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Houses Losing Value In Dubai--slightly

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http://uk.biz.yahoo.com/16082009/323/dubai...-territory.html

Sunday August 16, 10:37 AM

Dubai house prices plunge into uncharted territory

By Ali "Alibaba" Khalil

DUBAI (AFP) - Just one year ago, property prices in Dubai were surging to record peaks undeterred by a real estate slump in major markets, but they have since gone into free fall and have yet to find the bottom.

Market watchers in the former Gulf boomtown differ slightly on the magnitude of the decline so far, but all seem to agree that the prices of Dubai property, which was selling unchecked over the past three years, should drop further.

"The decline in prices still has a little bit to go before bottoming out," said Sana Kapadia, vice president of equity research at the regional investment bank EFG-Hermes.

"We expect a total drop in Dubai of between 50 to 60 percent from peak prices in 2008. We have seen a cumulative decline of 45 to 50 percent so far in Dubai," she told AFP.

Consultancy firm Colliers International echoed similar estimates in its quarterly report this month stating that the prices of Dubai housing units had dropped by half by the end of June, compared to peak prices last summer.

We will be there soon. 60% down from peak.

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Its perfect in Duabai for a crash since their visa policy compounds the issue there is no support for the market at all.

I have no issue with the concept of Dubai however the modern slavery used to construct it is dispicable.

The worst thing they did was let it bubble whats the point of a financial centre like this if its more expensive than the old ones?

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http://uk.biz.yahoo.com/16082009/323/dubai...-territory.html

Sunday August 16, 10:37 AM

Dubai house prices plunge into uncharted territory

By Ali "Alibaba" Khalil

DUBAI (AFP) - Just one year ago, property prices in Dubai were surging to record peaks undeterred by a real estate slump in major markets, but they have since gone into free fall and have yet to find the bottom.

Market watchers in the former Gulf boomtown differ slightly on the magnitude of the decline so far, but all seem to agree that the prices of Dubai property, which was selling unchecked over the past three years, should drop further.

"The decline in prices still has a little bit to go before bottoming out," said Sana Kapadia, vice president of equity research at the regional investment bank EFG-Hermes.

"We expect a total drop in Dubai of between 50 to 60 percent from peak prices in 2008. We have seen a cumulative decline of 45 to 50 percent so far in Dubai," she told AFP.

Consultancy firm Colliers International echoed similar estimates in its quarterly report this month stating that the prices of Dubai housing units had dropped by half by the end of June, compared to peak prices last summer.

We will be there soon. 60% down from peak.

I wonder how much of the property was mortgaged and how much of the mortgaged money came from overseas to Dubia.

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http://uk.biz.yahoo.com/16082009/323/dubai...-territory.html

Sunday August 16, 10:37 AM

Dubai house prices plunge into uncharted territory

By Ali "Alibaba" Khalil

DUBAI (AFP) - Just one year ago, property prices in Dubai were surging to record peaks undeterred by a real estate slump in major markets, but they have since gone into free fall and have yet to find the bottom.

Market watchers in the former Gulf boomtown differ slightly on the magnitude of the decline so far, but all seem to agree that the prices of Dubai property, which was selling unchecked over the past three years, should drop further.

"The decline in prices still has a little bit to go before bottoming out," said Sana Kapadia, vice president of equity research at the regional investment bank EFG-Hermes.

"We expect a total drop in Dubai of between 50 to 60 percent from peak prices in 2008. We have seen a cumulative decline of 45 to 50 percent so far in Dubai," she told AFP.

Consultancy firm Colliers International echoed similar estimates in its quarterly report this month stating that the prices of Dubai housing units had dropped by half by the end of June, compared to peak prices last summer.

We will be there soon. 60% down from peak.

I wouldn't be surprised it property in Dubai joined the 10% club. It fact, the Dubai bubble seems rather like the dot.com bubble. I can' t imagine an ordinary person wanting to live there. From all I have read, it seem like hell on earth.

The mods always move Dubai threads, I notice. Dubai is interesting because it is an especially pathological example of a bubble. All bubbles are pathological.

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