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Posts about Property in Dubai and Colorado

September 27, 2009 | | Comments 0

Dubai’s bombed-out property
European investors have mothballed plans to invest in Dubai’s bombed-out property in favour of more familiar and mature markets, prolonging the emirate’s maiden bust until at least 2011.
Prices in the emirate’s once-booming real estate sector will continue to slump over the next year, with demand for property waning as expat professionals lose their jobs, while more Dubai contractors will bid for projects elsewhere.
Once a magnet for capital from European property investors, the emirate’s appeal — famed for its iconic palm tree-shaped islands — is fading fast as they scramble to seize better real estate deals closer to home and elsewhere in the Gulf.
Analysts are already predicting the more stable Doha and Saudi Arabia property markets to recover faster than Dubai, which is experiencing its first growing pangs.
“The consensus opinion is that the Dubai market has further to fall and this very sentiment is itself putting off investors who do not wish to catch a falling knife,” said Craig Plumb, head of research at Jones Lang LaSalle in the United Arab Emirates.
A UBS report last month said Dubai house prices could fall up to 70 percent from a fourth-quarter peak. A Reuters poll in March showed prices were likely to fall more than 40 percent in 2009 and 2010 before recovering in 2011.
“Dubai is not one for us. I much prefer long-term established locations with underlying intrinsic attractions or clear, sustainable competitive advantages,” said Bill Hughes, managing director, Legal & General Property.
By contrast, the battered UK housing market is showing early signs of revival, with an uptick in investment demand seen in Britain long before Dubai.
Property prices in Dubai, dubbed as the world’s biggest construction site, soared sharply after the emirate opened its real estate sector to foreign investors in 2002, granting them freehold ownership rights at many developments.
From start-2007 to mid-2008, prices rallied almost 80 percent, Morgan Stanley estimates showed.
The bubble burst spectacularly late in third-quarter 2008, leaving the region laden with half-built projects.
“The extreme boom-bust characteristics of the market are not compatible with the needs of most institutional investors, which are Aberdeen’s core client base,” said Andrew Smith, chief investment officer at Aberdeen Property Investors.
The financial market turmoil has caused significant injury to demand in Dubai’s property market as thousands of jobless expat professionals are forced to leave the emirate.
UBS said Dubai’s population was likely to fall 10 percent in the coming two years as a result of foreign worker job cuts, with residential vacancy rates reaching up to 30 percent in 2010 due to an expected oversupply.


CONTRACTORS LOOK ELSEWHERE
“International capital and indeed that from the Gulf region is increasingly looking for distressed assets in more mature markets, with central London being seen as the pick of the bunch,” Plumb said.
Several Dubai-based contractors are also seeking opportunities further afield as work dries up and competition for new projects intensifies.
Dubai contractor Arabtec, the largest listed construction firm in the UAE, was this week awarded a 1.6 billion dirham ($435.6 million) contract in Abu Dhabi. It also recently started work on its first project in Saudi Arabia and is scouring North Africa for work.
More than half of the construction projects in the UAE, worth $582 billion, have been put on hold, Dubai-based market research firm Proleads said in February.
While abandoned buildings and empty luxury homes provide a stark reminder of Dubai’s dramatic property bust, the small number of investors with cash to spend on real estate will be keeping their powder dry.
“In the short term there is a lot of confusion among overseas investors,” said Stuart Law, chief executive of UK-based Assetz, a specialist real estate investment firm.
“I wouldn’t buy there myself for holiday home purposes as there’s nothing going on. South of France is for me,” he said. (Editing by Andrew Macdonald) ($1=3.673 dirhams)

$102,000 :: 15523 Pensgate, Houston TX, 77062
3 beds, 2 baths Size: 1,860 sq ft Lot Size: 9,794 sq ft Added: 08/26/09, Last Updated: 09/27/09 Property Type: Single-Family MLS Number: 35502284 Community: Clear Lake Area Tract: Meadowgreen 1 Priced as a short sale! Seller will need lender’s approval to accept any offer. One living area w/fireplace, slate like tile floors in kitchen & baths. Master bath has 2 sinks. Low maintenance exterior of brick & vinyl. Home located across the street from a large neighborhood park that has swings & ball fields.

