Dubai Forums Dubai Discussions Dubai General Chat

April 28th, 2009

Property prices in Dubai plummeted in the first quarter of 2009 according to a leading real estate advisor.

According to the Dubai House Price Index Q1 2009, published this week by Colliers International, property prices declined 41 percent between Q4 2008 and Q1 2009.

Prices have now dropped to the level experienced in the second quarter of 2007.

http://www.dubai-online.com/news/property-prices-dive/

What is your point, Rob?

You ask what Robby''s point is. Are you AFRAID to publicise this information ? Are you the owner of much Dubai property?
Robby is making an IMPORTANT FACTUAL point on a Dubai thread,so he should be commended, not questioned!!

Red Chief wrote:What is your point, Rob?

Yesterday that same question was asked by Sage.
I'm not going to answer that again, especially considering that I follow reports about this market for over frickin' 4 months now on DF alone already!!

Not to mention all my years before DF!!

Chieftan, get real. Go bug the Speedhump or something.

Ok. No point.

Thanks Robby.

Interesting Reprt!

Time to buy????.................Or not yet???

Red Chief wrote::D

Don't get too excited, you don't have any points to make.

Tom Jones wrote:Thanks Robby.

Interesting Reprt!

Time to buy????.................Or not yet???

Well just wait for the next quarter I guess, that might be lower too.

This is like a steep cliff drop in pricing and that has to bottom out first.
Take your time and look around.

Plenty of opportunity after the summer exodus.

Indeed and I think it will be a mighty exodus once the schools kick out sadly.

Chocoholic wrote:Indeed and I think it will be a mighty exodus once the schools kick out sadly.

It's visible even in DF now. Many "potential investors" have run away from Dubai dropping their cars in airports recently. Another investors was actually robbed on the partly-paid but eventually frozen objects.

Rob, I don't think that even your prices reflect reality. There has been a few dozens transactions on the market for last f quarter. So it looks like free-fall so far.

In theory it should be a bottom but it's Ok for isolated systems.

It's hard to imagine who will buy in the near future with lack of confidence, absence of credit lines, World's turmoil and mass runaway of expats.

I opine that the first indicator of a recovering property market, should be a stable job market.

We need to start a thread on DF,conduct a poll, to asess how many have lost jobs, and how many have found employement.

DF should be an ok indicator, you guys have 19000 registered users?

That is not so bad. I expected worse.

Snow wrote:That is not so bad. I expected worse.

Excuse me?

That numbers are dropping of a cliff. Thats horror for over 3 months time!!

Talking nonsense again aren't we. Boy o boy o boy. Some people....

RERA is updating their rent index for the first quarter 2009 at at last. They don't have a table but here's some values (with previous figures for comparison) ...

Dubai apartment rent index
Dubai villa rent index

I think the bloodbath just started and real estate prices will see further dips or crashes before we bottom out. Many in Dubai thought the local stock market was immune to the outside world but the foreign expats in the UAE learned the hard way and most lost all their previous profits from the local stock market. The government later put the blame on world markets for the local crash. In reality the locals sold and the the non-locals got screwed over without any vaseline.

Real Estate won't be any better because it is difficult for the government to intervene like they can with the local stock market. I see more losses before we see some sort of stability.

There are actually reports of a further 70% drop which I had received via email! Some may say now is a good time to buy, but why buy if the market is still falling?

It sucks. I paid 120K for my place last year, and my rent is due in June. Looking at Dubizzle I'm seeing apartments in my building offered for 75-85-95K for a one bedroom, depending on balcony, bathrooms, view etc.

I was looking forward to seeing the look on my landlords face when I offered him 80K in four cheques rather than 120 in two. I saw him last month (from UK) and he said he was prepared to offer me the place for another year for the same price, I had to keep from laughing. He obviously doesn't follow the local news.

Now I might have to go home due to no job. Dammit! ha!

CLALTD wrote:There are actually reports of a further 70% drop which I had received via email! Some may say now is a good time to buy, but why buy if the market is still falling?

I think the question should be "WHY BUY HERE" even if it falls way below 10% of it's price if you don't have any guarantee or assurance that it will really be yours even if for just 2 decades.

You forgot they always change their laws here on a whim so how will it assure investors they will not change it again and again when the good times is rolling again?

Even their pronouncement of some laws or regulations that's been recently done, you always have several versions of interpretation/implementation from different persons of authority. Why is it always like this?

There never was any definite regulation or laws here except the expat thing. That is, us expats will always be visitors and can be kicked out anytime whoever you maybe or whateever investment you have here.

That should be foremost in our minds.