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Villa prices at Jumeirah Park and Jumeirah Islands, Nakheel’s exclusive residential developments in Dubai, have plunged up to 45 percent in the last four months, Arabian Business has learnt.

Brokers across the UAE said speculators were desperately scrambling to off-load property before prices fell further.

Imran Aslam, agent at Dubai-based property broker AAA said completed three to four bedroom villas on Jumeirah Islands were now on the market for as low as six million dirhams, down from 10.5 million dirhams four months ago.


http://www.arabianbusiness.com/542637-v ... tate-slump

Four years ago I kept saying I'll buy when the market crashes!
I won't be buying now though anyway.

The buildings will fall apart before they are sold....Not built to last !!

Yep. A while ago, a couple of the developers had a day where they offered properties at cost price! Not one taker!

The bubble has finally burst.

Oh dear oh dear!

Hotel rates are down 40% as well. That's good news. I used to enjoy my Fujeirah Hilton - Hatta Fort - Ajman Kempinsky weekends away.

Was in the fudge area hilton last weekend.....Still v. nice!!

Hotels are currently at 31% occupancy! They are normally at 90% at this time of year...

In the last 3 months, one of the major real estate developers with 95 announced projects underway...sold 1 apartment! Just 1!

If you build the tallest building in the world, the fall from the top is that much higher too!



Knight

smoggie wrote:Was in the fudge area last weekend.....Still v. nice!!

Didn't know you were gay...

Dubai Knight wrote:In the last 3 months, one of the major real estate developers with 95 announced projects underway...sold 1 apartment! Just 1!

Blimey!

Del wrote:

Dubai Knight wrote:In the last 3 months, one of the major real estate developers with 95 announced projects underway...sold 1 apartment! Just 1!

Blimey!

It begins with a D and ends in C...



Knight

It's bleak - very bleak!

Dubai Knight wrote:

Del wrote:

Dubai Knight wrote:In the last 3 months, one of the major real estate developers with 95 announced projects underway...sold 1 apartment! Just 1!

Blimey!

It begins with a D and ends in C...



Knight

Damn...!

THE BUBBLE DID BURST... property sector is in really bad shape... and again cant wait for the rental prices to go down.!!!!

What about the rent rates for flats?

nothing yet i heard... but my expectations is that you'll see a decline in the H2 2009

Dubai Knight wrote:Hotels are currently at 31% occupancy! They are normally at 90% at this time of year...

In the last 3 months, one of the major real estate developers with 95 announced projects underway...sold 1 apartment! Just 1!

If you build the tallest building in the world, the fall from the top is that much higher too!



Knight

And the second biggest developer hasn't sold a signle property in the last 3 months. And that is according to its own CEO's interview with Reuter's a couple of weeks ago. Everything else in that interview was bullshit

Dubai Knight wrote:one of the major real estate developers with 95 announced projects underway...

Dubai Knight wrote:It begins with a D and ends in C...

Ah. That was tricky. If you'd just said "95 announced projects." it would have been easier

DAMN!

I knew it was bad.... but not THAT bad.
1 sale?????

are we in a recession yet?

dresden wrote:DAMN!

I knew it was bad.... but not THAT bad.
1 sale?????

are we in a recession yet?

And i thought the wall is down and there is now some information development

dresden wrote:DAMN!

I knew it was bad.... but not THAT bad.
1 sale?????

I'd like to meet that sucker.

gtmash wrote:

dresden wrote:DAMN!

I knew it was bad.... but not THAT bad.
1 sale?????

I'd like to meet that sucker.

I think it's UAEKID.
sshhhhhh he want's to keep his secret.

If you check the RERA website they give statistics for the number of title registrations every month.

IN Dubai in December only 4 yes 4 villas were registered.

^ I just checked out the website. Some interesting stats. Here is one.

935 - Projects approved

No reason to be happy abt the real estate fall though.. Even I was waiting for it to fall..
However we must understand that Dubai economy was primarily driven br real estate & tourism. With the kind of crash that is visible in these two sectors, it will have ripple effects in the other sectors of the economy. The recession will now spread to the other sectors now..

The next in line is the banking and financial services sector. The cracks have already started to appear there now..

So its going to be a bleak 2009 for Dubai

well what amazes me over here, is the fake reports that dubai and the uae in general is doing great and that dubai is not even reaching a slowdown, and the growth rate is as usualy record breaking.

it is funny with high officials in the country still try to come and convince us as the past 5 years that we have record breaking growth in all sectors and in the past 5 years it was just booming everywhere around the world, and UAE was one of the top coutnries, such as china, india, and Europe and North America as a whole.

But now when all these places are have extreme difficulties with their financial and economical situation, still high officials in uae are talking about how dubai is not effected.

In the mean time, a very normal citizen or a worker in dubai can spot signs of economic slowdown and introductory signs of recession everywhere you go in the city.

In Dubai extreme job cuts have been made, international and multinational companies are downsizing and cutting costs by either sacking people out or closing branches or regional offices.

Consutruction companies future projects have all been cancelled and all property related sectors are downsizing or closing down. Banks are suffering huge losses with all the people who took loans and cant pay them back. and the same story that happened in the US banks last year have issued loans for villas that are worth 20 million dirhams and sadly right now this villa is worth 10 million dirhams. and the bank has no idea where will they get the other 10 million dirham from... so imagine a whole system which is based on credit

many banks in the gulf region, their ratings have been dropped. First Gulf bank rating has dropped to an extent that if you have money in there and you asking for it. dont expect to be paid immediately.. Hotels are empty.. Roads are emptier. see how much vacancies are in the property sector in Marina, JBR, all around dubai.

Still dubai is doing better than many other cities in the world, but be true to the people... After all we all built this place... we deserve to know

can you imagine what will happen when the officials go public with the problems being faced by this place.. whtever hot money that is left here will vanish is minutes. they have to put up a brave front while grappling wth hte situation..

but trust me.. lot of s**t happening at this mmnt..

xdude wrote:can you imagine what will happen when the officials go public with the problems being faced by this place.. whtever hot money that is left here will vanish is minutes. they have to put up a brave front while grappling wth hte situation..

but trust me.. lot of s**t happening at this mmnt..

I totally get your point. But you think the public doesn't know??? each and every one of dubai.. either got sacked? or he is about to? or he is very scared about his non stable future now... or @ least he knows two who got sacked or companies that closed down.

You drive now and you dont see that much cars on the road. Malls are getting emptier... Go into any store in mall of the emirates.. if they had 10 people as sales.. now they are 3 -5 ... go anywhere u see cutting costs like anything...

The public knows.. and knows very well.. just doesn't appreciate not being told the truth.

O surely everybody knows. But if the UAE government confirms that on top of all the 'speculation'. Well you know the selling spree is really on...officially. They don't want that and they try to avoid that at all cost.

By the way guys, I'm new here. Do you have a section where we can introduce ourselves or is this done, on the fly?

I'm from Holland and hope to start a career in Dubai with an aeronautical engineering degree. Someone able to redirect me?

brgds,

Has anyone's rent come down? I really hope mine does in the summer when it's due!

I think rents must come down, its abnormal nowadays, the rent can never be 15% of the property value, hell that means owners get the property value back in less than 7 years, although I am sure half flats in each building is almost free, while you hear about instances where more than 5 persons live in on flat!!!!!!!!
M.

arniegang wrote:If you check the RERA website they give statistics for the number of title registrations every month.

IN Dubai in December only 4 yes 4 villas were registered.

Would be interesting for the discussion if you posted say the registrations for Jan thru. Dec 2008.