Sometimes the explanation of the story is better than the story itself. Kind of like Watergate. What did it for Nixon wasn’t the crime itself but the cover up of the crime.
And so welcome to the Dubai real estate industry, the best show Netflix never made. You may remember the heydays back in 2007, which inspired Season 1: Get Rich Quick.
Then came the crash of 2009, leading to Season 2: Get Poor Quicker. After that came a slow burner, which I must admit I never really enjoyed – Season 3: Let’s Do Things Properly.
But thankfully, the cast of thousands have got their act together again for Season 4: Lost the Plot. Production is underway as the industry once again sees astronomical (some would say unsustainable) growth. August saw a 12-year high of 9,720 sales worth a staggering $6.62 billion.
Never mind the excruciating Dubai Bling (based on the teaser alone) or the not really housewives Real Housewives of Dubai. Season 4 of Dubai Real Estate is the real deal. Featuring super flippers, crypto kings, Russian billionaires, and, most importantly of all, the players we can always rely on for a strong dose of half-baked reality: real estate agents.
Which brings me neatly back to the “story” in question. In September, Arabian Business published a story revealing that estate agents in Dubai were posting adverts on property listings websites that championed the joys on buying an apartment on the Dubai Creek Harbour project – because it would give you, among other things, magnificent views of the even more magnificent Creek Tower, the soon to be built new tallest building in the world.
Just one problem – work on this tower stopped two years ago. Emaar has removed all mention of it from its own website. It doesn’t exist anywhere in the Emaar-sphere.
There is nothing wrong with Emaar suspending this project after the pandemic, any smart developer would do the same.
But many agents continue to use its images to sell other nearby apartments. They talk about buying a pad that has incredible, panoramic views of a non-existent tower.
Not surprisingly, the story ruffled many real estate feathers. One developer, the boss of Fam Properties, Firas Al Msaddi, explained that despite work has stopped on Dubai Creek Tower, he “strongly” believes that, “Emaar will construct and complete the Creek Tower or a better project that is even more attractive and adds more value to the master community as well as enhances the global positioning of Dubai.”
I really think that’s worth reading again. And again. What he is saying is he believes Emaar will build this tower – fair enough, there has never been an “official” announcement that it is off, and if you want to believe it’s still happening, that is up to you. We will conveniently ignore the fact that Emaar has already refunded one investor who complained about buying a property next to a tower that is no longer happening.
But the second part is the real gem, when he says if Emaar doesn’t build the tower it will build, “a better project that is even more attractive and adds more value to the master community as well as enhances the global positioning of Dubai.”
So, let’s get this right. What he is telling us is that should the Tower be canned, don’t worry, Emaar will do something even better. He doesn’t know what that is. Fam Properties doesn’t know. Even Emaar doesn’t know what it is, and no sketches of this fantasy project even exist, because nobody has even dreamt it up yet.
But on the basis that this will happen, you should make the most important investment decision of your life and buy an apartment.
The irony is none of this is necessary. The Creek Harbour is a brilliant project that sells itself. It doesn’t need to promise investors that they will be carried to their rooms like a Maharaja and enjoy unspoilt views of the Hanging Gardens of Babylon.
But no. Brokers are going for broke, selling dreams that not only won’t come true, but can’t come true.
The shame of all this is that all it does is give the industry a bad name, when hundreds – and probably the majority of – brokers don’t use such images. They sell what is up for sale.
I have no doubt most agents reading this will do what they always do – send me a load of abuse on social media. Or worse still, force me to watch a box set of Dubai Bling AND Real Housewives of Dubai.
Or maybe, just maybe, it is time for constructive debate. Should RERA look again at the regulations when it comes to property advertising? Right now, I could make up absolutely anything about my apartment, and have it listed for sale with ten minutes.
To be fair to Firas and co, maybe they are right, and they are smartly staying on the right side of the regulation fence.
Buried in the latest numbers is the revelation that, also at a 12 year high, were off plan sales with 4,392 transactions worth $2.31 billion. This is where the biggest challenge lies, as off plan is, by definition, selling a dream. But ideally, a dream based on reality.
Which brings me to Season 5. Any thoughts what that will be called?
Follow us on
