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Dubai house prices fell 41% in Q1 - Colliers
by This email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 28 April 2009
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Posted on Wednesday, 29 April 2009
Global impact
Posted by lucyfromjumeirah at 09:47 UAE time
It seems that there are both global and local reasons for the severe drop in prices. I agree with Geriant that local issues, such as job security, too much focus on high-end rather than affordable housing, and mass speculation have driven up prices unsustainably at a local level.
But as a regional hub, with only a small percentage of revenue from oil money, dubai is particularly at the mercy of the global economy. Global finance and trade is down, and this has a big impact on Dubai. I believe that Colliers noted this in the press release, and it seem obvious that if the global economy and oil revenues recover, then Dubai will be in a much better position to then deal with the local issues it faces.
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Posted on Tuesday, 28 April 2009
fall in property prices
Posted by m a gehani at 21:17 UAE time
are they cuckoo it must be 91%
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Fall in real estate Prices
Posted by Madjedi at 17:32 UAE time
I fully agree with Mr Geriant comments
The bubble has burst and the market is looking for a floor
However, taking the developer side and not providing basic protection to buyers as RERA is doing will not retore buyer's confidence and I do not see a floor yet
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Its the fundamentals, my dear Watson
Posted by Geriant at 15:12 UAE time
“Without any support from previous quarters Q1 2009 clearly represents the impact of the global crisis on the real estate market,” the report said.
Do the learned researchers at Colliers actually believe the collapse of Dubai property has anything whatsoever to do with the global crisis? They are daft to state such inaccuracies and besmirch their company's good name. Dubai property has collapsed in spite of the global crisis, and anyone with half a brain knows and admits that. Blaming the global crisis for the failure, completely, of Dubai property is like saying the windows at Burj Dubai are dirty because of the desert winds. Talk about fundamentals not being sound and an industry run by fundaments,
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Touch ans see the construction..
Posted by Raju at 14:22 UAE time
It would only be wise to seewith your own eyes, touch and feel the quality of the construction ( the property) you are promised, invested your hardearned money... most of it is worth 30%-40% of the value it is offered... Go inside the buildings and touch the floor and walls and learn for yourself...
It can only get real and one needs to wait...
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Dubai house prices fell 41% in Q1 - Colliers
Posted by Madhulal Bhatia at 13:36 UAE time
It is really very difficult for the genenine investors who invested their hard earned money in real estate during peak time and now they are facing the problems of such big fall. The poor investors sentiments are true. The developers who have not yet started their projects must compensate the investors. The authorities should think about it peacefully and come up with some amicable solution so that investors interest is revived otherwsie this sector will never come back again to the peak!
Good luck.
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Wait Until June
Posted by Zia at 10:46 UAE time
Folks dont be in a hurry to buy property build on sand. Just wait till mid of summer you will get 1 BHK for rent in Downtown Burj Dubai for AED 65K
So hold on to your pockets
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