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$95bn Satwa redevelopment delayed
by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 1 December 2008
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Results 1 to 6 of 6
Posted on Monday, 1 December 2008
rents are going down
Posted by michaelz at 23:32 UAE time
rents WILL go down with the property market. as home owners struggle to sell, they will be forced to rent. this combined with all of the supply entering the market in Q1 and Q2, rents will go down.
that being said, people are going to start being vacuumed out of dubai with the faltering economy (creating more vacancies). hence, considering the global economic crisis, just hope you have a job to be able to pay rent.
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Satwa Redevelopment
Posted by mark groundsell at 21:09 UAE time
You suggest Jumeira Gardens will stretch 150kms south of Shk Zayed Road. That would take you well into Abu Dhabi. I don't think even Meraas are planning to go so far.
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impact on rents
Posted by Monty at 15:01 UAE time
Lee asks about the impact on rents.
My take is that all the tens of thousands of people who would have built these projects need somewhere to live. The people who ran the restaurants to feed them, sold them cars, etc... they would need places to live too. Now none of these people will even be in Dubai.
Of the tens of thousands of people who have been involved in construction here, significant numbers are losing their jobs. The same in real estate, and now banking. They will go home, their apartments and villas will be empty. And there is new supply being finished all the time.
I'd guess rents will start falling drastically pretty soon - if they aren't falling already.
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Protect Satwa
Posted by Hazel Gordon at 12:26 UAE time
As its foundation, it was really shameful evicting people from their homes and razing out many still new villas in Satwa and changing lives of thousands in a very brainless plan caused by mere greed. Satwa was one of the best liveliest place in Dubai and should be reserved and protected as a historic, remarkable place to visit by the world tourists and illustrate the two old and new faces of Dubai . Don't turn Satwa to a graveyard of Dubai true culture. Who do you want to impress? Which city in the world is alive without its older sites. Putting on hold of this unrealistic plan is the best thing came out of the recession. Hope they cancel it completely and think of development on infrastructure, transport, energy saving,.... others most important elements of development and not ruining what was beautifully built through years.
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Impact on Dubai Rent?
Posted by Lee at 10:02 UAE time
All the announcements regarding delays are for high-end projects like Trump Tower, Palm Jumeirah villas, Jumeirah Gardens, etc. None of these would be completed for a few years at least. I would like the pundits to chime in on the rent situation in Dubai and whether any of these high end project delays will have a positive, negative, or no impact on Dubai rental rates in the coming years??
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Satwa plans on hold
Posted by Alan Walton at 09:50 UAE time
Shame about the people who were evicted, or the affordable housing that's been bulldozed and will sit as rubble for a few years, then.
Satwa was already a city within a city - it was just a city for working people, rather than for the rich and feckless speculators. Still, there's always Ajman.
Oh, wait...
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