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Everyone’s talking nonsense
by This email address is being protected from spam bots, you need Javascript enabled to view it on Thursday, 11 June 2009Posted on Friday, 31 July 2009
Liars ??
Posted by Amused at 06:19 UAE time
Not only do the Sellers Lie, The agents Lie to squeeze as much as they can.
The whole market has been driven by Lies and Greed.
RERA is supposedly putting measures in place to counter this but how effective are they ? When the agent, Seller & Buyer lie so that they can reduce Transfer Payments and other Government fees.
Demand and Supply statistics are NOT realistic. You only have to look at the levels of sublet and Multiple owner?investors out in the market.
Good luck with all the corruption scandals, Lying and Cheating.
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Posted on Saturday, 25 July 2009
A property is only worth what someone will pay for it - Lady SNY
Posted by SNY at 14:20 UAE time
A property is only worth what someone pays/perceives it to be worth. Pure economics the world over.
I had offers of Dhs 5 million and Dhs 4.6 million last August on my villa at Arabian ranches but chose to keep the villa as I decided to carry on living in it rather than move/keep commuting back and forth to Abu Dhabi. My choice. I couldnt believe the amount of people putting in offers and going to envelopes!
Instead I sold 3 apartments I had at discovery gardens and all the buyers perceived them to be worth Dhs 1.250 million. I happily sold and helped all of them with all the formalities of their purchases. Good service always gets referrals and no I am not a third party real estate agent - most should be shot in Dubai - but did own my own real estate agency in Qatar previously.
I am a seasoned investor though, have looked after/managed peoples private property portfolio's and developers property portfolio's and have a passion for what I do. Being transparent and having morals & ethics as well helps which is so lacking here.
But at the end of the day a property is still only worth what someone will pay for it - simple.
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Posted on Wednesday, 22 July 2009
Mr. Simpson
Posted by Arsalan at 16:07 UAE time
Mr Homer Simpson,
If you read again, the same message has been conveyed on a contrary note. I said, to look and collect statistical evidence before negating the market or saying comments stated by a particular report were inaccurate. I didnt negate the report entirely, i asked for more reasonable sources of information.
Read carefully or stay quiet to maintain the intellectual level of the communication here.
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Posted on Sunday, 12 July 2009
This is responsible journalism!!
Posted by Homer J Simpson at 23:08 UAE time
Anil, great article, very refreshing.
If Mr. Arsalan or the guy from cluttons has got some real statistical data about the number of transactions executed at the Springs or any other area that would inform without a reasonable doubt that there is indeed a sustainable increase in prices then put it forward.
Otherwise just stay quiet as your rambling propaganda is really not wanted.
Personally, i think this is very responsible journalism as it breaks from the usual spin that is so prevalent from persons active in the RE industry and provides investors (current and potential) a contrary opinion.
Two thumbs up, mate!
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Posted on Wednesday, 24 June 2009
What to think?
Posted by Amin at 11:59 UAE time
I am just curious, how many of you respondents are actually Real Estate agents or owners, come on, fess up to it :)
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Posted on Thursday, 18 June 2009
Real Estate Dubai
Posted by ANIL MATHEW at 18:33 UAE time
I still can't believe that there are people here who want to invest in a property that they have to say goodbye to every six months!
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Alan
Posted by FT at 17:53 UAE time
Mr. Anil, Alan and some other individuals have negatively commented on the explanation of Mr. Arsalan. It seems that you all are trapped investors who are not able to take the pain of losses you have made due to your greed in overleveraging youselves and are unable to digest the fact that the market is improving again and recovering very quickly and you are left with just few cents for your survival.
Read all newspapers, articles, blogs and various discussions by economies and you will understand the difference. Just dont rely on what IMF says. It is after all a profit making organization which gives loans in return for some advantage to large corporations (please don't ask for details and names). The governments of Canada, Germany, Japan, Brazil and many other countries have loudly expressed that the WORST IS OVER.
As for Mr. Anil, please dont be confused. It seems that Arsalan Tabani is an educated person and rather than depending on reports of banks and what Mr. John Wolfensohn says, you can either use your brain or his to start crawling towards the end of the tunnel.
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UBS trash talk
Posted by Harry winston at 14:38 UAE time
Who is this UBS analyst. What is the basis of his analysis. Why did his analysis not predict the market crash in the first place. Why did the analysts working for UBS not predict the current dismal status of UBS itself.
Most analysts have no clue on which way the market will react. They just make statements to justify their jobs. Look at CNBC and 10 analysts will give you 10 different opinions. Most analysts are blind and dumb bats. They have lost credibility during the crisis. My best analyst so far has been my mind and my gut-ie gut instinct. So Mr. UBS keep your analysis to yourself , its not worth the 2 cents its printed on.
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Utter nonsense
Posted by Sachin Bharti Gupta at 09:11 UAE time
I am disinclined to believe UBS assertions on the Dubai real estate prices. UBS have proven to the world that they are poor managers of the field that they supposedly specialise in (thats money management). For the sake of whatever little reputation they have left, they should stop passing judgements and issuing reports on sectors that they know nothing about. One of their investment strategists overheard two bearish investors speak about doom and gloom and decided to publish a report, thinking there is a 50% chance of the report coming true. If it does come true, wonderful, UBS would be praised. If otherwise, they would top it up with another report citing how Dubai handled the crisis well and avoided the real estate disaster!!! It's all mumbo jumbo!!! Ignore UBS. As far as real estate is concerned, I am not overly bullish on any immediate turn around, but at the same time I understand that Dubai is a very sentiment driven market. As soon as some investor friendly laws are passed and the rera framework is improved, we shall see the property market coming back up strongly. And this time the growth could be slow but when it happens, it would definitely be sustainable. Because Dubai would have stood the test of unfavourable times. Cheers!
