subject: Is The Property Slump In The Uae Really At An End? [print this page] Yes, this is the question on everybodys lips these days- from the property developers at Nakheel, Tatweer and Zawya, to the Bangladeshi and Pakistani laborers who toil in the heat of Dubai. From being a construction workers paradise a few years ago, the streets and corners of Dubai reek of an uneasy quietness that threaten to paralyze the whole city. It is therefore not uncommon to see signs of Dubai property for sale or Abu Dhabi property for sale across these emirates. There were major developments going on around the UAE and there was a huge boom in the real estate market before but now crises have hit the Dubai city very hard. Especially after the news of Dubai World debts real estate market have been effected in Dubai.
In fact property for sale in Dubai and property for sale in Abu Dhabi are getting to be the rule rather than the exception. A lot of short term investors have been dismayed and their dreams dashed as the expatriates have been leaving in hordes every day. With the construction sector in disarray and property prices showing little signs of picking up, UAE property for sale and UAE property websites remain ubiquitous in the Dubai real estate and Abu Dhabi real estate sector. However both the Dubai properties and the Abu Dhabi properties sector have been buoyed by the purchase and sale of Dubai apartments and Abu Dhabi apartments.
Could the Dubai Government have really been wrong about the plan to market Dubai to the world as an enviable tourist destination? The man on the street is likely to think so. Many British and other expatriates who once rated Dubai and the other emirates as a home away from home have sold and relinquished their holdings in Dubai apartments and Abu Dhabi apartments, perhaps with the intention never to return. After all, decisions involving property divestments are never made in a hurry. The current flurry of activity in the buying and selling of apartments may in fact also be short lived, representative of the fleeing expatriate population. A widely held belief is that the market should be ready to absorb a further fall of 30 percent before it stabilizes at that new level. After that there is no telling what will happen. Rumors are rampant though, that this will be followed by a further drop of 50 percent before it sees any path towards recovery. Many of the British expatriates have also disinvested in their holdings of summer residences in Dubai and Abu Dhabi, which they had so eagerly snapped up a few years ago. Now, Dubai Worlds bankruptcy return the heat all over the world and investors are now hesitating to invest in the Dubai market. But with the help of Abu Dhabi, Dubai World might able to save itself and might recovery the debts which are due in 2010. Well just have to wait and see whats in store for Dubai, Abu Dhabi and the rest of us in these emirates.
