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The real estate crash has begun


Stylinexpat There are many reasons for the market crashing in Dubai. What's odd is how much restriction there is in the papers for freedom of speech. The market tumbles or crashes and nothing gets reported in the paper but maybe a small article mentioning that the Market corrected.. what a Laugh. The Market was down on profit taking, what a laugh... The Market was down due to new IPO releases, what a laugh.. What idiot falls for these lies? IPO'S are usually left only for local investors, are locals that poor these days? If one watched the shares being sold in quantities of 100,000 share to 300,000 shares of Either Amlak or Emaar to believe that one sold those shares to enlist in a new IPO is a joke. New IPO'S only give out about 500 to 2000 shares per investor if you are lucky. If one got a miracle he would get 5000 shares so there is no need for anyone to put in more then 10,000 Dh,s as each share is listed at 1 Dhm. per share. Selling say 100,000 shares of Emaar at 20 Dhms a share gives one 2,000,000 Dhms. one does not need 2,000,000 Dhms. to enlist in a new IPO. Profit taking?? Market has been going down forever now. When the Market climbs a few points it makes headlines in the local papers and press but when it comes crashing down like this there is no word from any local government official yet when there is a trade show at the trade center you see his royal highness cutting the ribbon with a big smile. Market comes tumbling down over 40% with investors losing billions of dollars and the ribbon cutting highness is off into silence. The Saudi Stock can come down 5,000 or 10,000 points and that can be called a correction but the local index at 1,200 points was nothing to be really proud of. The index erased a whole years gains within a month or twos time recently, so were there any gains last year that were solid then? I don't think so.. Saudi Arabia has a population which out numbers that of the Emirates by many times and the government has plenty of money to bring the local bourse back up in a heartbeat where Dubai in reality is poor. Roughly30 listed stocks that the government can't afford to keep stable. Saudi Arabia put measures in last week to limit the impact on investors in the event of a crash to allow the market to drop by 5% and 5% is on a 20,000 Point index not a 800 point index like in Dubai with no limit down. The Emirates needs more people to be able to support its economy and people with proper income , not Filipinas, Indians, Pakistanians and other $300 a month salary people. They have homes selling for $300,000 and up. Who is going to live in them? Are there jobs to here in Dubai to support people to live in those apartments or Villas? Look at the Job section in the Gulf News or other papers? Do you see as many jobb offers with high paying salaries as you see apartments and villas popping up? I don't think so, that means property crash around the corner. Are they luring in foreigners to invest in Dubai? Why are all the new IPO'S only available to locals then? Why are all the companies that payed high dividends where they rewarded share holders with shares only available to locals?This stock market can only go down with negative prospects like this. Will foreign investors put their money into a stock market like this again?? Two important things contribute to a good local strong economy and that is people and people with money. Dubai does not have these two things at the moment. While the government has some money it means nothing to the people who are living in Dubai as they have to pay for things and not the government.
jag Just got the news straight from a top local friend.. the real estate market here is starting to crash.. shares are sliding like mad, and the main Saudi and Kuwaiti investors are now pulling out of here (mass selling) and diverting funds back to their home country real estate projects. So seems like the prediction of an early 2007 crash looks to materialize. Property is too overvalued anyway. yshimy Balancing is currently taking place in the Stock Market, its no secret. But the question is.... Will this affect the rental prices?? and if it will.... When this will take place? i think there is some kind of lag. fayz i don't think this should be the biggest of surprises the market has dropped over 30% and has been a shorter's dream since late last year (not that i would short as it is Haram) Stock markets are always a pre-cursor to the rest of the economy, real estate i think will start turning by mid to late next year. Yshimy already many lanlords have started accepting 4 or more payments for rent now which is a sign of desperation, the next logical step would be to lower prices but you never know. I hope they do. Whatever happens the next few months will be interesting. arniegang My predication is on target then. 8) In a traditional economy similar to UK and now Duibai, share values have a knock on effect to the property market, but... there have been exceptions to the rule. But dont worry too much about a crash. Prices are so currently over-inflated the term "crash" in dubai will merely mean an adjustment back towards the true value, sadly for those who got on the bandwagon within the last 12 months, it will mean losses. arniegang Rental prices will drop in line with supply and demand. fayz
sorry you need to dumb this down for me, what does have a knock on effect mean? XRW-147 Fayz, you're in the financial game! Its like a domino effect. arniegang sorry Faz "knock on" or "knock on effect" is a brit term for the part of a sequence or the start of a sequence. A bit like "the domino effect", You knock the first one over then the rest will fall. arniegang SNAP XRW both posted 2.29 8)

