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Global property warnings also
apply to Dubai!
Take heed of the warnings about cooling global real estate
markets that have now reached Spain and India. Meanwhile, there were 4.2
million unsold homes in the US at the end of April, and the annualized rate of
second-hand home sales fell by 2.6 per cent to 5.99 million in April, enough to
worry the Wall Street bulls.
Title deeds for foreigners but key cutting an issue!
The original foreign buyers of the first properties in Dubai
have been quietly registering their ownership this year with the Dubai Land
Department which has topped customer satisfaction ratings for a second
consecutive year. But the Dubai Government has not issued a new license for
cutting keys in five years!
Pent-up demand is the other great unknown about Dubai
property
There has been much debate recently about the actual supply of property coming
up in Dubai, and some focus on true levels of demand as opposed to the levels
suggested by some sellers of property. But the pent-up demand in the market is
the other great unknown about Dubai real estate.
The Economist forecasts a slow puncture not a burst bubble
for Dubai real estate
Lunch guest at the Arabian Hotel Investment Conference this week was The
Economist Group's senior vice president, Dr. Daniel Thorniley who offered his
views on the outlook for Dubai real estate. In the same week the CEO of Deyaar,
Zack Shahin, suggested the demand for new property in Dubai stood at around
70,000 units a year.
Why the Dubai Marina traffic jams are unlikely to persist
A couple of years' ago access to the Emirates Hills district was a
nightmare, particularly when The Springs villas were first occupied. Today
there is hardly a bad day. It will be the same for the Dubai Marina which
experienced near gridlock last week as the new owners of the Jumeirah Beach
Residence started to take up possession.
Is the renting versus buying equation swinging towards
renting?
When Dubai property was first launched in 2002 a mortgage cost less than annual
rent, and house prices looked low by world standards. Today it costs more to
buy than rent and the supply chain is so big that price rises look unlikely. So
has the argument swung from buying to renting as the best option?
Will supply and demand burst the Dubai real estate bubble?
The arrival of a Korean developer and the promotion of rotating towers are
surely separate symptoms of a bubble in Dubai real estate. Foreign firms are
usually the last to arrive, and outlandish proposals are only taken seriously
during the most bullish of times. But supply and demand is the issue of greater
concern.
Dubai is a safe haven from crime and regional instability but not traffic
One big source of buyers in the Dubai real estate boom is wealthy people
fearful of the future of their own country. There is also solid evidence to
support the low-crime status of Dubai. But the rising accident toll on the
Dubai roads, which are among the most dangerous in the world, is only now being
seriously tackled. |
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