Another dip likely for Dubai property

Argentina Star Monday 10th January, 2011

It is likely Dubai property prices will take another dip.

Dubai's property market is expected to tumble further after its decline by 5.1 percent in the fourth quarter of 2010.

With supply continuing to increase in the country, it is likely that drops in value will be unavoidable.

Sales in desirable locations are suddenly becoming more affordable after the credit crisis squeezed speculators out of the market.

Office space is also becoming inceasingly affordable in Dubai.

Owners of office space in Dubai are becoming increasingly flexible with some villa prices having dropped 5.1 percent.

Apartment values also declined 2.4 percent in the fourth quarter from the third.

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Comments

The reasons for the decline are: lack of transparency, no stable laws that protect investors, lack of a real regulatory body, lack of justice for investors in courts, abusive developers belonging to gvt, high service charges, projects not delivered as sold (no beach parks, Gym's, gardens,....)bad services, monopoly by Emaar, Nakheel, Dubai Properties, bad FM companies like Salwan (monopoly), housing fees (double tax) from Dubai Municipality, high cost for utilities,.... No body to talk to about these issues, oversupply.As a consequence eveybody has lost trust in the market and authorities.

Dubai Guru - 01-12-11, 06:57 AM

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