Dubai Property Market Starts to Slide

We'd love to bring you good news stories every day, but let's be realistic, there aren't exactly buckets of them around at the moment and we have to relate what's actually happening in the world of overseas property instead of burying our heads in the sand and pretending that the current market instability doesn't exist.



Despite having wagon loads of cash to spend and many vehement protestations to the contrary, it would appear that Dubai's fledgling property market is suffering just as badly from the global credit crisis as everybody else.



A very interesting piece by Jason Benham in Reuters suggests that "secondary prices in Dubai and Abu Dhabi fell 4 to 5%, with Dubai's advertised villa prices falling by 19 percent month-on-month in October after several banks tightened lending conditions in August and September." It also says that : "Apartments in the Dubai International Financial Centre, the nexus of the banking and investment sector, fell as much as 30 percent."



Another sales agent was quoted as saying that property prices had fallen 30-35% in Dubai since September. The downturn has meant that major developers in the Emirate such as Nakheel, Emaar and Damac are either cutting jobs or at least reassessing employment numbers.



This is not good news for the many thousands of Irish investors that flocked to the Emirate after it opened its property market to the world in 2002. But, you know what they say, "it's an ill wind ...". Perhaps this will make room for another speculative run at this most extraordinary of markets in the not too distant future.

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Dubai Property Links

For a selection of property in Dubai click here.

For a list of agents selling property in Dubai click here.

For independent articles on the Dubai property market click here.

For advice on purchasing in Dubai click here.

For news on the Dubai property market click here.

For new releases and product updates from Dubai agents click here.

For a selection of property exhibitions featuring Dubai property click here.

Sell your Dubai Property

OK, so good news on the property front is fairly scarce at the moment, which means we've very happy go bring some good cheer to those trying to sell a property in Dubai. There is an Irish company that will buy your property from you, or so it says in any case. We've not checked out the fine print so we're passing the information on as received in good faith. A new ‘Buy Back’ scheme aimed at Irish investors seeking to sell on their investment properties in Dubai has been launched by Irish based Middle East property investment company, Deluxe Properties who are located in Malahide, Co Dublin. The company claims to have a panel of investors who are actively seeking properties from Irish investors who, for whatever reason, cannot complete on purchase and it is looking for a mixture of off plan, near construction or already constructed units in the Emirate. Be wary though, if you're expecting to make a killing. The company states; “we buy and sell property in the Middle East and we buy not just from developers but we buy back properties from distressed buyers seeking a quick exit strategy." Have you ever heard of a 'distressed seller, making a lot of money out of their property? No, neither have I. But if you're stuck with a property in Dubai and need to get out it might be an option, even if it is not necessarily a very lucrative one.

You'll find the full story here.

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For a selection of property in Dubai click here.

For a list of agents selling property in Dubai click here.

For independent articles on the Dubai property market click here.

For advice on purchasing in Dubai click here.

For news on the Dubai property market click here.

For new releases and product updates from Dubai agents click here.

For a selection of property exhibitions featuring Dubai property click here.

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.