Realty poised to ride out market storm |
|
Dubai: Inflated prices of properties on the Palm Jumeirah have fallen 40 per cent as the number of 'distress sale' e-mails have begun to increase, real estate brokers said.
However, the villas and apartments are still selling at prices higher than the original prices.
"There is a sizeable increase in the number of property owners in an urgent state to sell," Robert Macnair, sales dir-ector of Dubai-based Elysian Real Estate, said on Thursday.
"It could be that they have a large payment coming up or they've seen the market dropping over the last month ... there is a real sense of urgency."
Abid Junaid, executive director of property developer ETA Star, said, "The current downturn is a reflection that the market is correcting itself, which is a good thing as the prices are going to come to a more realistic level." However, mortgage lender AmlakAmlak
's announcement that it is temporarily halting new mortgages is rubbing salt in the wound.
"This could be counterproductive, as this is the time to channel more funds into mortgages so that the end-users can buy," Junaid said.
While some analysts believe that it is not a reflection of the sliding property market, others are confident that it is a temporary condition, soon to be resolved. Prospective homeowner Joe D'Costa told Gulf News that the news would not deter him from investing in a new home for his family.
"I would rather buy now than later. I will go through any bank that will provide the finance," he said.
With inputs from Reuters.
By Nadia Saleem and Natasha Marrian
© Gulf News 2008
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Stories
Companies
| Company Name | Country | Industry |
| Consolidated Contractors Company | Overseas | Construction and Design |
| Saudi Binladin Group | Saudi Arabia | Construction and Design |
| Saudi Telecom | Saudi Arabia | Telecommunications Services |
| Ministry of Health - Saudi Arabia | Saudi Arabia | Ministries and Municipalities |
| Saudi Electricity Company | Saudi Arabia | Electric Utilities |
| Hyundai Engineering and Construction Company - Saudi Arabia | Saudi Arabia | Construction and Design |
| Almarai Company | Saudi Arabia | Food |
| National Oil Corporation - Libya | Libya | Oil |
| Zuhair Fayez Partnership Consultants | Saudi Arabia | Construction and Design |
| Roads and Transport Authority - Dubai | UAE | Regulatory and Administrative Bodies |
Projects
| Project Name | Country | Sector |
| ADNOC/ConocoPhillips - Sour Gas Fields Development - Shah Field | UAE | Oil and Gas |
| SATORP - Jubail Refinery and Petrochemical Complex | Saudi Arabia | Oil and Gas |
| Takreer - Ruwais Refinery Expansion | UAE | Oil and Gas |
| ENEC - Nuclear Power Plant | UAE | Power and Water |
| Abu Dhabi Ports Company - Khalifa Port and Industrial Zone (KPIZ) | UAE | Infrastructure |
| Aramco/Dow Chemical - Ras Tanura Integrated Refinery and Petrochemicals Complex | Saudi Arabia | Oil and Gas |
| Abu Dhabi DOT - Abu Dhabi Metro | UAE | Infrastructure |
| Emirates Aluminium (EMAL) - Smelter Complex - Phase 1 | UAE | Industry |
| Qatar Foundation - Sidra Medical and Research Center | Qatar | Real Estate |
| IGD - Gasco - Habshan 5 Gas Processing Plant | UAE | Oil and Gas |







Loading ...