Quote:
Originally Posted by Fran
Yesterday a property consultant from TAMEER called and offered special pre-Cityscape price for Tameer Towers, Al Reem island in Abu Dhabi. According the company sources prices at Cityscape and onwards will be above AED 2900 per sq.ft.
Today Zawya reports that property prices in Dubai are to fall, citing the Gulf News.
Last week the fiasco of Lehman brothers was examined by the world media and the local press reached the conclusion that actually it will have a positive effect in long term on the Gulf markets.
UAE Central Bank assured the public in a statement that there is no systemic risk, while MEED says that local firms may face difficulties in securing finance as failure of Lehman Brothers drives up cost of dollar debt. This is not bad at all, as less construction means balance between supply and demand , which leeds to stable, if not higher prices.
Since 2002 property investors, real estate professionals and market analysts are toying with the “burst of the bubble” and the “price correction”, but so far the corrections are materializing only in one direction.
Go figure where the property prices are heading : Dubai Chronicle |
House prices will hit their peaks in the first half of next year due to the massive 70,000 units expected to be released on to the market in 2009, according to a recent report by EFG-Hermes.
I want to know where are the 70000 units being released next year