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UAE real estate 'up to 50% dearer than Europe'
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 Tuesday, 5 May 2009
UAE real estate
Posted by macca at 13:06 UAE time
Al mal is way out of line to suggest that there is discrimination against Muslims in the west. This is plain and simply wrong. The UK and many other western countries have legislated and enforced that legislation to the extent that we have broken our very core values of freedom of speech to silence those people who would speak against Muslims in and negative way. We protect all religious groups including Muslims, Jews, Hindu etc can that be said of any country in the middle east ? My Jewish friends are not allowed religious freedom in the UAE and they travel in and out in UK passports not their Israeli ones. Real estate varies wildly in the UK. In my home town in the UK north west a 2 bed terrace house can still be bought for AED 250,000 - Burnley Lancashire. Same house in Leeds is AED 1m London is AED 5m.
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Posted on Saturday, 2 May 2009
Al Mal report
Posted by aayu at 14:08 UAE time
This report is a clear indicator how isolated these reports are from the market situations. Indeed all greenhorns are doing this report.
First of all 50% of the property in dubai is not purchased by people living here. Thus nullifying the basis of report.
Secondly, Euopean income should be adjusted for Tax, which will automatically makes it lower by around 30%.
If this is any yardstick then Abu Dhabi with its high Income the property is low priced...Is it a reality?
What about Wealth and property tax.
1.2 Million for 2 BHK is a high average. One can get numerous choices at 900K.
The reason that rental yield (Still in the downturn) are amongst highest amongst the world. A paradox to the report...A heaven for investors.
A majority of properites are second home for many people who are living in countries like Iran, Pakistan, Iraq , CIS and russia where uncertain domestic situation, their ability to purchase and cultural proximity makes a best choice. With all sorts of discrimation against Muslims in western world. What is the best choice to balance ....liftstyle , religion and standard of living...Of course safety and security.
The the second wave of Business class, long resident Indians from UAE. Who have long term interest in Dubai.
Take into account above diaspora you have the critical mass.
what killed the market is gambling tendency...which is certainly at a low ebb now and forever.
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Posted on Thursday, 30 April 2009
Dubai Real estate vs Europe
Posted by Najib Ullah at 02:16 UAE time
I think it wrong to say Dubai real estate is 50% higher than of Europe because if you get a waterfront property in London or Paris or any big euorpean city it will be 3 to 4 times the price of what is in Dubai excluding the palm and villas away from see are now at a reasonable price and offer open spaces etc whilst in europe a studio can cost 800k to a million dirhams in a suburb with no comparison to bright and clean and law and orderly Duabi.
People are trrying to bring Dubai down so same people can buy it cheap nice try dont be fooled hold on Dubai has value......
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Posted on Wednesday, 29 April 2009
Indeed
Posted by Venkat at 09:23 UAE time
I had looked at so many reports in the market published in the past which talks about demand forecasting by dividing the population by an assumed number of average household size and cook demand to their convenience. Believe me, you can get any number of demand you ask for with that model and you can forecast undersupply even in the current scenario, only that now, people are not doing that fearing of verbal shoe throwings...
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Posted on Tuesday, 28 April 2009
At last - a creditable UAE property report
Posted by DAG at 03:17 UAE time
Hat off to Al Mal Capital for pulling the 'big white elephant' out of the closet. At a guess, bearing in mind the "generous 25,000 median income" stated, 70% of the resident population could never afford to buy a home in the UAE, when you add in those who will not buy due to the residency/retirement/overseas commitments issues and the number of Locals who do not need to buy I would put the potential buyers at less than 10% of residents. How do you build a sustainable property market on those figures??
It really makes me wonder who where the financial experts & business planners that advised the developers on the building of all these so call luxury properties? I really hope Al Mal were advising their clients against UAE property purchase from 2007 onwards.
I still think Al Mal Capital's further drop figures are way off the mark, when there are so few end users and long term investors to take up the already available inventories, let alone what is yet to come online, you really have to wonder how far below OP the prices can go - it's still a long way down before the residents can take up the slack.
The only way to help save this market is for the prices to drop further AND to address long term residency / retirement AND for the banks to lend with 90% LTV at reasonable (4-5%) rates AND for the fear of Job losses to come to an end. Those are a lot of major change that I can't see happening any time soon.
DAG.
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UAE real estate
Posted by lakshman Dalpadado at 20:18 UAE time
The most sensible article I have read about real estate demand and supply in UAE
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