Is another boom round the corner?

[DoBuy]

Emarr cancel projects worth $24.5billion,Nakheel also and just about every other developer out there have cancelled projects.Some developers have gone bust,others have fled Dubai etc.

All in all construction in Dubai is right down.

So what happens when the economy picks up and people return to Dubai.
What happens when some ex-pats get their jobs back,when new jobs are created,when new businesses are opened because of the improving economy.

If the developers dont come back,if Nakheel and some others cant even get contractors to do their work because of unpaid bills,if construction basically does not keep up with a newly increasing population, then you have all the ingredients
for undersupply.With undersupply you will get another boom.
Maybe?

[georgihh]

Originally Posted by DoBuy

Emarr cancel projects worth $24.5billion,Nakheel also and just about every other developer out there have cancelled projects.Some developers have gone bust,others have fled Dubai etc.

All in all construction in Dubai is right down.

So what happens when the economy picks up and people return to Dubai.
What happens when some ex-pats get their jobs back,when new jobs are created,when new businesses are opened because of the improving economy.

If the developers dont come back,if Nakheel and some others cant even get contractors to do their work because of unpaid bills,if construction basically does not keep up with a newly increasing population, then you have all the ingredients
for undersupply.With undersupply you will get another boom.
Maybe?

Possible – I hope so

This place is driven by the Indians, Pakistani and Iranians. They need a single trigger to ignite another price boom.
As I said before Visa issue is very important to bring more people
Pakistani and Iranians are not comfortable in their own countries and millions will come if the government relaxes the immigration scenario.
Lets see, I think the government is running out of ammunitions to stop the expel and a acceptable visa law will bring the people back and the prices will shoot up again

[DoBuy]

Qatar are now giving foreigners 5 year visas.Dubai should do the same.

[samsaf]

Originally Posted by DoBuy

Qatar are now giving foreigners 5 year visas.Dubai should do the same.

I believe that this is inevitable. Dubai will not allow anyone else to take the no.1 place.

If they don't, then Qatar will probably take lead after 2-3 years

[DelboyG]

There visa issue is a federal mater - therefore not up to Dubai rulers, I think they would have done it long ago if it were.

Abu Dhabi will not allow this measure even if Dubai has to suffer a big time downturn in the housing market. Too much self interest and politics for the obvious solution to take place any time soon.

[georgihh]

Originally Posted by DelboyG

There visa issue is a federal mater - therefore not up to Dubai rulers, I think they would have done it long ago if it were.

Abu Dhabi will not allow this measure even if Dubai has to suffer a big time downturn in the housing market. Too much self interest and politics for the obvious solution to take place any time soon.

All the emirates apart from AD a straggling for cash, IF AD doesn’t want to introduce a civilized property visa law, than has to supply his brothers with cash.
As the time is running and the UAE image is sinking every day, something should happen very soon. They can’t let this place just collapse

[Fran]

I doubt that we will experience another boom of the same magnitude any time soon.
However, the real estate market will gradually improve and stabilize by the end of the year, and grow during 2010. But property consultants and professionals alike should know that the nature of the business is changing and new strategies should be adopted.
More details here: The changing nature of real estate deals | Dubai Chronicle

[Sean@Phuket]

Another boom is of course in the coming, but thats the problem as with every boom comes a bust. Strategies need to be changed, we can't fix everything with money that does not exist. We need ideas and action which are for the long-term not only the short.

Period-