# Dubai Property Update



## marc (Mar 10, 2008)

Hi Guys,

Just wanted to give you an update of the Market if your thinking of buying or just interested in property/finance news here..

As I'm sure you are aware, financial turmoil has caught up with Dubai and the UAE, with companies laying off people, going bankrupt and developments getting put on hold or shelved.

Mortgage regulations are tightening up with most banks no longer offering even 75% finance any more let alone 80-90% - Tamweel is going to be merging with Amlak finance (two largest Islamic banks) to strengthen its position in the market.

You will notice a load of property flooding onto the market as the speculative investors who cant afford the next payments (PANIC PANIC) are really scared and are offering their property for very low prices, some even lower then the original price... a good time for offers but just be careful what your getting into..... advice at the moment if you are considering a purchase especially off-plan is to go with a very sound developer, as a lot of middle market developers could be closing down. 

But If you can buy something ready to move in to - that is highly recommended, good time for Shoreline apartments there prices have deflated by over 50% on some types. - QE2 will be there soon so keep that in mind for the future.

Longer term, JLT, JBR and the Marina are still all very popular as well.

I' m sure you are all aware of this anyway but I thought a quick market update for those who dont know would be a nice thing to do. If theres a good response I can make it a weekly / monthly occurrence.

Thanks,

Marc.


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## Guest (Dec 2, 2008)

Thanks for the info Marc. My wife and I are thinking about seeking jobs in the UAE. If we were successful, we would rent and, from what we’ve gleaned from this forum, we have to correctly allow for the cost of rent as it can be a large proportion of one’s salary. So any updates on rentals would be very interesting particularly with the current turmoil.

Before the financial crisis hit, what was a typical annual increase in rent (or, more precisely, for a good three bedroom unit somewhere not too far from the beach)? Not much point in having correctly allowed for rent in year 1 of a contract if the rent promptly goes up 50% at the end of the first year.

Thanks.


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## DesertStranded (Oct 9, 2008)

Any chance it will become more acceptable to pay rent on a monthly rather than a yearly basis?


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## marc (Mar 10, 2008)

DesertStranded said:


> Any chance it will become more acceptable to pay rent on a monthly rather than a yearly basis?


I can already see this happening in some cases, my company is already working on plans to implement this as well.

I think its a great idea, where in the world do you give 1/2 cheques up front, how can most people possibly do that...

We will start seeing that much more otfen where you will give 12 PDC (post dated cheques) up front and they will be cashed every month.

If this is something you would be interested in, I can try and arrange something, send me a quick PM.

Thanks


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## qwert97 (Jun 2, 2008)

marc said:


> I can already see this happening in some cases, my company is already working on plans to implement this as well.
> 
> I think its a great idea, where in the world do you give 1/2 cheques up front, how can most people possibly do that...
> 
> ...


Are you trying to help people on the forum or trying to expand your business? Are you a realtor?


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## marc (Mar 10, 2008)

qwert97 said:


> Are you trying to help people on the forum or trying to expand your business? Are you a realtor?


I'm here to help people, the service most people receive here in Dubai is crap, it has to be changed....


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## DesertStranded (Oct 9, 2008)

marc said:


> If this is something you would be interested in, I can try and arrange something, send me a quick PM.
> 
> Thanks


Yes, I'm interested. I sent you a PM.


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