AB Property Survey 2009 results revealed

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Palm Jumeirah, Dubai

Palm Jumeirah, Dubai

Large declines in house prices and rents are expected by home owners and tenants in the Gulf region during 2009, according to the results of the Arabian Business Property Survey.

More than 1,000 people took part in our online poll that sought to get the views of end users living in the region.

Would their opinions match those of the many analysts who have predicted up to 70 percent falls in prices from their peak in the summer of 2008.

Well, we can tell you that 60 percent of respondents told us they expected a decline in home prices of between 30-50 percent.

Of those, 26 percent saw a fall of 50 percent, 15 percent predicted a drop of 40 percent and another 19 percent expected a fall of at least 30 percent.

By contrast, only seven percent of people who took part in our Property Survey said they expected any kind of rise during 2009.

Meanwhile, more than one in 10 respondents said they pay more than 50 percent of their monthly income on their mortgage or rent.

Twelve percent of people who took part in our poll told us they forked out between 51 and 70 percent of their earnings each month to pay for their home.

And the survey also found that 63 percent of respondents expected rents to drop by between 20 and 60 percent in 2009.

Of those, nearly 15 percent expected declines of a whopping 50 percent as the slowdown in the real estate market continues.

Related:

Special Report

AB Property Survey Report 2009

AB Property Survey Report 2009

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Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: John Robertson

We purchased an Appartment 5 years ago off plan and paid all of the instalments on time we asked for our money back 2 years ago as they have still not started building the appartments we are still waithing for the return of our money. We purchased it from an British company who then transfered us to Al Attar and they are the most didhonest company I have had to deal with they just tell us one lie after another as of now we are still waithing for the return of our money I would not deal with another company within the UAE

Posted by: alain morin

it is ridiculous to put such names, is marcel khalifa more powerful than feyrouz, is it Ziad better tha rahbani sons, Marwan, and his sons other people are not even known by the Lebanese, wher is the media like marcel ghanim, or others

Posted by: Abdullah

I'm Saudi, and I don't think Fayez Al Maliki should make any list here. No disrespect, but he's no where near any influencial status, he's not the best saudi actor, he's not very popular. he's the subject of jokes. it's just that MBC and Rotana keeps enforcing him and other nobodys in our Ramadan after breakfast time! he's not the director, he's not the guy behind this (Prince Al-Waleed)...I'm not sure i'd be interested in reading your lists again if the #10 is a nobody!

Posted by: umar farooq

Must be quite inetersting to know the Power 100

Posted by: Sami

I can't deny that I'm a bit surprised with the list... Also surprised that many names are very new to me... But that's a good thing, for then I can search and find out who they are (tried it on some, and it's amazing what people have been achieving)... But 2 quick remarks: - Couldn't but be proud to be Lebanese, seeing that 17 names out of the hundred came out of our small country, which is war torn and has one of the lowest populations... I'm just wondering if all our Middle East finds peace, how much can we all achieve! - One has to still admit that the ratio of men to women is quite high... Although some women made the list, but it's clear that we still live in a society that doesn't give women all the potential to realise themselves... Great work and I have some more searching to do :)

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