Dubai has launches a massive advertising and marketing campaign in the UK and Ireland
Braving the global recession, Dubai has launched a massive advertising and marketing campaign in the UK and Ireland, revealed officials of the Dubai Department of Tourism and Commerce Marketing (DTCM)Dubai Department of Tourism and Commerce Marketing (DTCM).
The intention is to increase tourism traffic to Dubai during the Dubai Summer Surprises period from June 11 to August 14. Tourism is one of Dubai’s most important sectors. It contributes directly towards 19 per cent of the emirate’s gross domestic product.
However, industry experts believe that combined with the retail activity that Dubai encourages by means of various festivals and special promotions, this contributing figure could be as high as 30 per cent.
“We are constantly devising special advertising campaigns specific to the region and with a global approach. This campaign in the UK and Ireland is specific to that region, while we are working on an all-new global campaign to be launched very soon,” said Eyad Abdul Rehman, a senior official at DTCM.
DTCM is very busy in organising everything and will be announcing the new global campaign sometime next week,” said Rehman. He added that the department is finalising the finer details of the campaign and already in discussions with other involved parties including Emirates airline.
Dubai has been consistently increasing its dependence on retail and developing this sector with multi-million dollar investments in infrastructure and hotels in every category. Dubai’s intention is to attract 10 million visitors by 2010 and increase the number to 15 million by 2015, which will be twice as many as there were in 2007.
Officials did not share the cost of the campaign, but considering it will be covering all the media platforms including print, electronic and outdoors, industry experts define it as a “multi-million dollar campaign”.
Dubai has also been affected by the global economic recession, but figures according to the Dubai Tourism Board convey that the emirate is being resilient to the global gloom.
The first quarter of 2009 actually saw an increase of five per cent in tourism flow when compared to the same period last year. Hotels have recorded decline in occupancy and are offering discounts on room rates, but Khalid bin Sulayem, Director of the Dubai Tourism Board, stated during the recently concluded Arabian Travel Market that “the tourism industry is healthy and strong”.

The UK remained the top source market for Dubai tourism industry in the first quarter of the year, followed by Iran, India, the United States, Saudi Arabia, Germany, Russia, Pakistan, France and Kuwait – same as the first quarter of 2008.
The campaign specifically aimed at the UK and Ireland markets has been created by London-based agencies Initiative and IM London (formerly Independent Marketing). The campaign, which is to be predominantly in print and digital media, sees an increase of 40 per cent on last year’s advertising spend and runs alongside the existing public relations campaign that is managed by The Communication Group plc, reported UK media.
The campaign makes an emotional approach with the slogan “This is our Dubai, what’s yours?” and the identification of distinct target market segments including couples, active men, pampered women and premium families. The campaign is to last 12 months.
“This is a regional campaign for the UK and Ireland, but in addition to our regional efforts, we also devise unified global campaigns and in the weeks to come we will be disclosing details of our new international campaign,” said Rehman of DTCM.


Real Estate In Bahrain
The renown and success of the real property market in Dubai is well referenced; but in keen contrast Bahrain – which is one of the Middle Eastern property marketplaces with the most boastful potential – is hardly acknowledged and oftentimes just flat out overlooked.

Bahrain has a little but well established elegant real property market; and modern modifications to legislation allowing for foreign freehold possession of property inside unique real property developments in Bahrain has made a upsurge of investor and consumer involvement in the land.

The land of Bahrain has long been home to a big exile community, with exiles chiefly hailing from the UK, Europe and the US. Exiles living in Bahrain broadly relish an unbelievably high standard of life, substantial tax-exempt revenue and an inimitably luxury lifestyle – and the type of accommodation they look for has become the iconic style of real property now purchasable for foreign buyers. So, the real property developments where abroad freehold possession of deed is allowed in Bahrain typify quality and luxury.

