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About dubaiexpat

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  1. Type (D) 3E 3 B/R + Study : Lakes Built 2003 for 400,000 a unit....leased out for 81,000 AED per year 2007 Emmar offered tenants units at 2.4 million 2007 Emmar sold to new owner at 2.7 million 2008 Nov unit sold to new owner at 3.9 million 2009 ? similar properties on sale at 2.1 - 2.3 2010 .............according to UBS 70% fall from peak.
  2. Update: Moving around June 20th to a larger villa in the Springs for 135k. Rents will continue to decrease as more people exodus over June and people skip avoiding jail time for debt. Its going to be very quite in August! Dubai is bust and so is its quasi government operations. The property that I am currently living in has dropped by 60% in value since Nov 08...ouch!
  3. Bad news today three large family businesses have just laid off 10,000 people. Things looking really bad here.
  4. I have had a leased villa in Emirates Lakes for over 6 years, it was 82,000 AED then and now I am paying AED 99,000. On the 'market' they are advertised at 250,000. Unfortunatley the property I am in has gone through a few owners hands and now a very unhappy landlord bought the property in Nov 08 for 4 Million AED. The landlords didn't really bother about the rent because they were to busy flipping it on to the next bigger fool...needlessly to say the current landlord isn't really happy because he can't offload it. I am not prepared to pay the rent he is asking and will probably move out in J
  5. and fact there are no buyers and the latest pessimistic forecast from Shuaa Capital suggests a correction of up to 80%. Wonder how that factors in with the exchange rate. I do think the dollar will weaken by the end of the year, this happens when you let the printing presses run.
  6. The screws are really turning in Dubai. There is a physical sense of less people around, on the roads and in the malls. Word on the street is that they pulled 400+ cars out of the airport due to people just leaving to avoid debt. The problem here is that if you have debt, someone may hold your passport and bounced cheques are a jailable offence. Schools are worried about their numbers and banks are fearful of their loan book. When people lose their jobs most just go home. The largest employer was real estate and construction. The worse unfortunately is yet to come, a large real estate fir
  7. HSBC are offering 5.3% on their e-saver account but the principal is not guranteed, so saver beware, actually Standard Chartered are offering 6.1%. As regards double the price, I think the price is what people are prepared to pay. Last month it was double the price, now its at no price at all and sellers can not sell. I guess the price will be whatever people think is the value of the asset some sellers are asking at minus 5% premium (is that an oxymoron) on waterfront and other white elephants in Dubai. I think prices will gravitate to the developers original selling price. As properties ar
  8. No problem ....below is an article on a sales effort that reads like a real estate obituary and also underlines the mexican standoff of buyers and sellers which heralds the first phase of a very severe price correction. Forced sales will be coming shortly. Property bargains fail to sell Robert Ditcham Last Updated: December 20. 2008 4:29PM UAE / December 20. 2008 12:29PM GMT The estate agents Engel and Volkers held a cut-price home sale in Dubai, but report that not one property changed hands. Courtesy Engel and Volkers A Dubai-based estate agent slashed millions of dirhams from the
  9. The party is now over in Dubai, buying has come to a halt. Currently, on off-plan developments people are willing to lose 5% to get rid of them. When they start defaulting on payments the developers will fold. Soon prices on existing built properties will gravitate to their original prices and my guess this will happen over the next six months. The loss of jobs is breath taking and has taken everyone by surprise, many are simply leaving. Abu Dhabi is providing life support through finance for Dubai but the confidence and hurt inflicted on the real estate within the last month is shocking. T
  10. surely its different this time............not Fears grow over realty jobs By Babu Das Augustine Banking Editor, Gaurav Ghose Financial Features Editor and Sunita menon Staff Reporter Published: November 12, 2008, 23:42 Dubai: Fears over widespread job losses are creating panic in Dubai's property market as developers and brokers are laying off hundreds of staff as part of cost-cutting measures due to the slowdown in sales. On Wednesday, a number of banks suspended lending to expatriate employees of leading real estate companies, fearing large-scale layoffs as personal loan applications
  11. Smart money gets out..................... Fidelity EMEA manager warns of sharp Middle East correction By David Campbell | 10:36:55 | 05 November 2008 The Gulf States face an ‘inevitable’ sharp correction as the world financial crisis weighs on its over-extended property and banking sectors, Nick Price of Fidelity has warned. Price, manager of the Fidelity Emerging Europe, Middle East and Africa fund, warned that the explosion of speculative building and lending in the middle east was vulnerable. His views echo those of Philip Dicken from Threadneedle, who also told Citywire this week of hi
  12. Reality: 0% premium and no transfer fees, no commission direct from owner. Key features that sum up the market at the moment. Link below to view the madness. http://www.expatriates.com/classifieds/uae/re/
  13. No need 50 cool 50, I can help you. There are 1,000s of overpriced units here : www.gulfnews.com ...click to properties and have your pick Just remember that forced municipality eviction has no similarity to english council tax. Here is an article that attempts to place the debt risk to Dubai in perspective. Dubai World which includes Nakheel are under some scrutiny here and the rumour is they having difficulty raising cash to cover short term funding requirements. Cash at the moment is king and in limited supply. No doubt Abu Dhabi will come to the rescue, but I wonder at what price to
  14. I hope you are referring to the Dubai Municipality tax that is charged at 5% on rental value, or for property owners calculated at 10% of market value then 5% of that total. Unfortunatley the forced evictions of families and single persons from villas is just plain regulatory madness and certainly nothing compared to the 'council tax system in the UK'. These people who are white collar workes and vital to the economy are forced either to send their families home or leave altogether. Dubai municipality should be more concerned at looking after the welfare of working families and the 'men in
  15. and so it begins............................when speculators capitulate and banks call in their loans........rumours of major player in real estate being confined to house arrest, probably just rumours If prices adjust we are going to see a 'correction' of significant proportions, when speculators drive a market the speed and decline of prices are usually drastic.....Singapore and Hong Kong are examples. Sun, Oct 26, 2008, 16:39 GMT = FOCUS: Dubai Property Agents Fear Crash As Home Sales Slump Sunday, Oct 26, 2008 By Stefania Bianchi and Mirna Sleiman Of ZAWYA DOW JONES DUBAI (
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