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Dubai rental costs fall by a third in two months - agents
by This email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 3 February 2009Posted on Tuesday, 24 February 2009
Rents -
Posted by DeltaSly at 14:38 UAE time
An old compound in Jebel Ali by the churches.
Nice but old.
Three existing tenants paying 103k, 108k and 145k respectively.
Villa opens up - asking rent Feb 2009?
280k !!!!!
No bargaining, no budging.
Rents falling? Yeah right...
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Posted on Saturday, 21 February 2009
It is a mutual business
Posted by Shiva Krishna Durga at 23:22 UAE time
Just to comment on Victoria Sinclaire notes, Indian did not built Dubai, Dubai was built and still being built by UAE national and international business enterprises. Dubai is sourcing man power from all over the world and it is a pure mutual business. Do you want me to use your argument and say the money of the GCC which built India?
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Posted on Friday, 20 February 2009
Rent decreased
Posted by Praising Good Landlords at 13:30 UAE time
My sister's landlord has decreased her rent by 7%. There are some real nice landlords. And their 3 bedroom now only costs 54K in warqa while rera states in their index as 150K. Its owned by a very religious person and he conducts business Islamic way. The building is kept neat and clean every day twice, mornign and eve, quick maintenance on call, 3 shifts of security in front and back of the building.
There are good landlords, the rest just needs to learn from them.
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Posted on Thursday, 19 February 2009
This is Dubai. Take it or leave it
Posted by justme at 18:25 UAE time
I would agree with property guru. Most of the people are cribbing about the way things are in dubai. Nobody sees the oppurtunity Dubai had given to so many people and iam sure millions of people made amazing amount of money in dubai. The current recession is not just effecting Dubai but the rest of the world and the only way to get out of the recession is to be positive and stop cribbing for just about everything. every dark cloud has a silver lining. its an old saying but make sense. Get positive guys, we can turn around this recession and munch the crunch.
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Posted on Tuesday, 17 February 2009
Other ways of increasing rent
Posted by Beaten man at 12:54 UAE time
Well, my landlord has devised another way of earning and that is thru the car parking spaces, I received a letter yesterday evening that since we have less car parking spapces (Amen to that) he would be giving the car part to the highest bidded and the bid starts from 5,00 AED (my god) what a unique way of getting money.
I want to ask the authorities one question
If its a law that there cannot be an increase upto a certain percentage (whatever is the workout) why is it that there are no fines and sentences for landlord that break the law, isint that a crime?
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Posted on Thursday, 12 February 2009
Property
Posted by Victoria Sinclaire at 02:15 UAE time
Well we all told you the bubble will burst one day and it has. Every single one of those greedy people lining up to register for a new villa or apartment. Who is paying for it now!!
You cannot rely on tourists to put money into a country where they do not give you any status. Even the local people cannot afford to live there. Have you been to some parts of Satwa check it out. There are people who came to live in Dubai when they were children and STILL they do not have passports to the country just PAPERS. Did you see how quickly the buildings were built !! who built it INDIANS you did'nt see any local men working there. These poor indians had to be there 24/7 in the blazing sun and there was so many deaths. Men falling from the building due to the heat and there living conditions. Dubai is an Islamic Country and this is how the poor are treated. I could go on but they know what has happened and who is suffering now?
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Posted on Sunday, 8 February 2009
RE. Property Guru
Posted by SR at 19:08 UAE time
Whether in India, UK, Dubai or elsewhere in the world, whether with incentives or not; no body is making property for charity. I think the best incentive for a landlord is there being no direct income tax, otherwise their rental income as well as capital gains would be taxed haywire! The incentive in the form of tax rebate on interest would be negligible.
If you want to find an excuse for exorbitant prices in Dubai, really need a better one!!
Agreed that the fact you don't get citizenship, civil rights is part of the risk one takes and need to be priced in.
Either you take 7-10% on fixed deposit; capital is guaranteed. Or you expect 30-100% (or more) and invest in property; but neither return /capital is not guaranteed! Take it or leave it!!
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Ground Reality
Posted by Property Guru at 09:29 UAE time
When you are in Rome, behave as romans to. Comparing Dubai rents to any other parts in the world is simply a stupid mistake. Being free from direct tax, there is no incentive that a landlord gets from the government in terms of tax rebates for the money invested in property and deduction for the interest paid on mortgage. In such case, no one is making property for chrarity purpose.
