitely come out of the bad times over here, banks are giving 80% loan to value on mortgages at good rates, encouraging people to get out of rented and buy. People generally have more confidence in the Property Market. Its is sad though meeting people who bought in 2008 and are selling at a 1/4 of what they bought for, hard for anyone to swallow.

All in all, as a Real Estate Broker for the English firm Allsopp & Allsopp, you put in what you get out, the same with anything in life, and I could not be busier, or happier !!

Please call for info and advice further - GEORGE G C HILLS MNAEA +971 (0)56 149 1921 [email protected]
how much would a 2 double bedroom apartment cost in jumiera lake towers or dubai marina, im looking one with a nice big lounge and balcony.
 
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