Dubai-Has anybody made a sale

Also I had a look at the construction update video you posted on youtube.

http://www.youtube.com/watch?v=DaqwFulqRdo&feature=channel_page

There doesn't seem to be much happening on site other thn a few guys sitting around and 2 no. mixers and a few bamboo sheets. Glad to see you take Health and Safety seriously on site as you have a "safety first" cabin although there is no site hoarding, the workers are not wearing the necessary PPE and the safety first cabin is constructed from bamboo shoots. Also, a moped is parked near the safety first cabin. This could be a safety risk if sparks came from the moped and onto the bamboo shoots. When is the 1st phase of the development due for completion?
 
Here is another article on the property market in Dubai that is relevant to the the op's query:

http://www.aim168realestate.com/real-estate-news/united-arab-emirates/7102/palm-projects-witness-50-pric.html


Palm projects witness 50% price slump
Wednesday, February 04, 2009


A real estate mediator has recently said that the price of the luxurious apartments built at the panoramic vicinity of the Palm Jumeirah has slumped by almost 50%. According to the PowerHouse Properties the price of the AED 14 million apartments has dropped to AED 6.5 million.

Ian Hainey, Palm sales specialist for the company, said: “We’ve seen a steady stream of bargain hunters in the market shopping for these prestigious addresses, with many motivated primarily by price."Many end-users who previously could not afford to live on Palm Jumeirah are also now turning their attention to the bargains currently on offer.
'Palm signature villa prices have also fallen, with even the most popular styles that were selling for over AED30 million six months ago now appearing on the market for under AED15 million.'
he said that there has been a substantial rise in the number of consumers willing to purchase apartments at the Palm Jumeirah due to lessened costs.

"Sales are still being made on the island, with an upsurge in those buying to rent, taking advantage of the bargain prices while still capitalising upon the high rental yields. Garden homes are renting at over AED400,000 and furnished signature villas still commanding rents up to AED1 million.”

Dubai-based mortgage advisor Jack Czechowski from propertyfinancelink.com added: “There has been a marked reduction in people seeking to buy properties on the Palm Jumeirah, and therefore obtain finance, but this is true in developments throughout Dubai.

“Those who are still looking to buy are finding it very challenging to obtain finance at the moment. Banks have tightened their policies, reduced lending ratios and increased interest rates. Most lenders have reduced their maximum borrowing ratios from 90 per cent to less than 80 per cent.

“Interest rates have increased from approximately 6.5 per cent to 8.5 per cent and banks will generally no longer lend to non-residents or people employed in the real estate sector. Unfortunately this is preventing many potential buyers from being able to purchase.“It is difficult to make an accurate prediction on the immediate future, as Dubai has never faced this problem, but it is quite possible banks will review their policies early in the year.”

The breathtaking project came into being as a part of the coastline extension project which elongated the coast of Dubai to approximately 625 miles which is 15 times greater than its original dimensions.

A report published recently said that property prices of Dubai dropped by 8%, the first decline since the property bubble began to inflate in Dubai in 2002. Sales graph has bottomed by 45% manifesting the ramifications of the credit crunch expressing itself in the realty sector of Dubai.

When the project of Palm Jumeirah took flight it was instantaneously purchased by icons like David Beckham and Michael Schumacher for AED 2.8 million. The setting sun of 2008 also set the development sun for iconic projects like the Trump Tower and Palm Jumeirah further provoking the gravity of the economic situation.
 
Patrick2008 said:
Also I had a look at the construction update video you posted on youtube.

http://www.youtube.com/watch?v=DaqwFulqRdo&feature=channel_page

There doesn't seem to be much happening on site other thn a few guys sitting around and 2 no. mixers and a few bamboo sheets. Glad to see you take Health and Safety seriously on site as you have a "safety first" cabin although there is no site hoarding, the workers are not wearing the necessary PPE and the safety first cabin is constructed from bamboo shoots. Also, a moped is parked near the safety first cabin. This could be a safety risk if sparks came from the moped and onto the bamboo shoots. When is the 1st phase of the development due for completion?
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Video was taken to show the new access road and also the day the workers barracks (workers here live on site) was complete; and a lot of scaffolding was delivered just to demonstrate to our clients that we were under way. The whole site is hoarded off, and that area with the safety first sign on it is actually a workers bathroom not a safety cabin. We have safety signs all around the site to remind our workers to pay attention.
Previously that whole area was covered with thick brush. So from a clients perspective who saw the site in the last year it shows a big change.
Right now we have 40 guys on site, doing excavation way up above what you see there - on the top of the hill, wearing the necessary PPE - which will be shown shortly with a new video. Your welcome to visit the site at any time and see that we adhere to health and safety regulations in the country. Construction is due for completion in September 2010.

Suppleness, I post on the site so I can share the benefit of my knowledge in the industry, and also because there are a few good posters that give good insight to different markets. The first time I posted here I got good advice on whether to offer a guaranteed rental scheme or not for this particular project. Its not for marketing purposes.
What your saying about representing your company is textbook stuff I agree, but I believe if people find this post and others I have made on AAM, they will see more often then not Ive given good advice to posters; at least I believe I have.
Now if I make a point and another poster follows with a statement that infers the dog in the street knows more about this business then me, I will be outspoken in my criticism of him.

What is it O'Leary says about publicity:rolleyes:

Sorry for getting your thread hijacked kildare!
 
Hi ,

I had the commerial office space in Dubai , trying to selling before it was 1800 dh per sq ft now i am not getting much. Is somebody know any good agent either to rent the property or selling it
 
GDE said:
What are you a tiler? Your talking crap. Start of 2007 Dubai was on the downslide for investment. Between 04 and 07 investors were making a fortune, and I have a number of friends and clients who flipped properties out there and made 100's of thousands in a short space of time, or even held them for 2-3 years and sold on for a handsome profit
Its funny you mention the stupid, ignorant people who flip properties, because that is how many of the savvy investors made there money in the overseas markets.
To say property is a long term investment like anything else is a pretty wild statement. Every individual investment one makes in any market has its own timeframe for when to get in and when to get out.
Didnt george soros come out of retirement to pull 5bn out of currencies in the space of a week recently?


You do have a point that the average punter, garda or whatever who thinks he can flip something on the say so of an eager agent is misguided. If your investing in property to flip and resell then you would want to be a serious investor who has done his own research and is an expert on the market and where its going.
Click to expand...
Whoooa, you said savvy!
 
Lollix said:
Renting might be an option, but if you can get shut of it now before the market is wiped out altogether you would be better off. Dubai is the biggest bubble on the planet, with more than 2000% oversupply coming on stream over the next year or two.
Against all odds though, there is still a trickle of sales at full price on off-plan stuff out there. I'm not sure who is buying, but I have heard from industry sources of estate agents who abandoned the UK and who are making a living in Dubai.
If I was stuck with a couple of these lemons I would get on a plane and spend a week hustling. There are bound to be some buyers floating around out there; hijack them! Try to find someone who is buying from one of the big agencies and offer them your place at a heavy discount.
The alternative is to watch your money go down the drain.
Click to expand...

I hope that you took my advice and went out there to offload your property. If not, today's Irish Times won't give you much comfort. [broken link removed]
 
Lollix said:
[broken link removed]
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"Newly-drafted media laws threaten to fine anyone who knowingly publishes information that damages the UAE’s reputation or harms its economy"

I bet Fianna Fail are envious.
 
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