To make the matter worse, the expat property owners don't get citizenship and no other civil rights. So the returns on real estate must be based on any other commercial investment.
If one can get 7-10% by depositing money in fixed deposit, is some one a fool to make a property?
Hi canada, UK or India - This is Dubai. Take it or leave it.
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Posted on Friday, 6 February 2009
The price of Greed
Posted by Dan Banks at 14:33 UAE time
Dubai is a great place to live in but the greed of wanting to get rich quick has come as a wakeup slap back to reality. The obsession to be the longest,highest, tallest, deepest, most luxurious etc. and the fast rate of developing Dubai, shows thestupidity of the people trying to run before they can walk. Abu Dhabi for example is wise and is the backbone in supporting Dubai during the economic crisis. Greedy landlords, tolls - even with Salik, there are still traffic jams which tantamounts to daylight robbery! Now with people rushing out of the UAE and in light of the recession, the authorities should stop charging Salik!
Wake up Dubai! Don't fall down like the proverbial Babylon!
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Posted on Thursday, 5 February 2009
dubai
Posted by bush at 09:19 UAE time
Fall is common during recession.Many people have become jobless and many dubai companies sacked its staff.That is the major reason.
But it is the right time to invest in dubai.
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Posted on Wednesday, 4 February 2009
Down down Rent Go Down
Posted by CheapRentFan at 17:13 UAE time
When I had lived in Toronto in a nice 2 bedroom apartment with kitchen appliances, the tower with facilities such as swim, gym, Jacuzzi, squash, party hall, 247 security and amazingly maintained building in the heart of the town – I was paying monthly Canadian$ 1300 which accounts annually in dirhams AED 47,000.
Even the 70,000 1 Bedroom in International City has got 5% of the quality that I had enjoyed. That's because in Dubai inflatedly, to live in a apartment by yourself is of a high pride because standard of living is absolutely poor. While in other developed countries it is seen as a need which is why they have high standards of living.
Ok, I understand economy and other factors, but 2 bedroom in Dubai is only worth 50K and 1 bedroom for 40K while studios should not be more than 30K... I am talking about average locations.
Don't worry, it will come to this levels, thats when Dubai will become truly Dubai – the city that everyone admired and loved and enjoyed breathing. Not the current Dubai where everyone curses and hates.
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Housing costs are a function of salary levels
Posted by Jean at 13:42 UAE time
In 6-9 months, prices will be more than half of todays. It is a simple equation that works around the world. Accomodation and utilities consume 25-30% of the average salary. So if the AVERAGE salary is 25,000 DHS/Month, accomodation suited to the AVERAGE family say a 2 bedroom Apartment MUST rent in an AVERAGE area (Jumeirah)for 80-90K/year. Of course it cannot be sold for more than the equivalent mortgage amount of 7500DDHS/month so it will be priced at 500,000 DHS selling.
Once these levels are reached and they will be reached then the economy of the UAE will commence its restart cyle.
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Must go down by 80%
Posted by omar at 10:58 UAE time
All these crazy prices MUST and WILL without any doubt fall by 80%. Dubai rental has become more expansive than California or!!! This can NOT be the case. Prices MUST fall by no less than 70% so Dubai can become competitive. Real estate has vanished so Dubai MUST shift stratgegies to previous more sustainable / tangible / productive businesses like trade, manufacturing, commerce, finance, tourism, transit, aviation, etc....150,000 for 2 bedroom in the springs that's 42,000$$, much higher than Los Angeles or San Francisco or.... a 2 bed townhouse (not a villa at all since the garden is very small) MUST not exceed 75,000 (20,000$$).
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Posted on Tuesday, 3 February 2009
Its just matter of time
Posted by Ejaz at 00:10 UAE time
Nobody at official level wants to admit the downfall, but its very much there and evident by the termination of people and the difficulty faced by big organizations not necessarily related to real estate. But its a matter of time when no one will be able to hide it and then things will be back to normal, hopefully Pre-2002.
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Dubai Rentals fall by a third
Posted by Homa Farley at 23:40 UAE time
I quite agree with John B the rent cap is ridiculous it is time is high time s,uch organizations accepted that the rents are falling and that there is no stopping the bursting bubble. Rent prices were and still are ridiculously high.
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