By Joanna Hartley
Report will look at residential, commercial, hospitality and retail property sectors.
An independent study into Dubai's real estate sector, which will examine property prices, availability, supply, demand, government regulation and developer practices, is to be published at the end of the month.
The 50-page study, due on April 29, has been commissioned by UAE-based real estate agency Better Homes, and carried out by real estate research consultancy firm Investment Boutique.
‘State of the Market 2009,’ will “answer many of the questions masses are asking in today’s economic downturn”, according to a statement released by Better Homes on Monday.
The reoprt will offer individuals, companies, government and developers a detailed market analysis of four real estate sectors; residential sales and lettings, commercial sales and leasing, hospitality and retail.
Each sector will be supported by data on trends and projected scenarios, and final chapter will provide an economic overview of real estate from a global perspective, the statement said.
“The report will aim to provide clarity to market observers during these turbulent times,” said Ryan Mahoney, managing director, Better Homes LLC.
An independent report commissioned by Better Homes LLC? He who pays the piper... I don't need to wait for the report to tell you that it will be surprisingly chipper and positive about the UAE real estate market, and that Ryan Mahoney (already somewhat famous on this site) will doing his usual "green shoots of recovery" comedy routine. If property prices actually perform as or better than Mr Mahoney predicts over the next 12 months, I'll happily donate 1000 AED to the UAE Real Estate Agent hardship fund.
I dont understand why Better Homes needs to charge for this report. Its a good idea for an alternate revenue model though. I hope the report highlights the "U-turn" on the resident visa issue. I hope the report highlights the sheer lack of transparency in the market not only by the developers but also of entities like Rera. Hope the property price data / index is not an average of the last six / seven months transactions. Better Homes should be ready & willing to share all the data based on which they may come out with suggestions, recommendations and views.
and previous studies I have seen was only based on BH database.
This is my second submission. An independent report? Have you seen the thousands of expats leaving the UAE? Especially the managers of business that were the only ones that could have potentially afford them? Have you read the reports on negative population growth for Dubai and Abu Dhabi? Have you noticed salaries plummeting downwards and the redundancies? Inflation for the worl and especially for the UAE is on the way up. If you haven't noticed we are in a global crisis and the view is not for prices to go up but trying to figure out how much more they will fall this year and next year and possibly the next. Prices have already fallen up to 50% at many places in Dubai and at least 25% in Abu Dhabi, the expectation is that these prices will fall an addittional 10-30%. Also keep in mind that 70% of expats have negative equity in their current mortgages, watch them leave the house, car, and fly out of Dubai when they lose their jobs..very soon to come. I agree with the last comment, this is nothing but a futile attempt to mislead the consumer in that everything will be alright. It's not going to happen. It's possible that whover is not made redundant and can stay in Dubai will be able to rent with an addittional decrease in their rents in the next 6 months. Maybe in a few years prices will get low enough that even the lower middle class could possibly buy. The truth will set everyone free. Make no mistake, they will tell you that the market has improved and that prices are on the way up....the only place they're going is DOWN...pretty DOWN. Good Luck To Us All.
Here we go AGAIN !!!! Ryan Mahoney !!!!
Why are Arabian Business giving this guy even more free publicity? For something which any fool can see is just a desperate measure to prop up the RE sector........We are not stupid!
These jokers refuse to list my properties unless I drop my price down to the current "distress" levels. What kind of company are they???
Joe - given that property companies tend to list properties for free then make their money by taking a cut when it's sold, why on earth should they waste their time and money listing your property at a price so high it won't sell? You're right to identify a joker here, but I'm not sure it's Better Homes.
Perhaps this report will offer the transparency we are all waiting for with an insight to some possible negative news, and how long a possible negative trend will last for. We are all looking for realistic info from true transparency (which has not been shared to date through any reports). I don't think this report will be another attempt to boost confidence for investors and the community at large. I look forward to seeing what this report summarises. I hope it includes a lot of detail.
Philip, A few questions for you.... Better Homes has this new "Make an offer" option at their website, but if Better Homes refuses to list the property how can a potential buyer know a property is available and make an offer on that property??? How much time does it take someone to add a property to the Better Homes website....10 minutes maybe??? How much money is involved in listing a property on the website??? The good news is that one of my properties sold recently. Another company listed the property and I negotiated down with the buyer....a happy ending. But when Better Homes refuses to accept a property because they are the "experts" at what it is worth....come on Philip....let me guess, you work for Better Homes????