|
|
Home >
Overseas Property News
|
UAE prices are falling
Country: Abu Dhabi; Dubai, United Arab Emirates
27 October 2008
Property prices are reportedly falling in Dubai and Abu Dhabi in light of the global financial crisis, while sales levels – resale and off-plan – have ground to a halt, according to property professionals.
Speaking to the UAE daily, The National, yesterday, Khaled Elqassim, the sales manager at Dubai-based property broker AAA, said: “It has been going on for a week now. I have seen prices going down about 10% everywhere, even in Dubai Marina and Downtown Burj Dubai.”
“Pretty much all the secondary market is trading at less than it was before the financial crisis,” added Karen Lay, the marketing manager at LLJ Properties in Abu Dhabi.
One of the main problems is that speculators who secured finance only for one or two instalments, sometimes through personal loans, hoping to flip the property on, are now struggling to raise finance or sell their property, and are having to drop their asking prices as a result.
'If they can't afford the next payment and can't sell the property they invested in, they might find themselves in trouble,' said Walter Hart, the managing director of Humberts International.
Now is not the time to sell property, but instead should be perceived as a prime buying opportunity, according to Andrew Covill, the head of sales at Abu Dhabi-based LLJ Properties. He commented: “Now is not a time to sell, it's a time to invest for the future. There are fantastic deals out there. There is more choice for the buyers.”
Browse other Dubai property news stories, read articles about investing and buying property in Dubai or view our range of property in Dubai.
Some properties in Dubai, United Arab Emirates
|
|
|
|
Price: £162,772
|
Type: Apartment
|
Bedrooms: 1
|
|
|
Elite Residence is destined to become one of the most exclusive and sought-after addresses in the Middle East, it is ideally located at the core of Dubai Marina, near significant city landmarks like Palm Jumeirah and the Mall of the Emirates.
|
|
View details | Enquire further
|
|
|
|
|
|
|
Price: £181,616
|
Type: Apartment
|
Bedrooms: 1
|
|
|
Considered the tallest residential tower in the world, The Princess Tower is being constructed on a 37,410 square feet plot in the Marina area, known to be one of the most exclusive and prestigious areas in Dubai.
|
|
View details | Enquire further
|
|
|
|
|
|
|
Price: £264,880
|
Type: Apartment
|
Bedrooms: 1,2,3
|
|
|
DUBAI GATE 2
JUMEIRAH LAKE TOWERS
1 BEDROOM PLUS DINING ROOM
18TH FLOOR FANTASTIC VIEWS
|
|
View details | Enquire further
|
|
|
|
|
|
|
Price: £271,881
|
Type: Apartment
|
Bedrooms: 2
|
|
|
Elite Residence is destined to become one of the most exclusive and sought-after addresses in the Middle East, it is ideally located at the core of Dubai Marina, near significant city landmarks like Palm Jumeirah and the Mall of the Emirates.
|
|
View details | Enquire further
|
|
|
|
|
|
|
Price: £299,300
|
Type: Apartment
|
Bedrooms: 1
|
|
|
· Project: The Fairways
· Developer: EMAAR
· Tower: T1 / West
· Type: 1 BR
· Suite area: 709 Sq ft
|
|
View details | Enquire further
|
|
|
|
|
|
|
Price: £435,654 GBP
|
Type: Apartment
|
Bedrooms: 3
|
|
|
This luxurious 3 Bedroom apartment is a distress sale and is offered below market price.
Located in one of the prime Towers in the most sought after location in Dubai – O2 Residence in Jumeirah Lake Towers<
|
|
View details | Enquire further
|
|
|
|
|
|
|
Price: £731,763
|
Type: Apartment
|
Bedrooms: 3
|
|
|
Elite Residence is destined to become one of the most exclusive and sought-after addresses in the Middle East, it is ideally located at the core of Dubai Marina, near significant city landmarks like Palm Jumeirah and the Mall of the Emirates.
|
|
View details | Enquire further
|
|
|
|
|
|
|
Price: £1,432,557 GBP
|
Type: Apartment
|
Bedrooms: 1,2,3
|
|
|
The Mansion at Burj Dubai is an architectural masterpiece, its unique value proposition is that all homes within the 60-storey tower open to direct views of Burj Dubai, the world's tallest building, and the magnificent fountain on Burj Dubai Lake.220
|
|
View details | Enquire further
|
|
|
|
|
|
|
Price: £1,864,970 GBP
|
Type: Penthouse
|
Bedrooms: 5
|
|
|
Developer Deyaar
Penthouse, Top floor
Full lake view
Floor 38
Area: 5,765 sq.ft
|
|
View details | Enquire further
|
|
|
|
|
Prices from: €355,000 Bedrooms: 2 Luxury townhouses in the centre of a world class, championship golf course.
More
Price: £129,000 Bedrooms: 1 Holesovice Prague 7: across the river from city centre. 73sq m with garage and storage. Expected yield 5.5-6%.
More
Prices from: €99,681 Bedrooms: 1 & 2 Off-plan, inner city location. NZ$1,000 to secure. Multi currency mortgages from 3%. High yielding.
More
Price: €280,000 Bedrooms: 3 Renovated stone house, hilltop location offering panoramic sea & mountain views. Landscaped garden, private pool.
More
Price: €230,000 Bedrooms: 2 Bathrooms 2 Contrada Ulmo, between Martina Franca & Ceglie Messapica. Restored. 1 ha land: DOC vinyard, olive/almond trees.
More
Prices from: €156,000 Bedrooms: 1, 2, 3, 4 Cohennoz: Great year round location. Mountain lifestyle, easy access to one of the best Alpine skiing areas.
More
|
|
|
