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Palm Jumeirah prices drop below AED1,000 per sq ft
by Anil Bhoyru on Monday, 02 March 2009

PALM PRICES: Property prices on Palm Jumeirah have fallen under the AED1,000 per sq ft mark for the first time, agents say.Prices on Nakheel’s flagship Palm Jumeirah development have fallen to below AED1,000 ($272) per square foot for the first time since the fall in prices began late last year.

Several distress sales on the project have seen prices for 2 bedroom apartments, measured at just over 1,500 square feet, drop to AED1.4 million.

Or would you wait till they are at AED 500/sqft?

K-Dog wrote: Or would you wait till they are at AED 500/sqft?

I'll wait until they give you a free apartment every time you fill your car with Super at Emarat.

$500/M2 is the bottom but it takes 2 years.

Del wrote:

K-Dog wrote: Or would you wait till they are at AED 500/sqft?

I'll wait until they give you a free apartment every time you fill your car with Super at Emarat.

Your a funny guy, Del.

Red Chief wrote:$500/M2 is the bottom but it takes 2 years.

Come on Chief. Pay attention. The prices are $3,000/sqm, thats what my OP said. They will never be $500/sqm. That will mean a 1500 sqft apartment for AED 19,000.

K-Dog wrote:

Red Chief wrote:$500/M2 is the bottom but it takes 2 years.

Come on Chief. Pay attention. The prices are $3,000/sqm, thats what my OP said. They will never be $500/sqm. That will mean a 1500 sqft apartment for AED 19,000.

Dear K-Dog,
We have had 2 crisis like this for last 20 years in former USSR. We had have 3-5K/M2 before 1998 but I bought at 300/M2 on 2001 in Moscow.

I don't know about Palm but it's probably that such price will be available somewhere in Dubai in 2011...

P.S. 1500 sqft will cost 75 000 US dollars according to my calculation...

One thing for sure Chief. This is totally unchartered territory for Dubai and they've never been tested before. You and I can both say we've been there before. We came out of the Great Depression, so I have no doubt that we will overcome this recession and come out even stronger. There is a whole generation of Americans who grew up on easy credit and living beyond their means. It will be a lesson and change of living standards for sure.

K-Dog wrote:There is a whole generation of Americans who grew up on easy credit and living beyond their means. It will be a lesson and change of living standards for sure.

I must agree. I don't know about whole Americans but easy credit was defenetelly not the best thing for most Afro-Americans and Eastern Europeans...

K-Dog wrote:

Del wrote:

K-Dog wrote: Or would you wait till they are at AED 500/sqft?

I'll wait until they give you a free apartment every time you fill your car with Super at Emarat.

Your a funny guy, Del.

K-Dog wrote:One thing for sure Chief. This is totally unchartered territory for Dubai and they've never been tested before. You and I can both say we've been there before. We came out of the Great Depression, so I have no doubt that we will overcome this recession and come out even stronger. There is a whole generation of Americans who grew up on easy credit and living beyond their means. It will be a lesson and change of living standards for sure.

Now I understand your reasoning of not wanting to make new friends (was kidding back then anyhow). This is the old boys network. Old money.

Been there, done that, don't need you...

I see you are evolving K-Dog.

Red Chief wrote:

K-Dog wrote:There is a whole generation of Americans who grew up on easy credit and living beyond their means. It will be a lesson and change of living standards for sure.

I must agree. I don't know about whole Americans but easy credit was defenetelly not the best thing for most Afro-Americans and Eastern Europeans...

I hope you're not blaming Afro-Americans and East Europeans for the current crisis.





I'll wait for your over-generalised, sweeping statements regarding black people and East Europeans.

K-Dog wrote:One thing for sure Chief. This is totally unchartered territory for Dubai and they've never been tested before. You and I can both say we've been there before. We came out of the Great Depression, so I have no doubt that we will overcome this recession and come out even stronger. There is a whole generation of Americans who grew up on easy credit and living beyond their means. It will be a lesson and change of living standards for sure.

One of the best summaries i have read in ages.

K-Dog wrote:One thing for sure Chief. This is totally unchartered territory for Dubai and they've never been tested before. You and I can both say we've been there before. We came out of the Great Depression, so I have no doubt that we will overcome this recession and come out even stronger. There is a whole generation of Americans who grew up on easy credit and living beyond their means. It will be a lesson and change of living standards for sure.

Well said.

Dubai will come back and as you said they have never been tested. No one is going to let the investment that has been made here go down the drain. In so many ways things have been "a first" and rarely do things go right on the first round. It's only 37 years young. Trial and error. Look at the banning - now there are talks about not doing it or at the very least shortening the duration!! Live and learn.

Unfortunately its going to be the next couple of generations who are going to pay for the mess that the last US administration created.

Red Chief wrote:

K-Dog wrote:There is a whole generation of Americans who grew up on easy credit and living beyond their means. It will be a lesson and change of living standards for sure.

I must agree. I don't know about whole Americans but easy credit was defenetelly not the best thing for most Afro-Americans and Eastern Europeans...

Huh??? What does that mean? Chief I am as white as rice and I can tell you that there wasn't a week that went by when I didn't get a Pre-Approved Credit Card application in the mail, along with hundreds of thousands of other people. Very tempting, but seeing how I once got myself in trouble with credit cards I ditched the applications. I had friends that were so proud of their little credit card case. There was a time when someone opened their wallet and a steam of photos would unfold. Unfolding your credit cards replaced that. Easy credit was available to everyone and the majority took advantage of it.

Now in Dubai up until recently I get calls from banks offering credit cards, cash advances, I detest these banks that go out there and suck people in. Now I tell them to take my name and number off the list and if they don't I will report them to the police for harrassment.

I have a credit card merely because I sometime order things from the States, where I can't order without a card...

Here in Holland, we normally don't use credit. Most people here (were) used to save before we bought. It looks like everyone is walking on credit these days.

Not me, love to pay cash with my precious Euro's €€€

Bora Bora wrote:

K-Dog wrote:One thing for sure Chief. This is totally unchartered territory for Dubai and they've never been tested before. You and I can both say we've been there before. We came out of the Great Depression, so I have no doubt that we will overcome this recession and come out even stronger. There is a whole generation of Americans who grew up on easy credit and living beyond their means. It will be a lesson and change of living standards for sure.

Well said.

Dubai will come back and as you said they have never been tested. No one is going to let the investment that has been made here go down the drain. In so many ways things have been "a first" and rarely do things go right on the first round. It's only 37 years young. Trial and error. Look at the banning - now there are talks about not doing it or at the very least shortening the duration!! Live and learn.

Unfortunately its going to be the next couple of generations who are going to pay for the mess that the last US administration created.

well said K-Dog and Bora Bora

Bora Bora wrote:No one is going to let the investment that has been made here go down the drain.

It's not a question of anyone letting it down or not, it's a very simple rule of the market, supply/demand, which no one can "keep up" artificially by "not letting it down".

One thing I agree though, they already learned from their mistakes and have implemented many rules the past couple of month, just in case another boom is around the corner ...
but don't hold your breath, meanwhile they canceled F1 Theme park and Tiger Woods Golf course, if I'm not mistaken...