And yes, Anil, you are right! It's hard to believe anyone since its a much smaller market and there is too much at stake for too few individuals, and that can influence reports and analysis. We all know these reports are fabricated at the whims of the powerful.
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Posted on Wednesday, 17 June 2009
straight to the point
Posted by Omar at 22:35 UAE time
i agree with this article that all reports are baseless and just random speculations.this reminds me of 2 senior executIVES from the world's best investment bank who came to me in Feb. 09 crying bcz they lost 50% of their apts in Dubai Marina. My answer was really blunt: Are you sure you have MBAs from Harvard Business School?Are you sure you have been to many places in the world?how did you pay for something in a new city higher than NY or Tokyo. Greediness exceeded all limits but the FACTS are that Dubai is second to none in the entire MEASA region (25% of the world). That means demand will remain high but not at all like 08.
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shame on me...
Posted by Fool me once... at 17:33 UAE time
and you know the rest Mr. Arsalan Tabani. People like you give Dubai the negative reputation that the world is talking about. Anil, in his criticsm, will make Dubai stronger and even better. You have many words, little substance, and alot of hot air.
And stop talking about off-plan. It should be illegal, it is immoral and unethical to sell something that is not complete because based on the Dubai developer model it simply gives licence to change plans and bully investors and buyers.
Go back to your air conditioned office with your cakes and sweet tea while the rest of us get on with the real work that will continue to make Dubai REALLY famous!
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Reply : -
Posted by Arsalan Tabani at 16:21 UAE time
You are obviously aware that the website was outdated and there is no reason for any educated enough to comment on the industry to think information is current. It has been outdated as the reason is we are using various other sources of advertisements such as the newspaper and we had stopped using our website as a portal for a while. However I can accept criticism and I thank you for bringing it to my attention and I will have it to be ammended very shortly. This will be my attitude rather than moving to a completely irrelevant discussion altogether and talk about something like for example .... I dont know... cant think of anything as i am not very creative :)
Coming back to the article my comment was it is difficult to generalise one figure for the entire property market, especially in Dubai the variance is huge. There were so many projects sold on offplan in 2008 at abnormal prices and I am very sure prices will significantly drop on those properties. But how much drop one has witnessed in International City is considerably less than drop in Palm Jabel Ali for example. ( I can provide figures if required but its significantly different). To give an example, statistically speaking if something falls 70 % in value and assume something rises 10 % and if it is of equal propotion the market average has still dropped. So if i went for that 10 % I still did good didnt I ?
I do not comment it is the best time to buy the property, or it will not fall further. This global recession along with local market slide is unique in its own perspective to have any conclusions drawn and it is very early to be optimistic. But yes it is true transactional prices have increased in certain areas in the past couple of months. My comment is merely that if UBS says market will fall further or any other institutions suggest prices will rise, they have access to wider global knowledge and experience than my specialised local knowledge. But all I am asking is for breakdowns and detailed description (which they may provide) to clarify for me to accept it before i draw any decisions based on it and I should not write articles just based on the summary. I had the same attitude when the article was about positivity, I often tried if I could obtain breakdown to bank based on their analysis on which segment they thought the market was more safe and positive.
I think I have offended you as you have completely ignored to be relevant in your reply to what was being discussed, that is the article and the figures and my reply to it. I would have been glad to recieve your reply to my reply specifically as a productive discussion. Hence in order to draw your attention back to article I apologize.
Regards,
Arsalan Tabani
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Everyone’s talking nonsense
Posted by Brett Easton at 12:33 UAE time
Anil
I like it, there's far too much propaganda around and journalism like that is needed to expose the facts.
Well done!
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Dear Arsalan
Posted by Alan Dubai at 11:33 UAE time
Arsalan, interesting your website has NO villas advertised and on the home page your real estate sales turnover is only quoted for the first three quarters of 2006 (trouble admitting a downturn?). I have been transacting property for over 30 years and agents like you are a huge contributory factor to boom/bust cycles - you know you are. Anil wrote a sensible, open minded story which breaks rank with the herd of journalists, estate and bankers who will talk up any market, bull or bear. Anil is correct in his piece, the business world does not know exactly where we go from here in the trough of a downturn - trashy replies like yours just confirms on a public forum for all to see what we all suspect, ESTATE AGENTS ARE NEVER TO BE TRUSTED, they never have, and never will be..........RIP.
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propart market is bowing not booming
Posted by chow at 11:05 UAE time
anil your analises on dubai proparty is realy great and people who are working in real estate they still feel dubai is booming(blowing).we never get correct news from local newspaper because these are govt tisue papers.i request all residents in UAE please dont invest your hard money in Dubai because if some thing happens nobody help in this country.i bought one propary in Dubai when proparty market is very high.now the price is half.rest of the world they are doing their level best for their residents in the form of reducing interest on morgages,but here they are increasing. they are increasing the school fees also.
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