In recent years Bahrain has been acting to broaden its economy away from oil by centering five important business areas; namely business and financial services, tourism, information technology, healthcare and education and telecommunications. As a consequence a lot more international companies have built bases and headquarters in the land which have produced more employment opportunities and successively attracted more foreign executives and their kinfolks to Bahrain.

This inflow of foreign occupants to the land of Bahrain has led to a booming rental realty sector which has certainly helped to support an already unbelievably successful economic system. Lately Bahraini officials began to recognize the potency of the real estate sector if they allowed for foreign freehold possession, and this preceded to legislative and constitutional changes and the officials have been rewarded for their foresightedness by the introduction of an unbelievably popular and prospering property market.

It is a fact that many of the expatriates living in Bahrain are directly taking full advantage of their right to possess freehold title to real estate. It is likewise a fact that there is still an exploding demand for upper-class accommodation in Bahrain and this is thrusting rental rates enthusiastically higher. Both of these facts mean that real property investors have a property market good for exploration in Bahrain with fast income realizable from the renting sector and the release and realization of capital appreciation easy to achieve with a market hungry for completed resale property.

Therefore real estate investors looking for a market with more room for expansion than Dubai has, a market as equally popular with expatriates as Dubai is and a market offering property as magnificent as Dubai does need look no further than Bahrain.

Amazing Benefits Of The Acai Berry For Weight Loss.
Since the past few hundred years, the Acai berry is appreciated and honored for its excellent properties, like promoting and benefiting the health, energy level increasing property, and improving sexual performance. It is appreciated as a fruit for its delectably sweet, chocolaty taste and for being equally popular as a raw material for wine. Acai berries have been liked for their amazing flavor and great health benefits provided by the fruits.

How To Perform A Home Inspection As A First Time Home-buyer
All home-buyers are prone to overlook major problems during the buying process only to be surprised by them once they have already paid for the property. You can consider hiring a professional home inspector even before signing any contract to avoid any regrets and stress after buying a property.

Real Estate of the Summit
Feel free to ask “Why Summit Country?” You just can not imagine how many reasons there are!
Summit County is situated high in the Colorado Rockies. It is well-known as Colorado playground due to the numerous summer and winter outdoor actives that the area provides. The county hosts 4 major ski areas: Keystone, Copper Mountain, Arapahoe Basin and Breckenridge. The Summit Country also has 2 reservoirs, Dillon and Green Mountain that adds even more attractiveness to the area.

Appeal to UK High Commissioner/Foreign office
Imtiaz Ahmed Barkazai, Karachi, Sindh Courtesy: Statesman on 26/9/2009 I am a senior government official with blue passport, besides I am an agriculturist possessing ancestral agricultural property and such income is being regularly declared by me. I have been visiting United Kingdom since 1983 and have visited this great country various occasions as I like its historical sites and its hospitable people. Latest visa was issued to me and my family on 3rd June 2005 which was valid up to 03-06-2007 and we visited UK last, on 19th July 2005 for 16 days.

Zim villagers suffer for demanding looted property
A court in Nyanga will on Monday start mass trial of 88 villagers for demanding the return of their property stolen by President Robert Mugabe’s ZANU PF militia during the run-up to the internationally condemned June 2008 presidential run-off election. On the same day another Nyanga court will hear a civil claim in which 16 villagers all from Prime Minister Morgan Tsvangirai’s Movement for Democratic Change (MDC) are demanding US$853 for the grain and livestock forcibly taken from them during the violent election.

Dubai house prices ‘likely to extend fall
Oversupply in Dubai’s once-booming property sector will continue to send prices lower in the short term, Jones Lang LaSalle said on Sunday. “The oversupply situation is likely to get worse before it gets better in some sectors and this will continue to place downward pressure on prices and rental levels in the short term,” the real […] Rating: 0.0/ 5 (0 votes cast)

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