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fayz :oops: :oops: hehehe, sorry egg on my face the term just threw me, I thought arnie was disagreeing but turns out we're all on the same page :) arniegang a bit lengthy, but hope you financial guys find this helpful Big investors have been selling off their shares in the Dubai Financial Market. Ironically the company whose shares have been most heavily traded, Emaar Properties, could also be one of the biggest gainers if investors decide to move their cash into local real estate. United Arab Emirates: Tuesday, February 14 - 2006 at 10:03 related stories Despite concerns about future oversupply, there is a good argument that suggests this may indeed happen. For stock markets and real estate markets are inextricably linked. But the link is not necessarily the one you might expect, i.e. stocks crash and housing follows. Observers of the British property market back in the late 1980s had a classic demonstration of the stock market to real estate connection. In 1987 on Black Monday the UK stock market crashed, with billions wiped off the value of UK plc. And yet house prices continued to rise until 1990 (admittedly then slumping by around 40% in the worst post-war recession). Strangely in 1987 the idea that those ruined in the stock market would rush to sell off property to clear debts simply did not happen. Instead people seemed to value their property more highly and held on to it. A clear pattern What appears to happen, and there are countless examples from around the world that demonstrate the same pattern, is that investment flows switch dramatically from shares to property in search of returns. No matter that a stock market crash surely portends a fairly serious business downturn that will also damage real estate - this is perhaps a little too subtle for the animal forces that move markets. So now that we appear to be witnessing a serious correction in the Dubai Financial Market, with shares down 35% since their peak last November, will the smart money move into property and push prices higher? In Abu Dhabi the rush to buy last weekend at the opening of sales at Aldar Properties high-rise towers suggests that this trend may already be evident. Are the thousands pursuing the newest off-plan buying opportunity investors who have just sold their UAE shares? Maybe not, but they could well be the investors who might have bought UAE stocks if the market was still going up, and will buy apartments instead. The Abu Dhabi Securities Market, for the record, is 29% off its peak last May. Abu Dhabi property They may, of course, be joined by Dubai investors who think the Abu Dhabi property cycle will be similar to the one they have enjoyed in Dubai, and want to be in on the start of the next big thing. But what about Dubai property, will it benefit from the exit of funds from the local bourse? The liquidity and investment model is surely the same as that seen in other similar situations in the past. There is also the fact that by global standards Dubai property is cheap both in terms of absolute price and expected rental yields. And the UAE economy is also supported by high oil revenues and a new reforming cabinet has just been installed. So don't write the obituary of Dubai property just yet. HP Hey arnigang ,
any information about Copenhagen, Denmark ? Now a days i am searching for house and planning to buy my own :oops: What do u think ? Bubble will appear soon? :wink: I am tired of search , cant figure it out anything :(
I am asking u because u r considered as [color=red]Donald trump [/color]of Dubaiforum. COMRADE Ok first of all, I think we are all agree that Dubai stock market isn’t efficient. I never noticed a reflection between any announcement by any company and its stock price. Emmar has just announced huge revenue few weeks ago but its stock price declined. I really agree with arniegang about the stock markets and real estate markets relationship. I don’t think they follow each other and the black Monday is really a great example. In my opinion the relationship between stock markets and real estate markets is controversial. The stock market will be more risky in the most case compared to the real estate market. Investors who will withdraw there money from the stock market would invest it in lower risk investment, higher return & with expectation of appreciation. This will cause an increase in demand for real estate and an increase in its price as well. By the way I’m a new member. This is my first post. :D arniegang Good post and welcome Comrade The problem with dubai in terms of stocks and shares in my humble opinion is lack of expertise by both investors and the maket itself. Whereas in the UK we have much expertise in this area. People like myself lost £000's in the 80's, we all got our fingers burnt and "learnt" from it. They always say the "lessons you learn best are the ones that cost you money". This in turn has led to people like myself being more cautious in riskier and certainly new markets like Dubai. I know there are now the new wave of wannabe investors out there in dubai with all their deposits on properties still due to complete 2007/8. I have a sneaky suspicion there are gonna be some serious casualties, because of : a/ their inexperience b/ their bad timing If the market does crash and all the indicators are that it will ( or at least readjust), all those wannabe property investors are going to end up in either: a/ negative equity or b/ will loose or forfeit their deposits The wise ones like me bought at the outset before all the hype. The worst case scenareo i could ever achieve is "break even", although this is unlikely considering in 2002 they were almost giving away properties. I can't wait for a "down turn" in the market, the wise ones will once again make a killing at others expense. I know this sounds harsh but thats business at the end of the day. To an extent it is always a gamble, and if people want to gamble and play the markets, then winge about it, they should not have gone there in the first place. COMRADE I really agree with the fact of wanabe investors’ existence in Dubai stock market. It just remind me of the dot com crash in NY, Where all these rich baby investors were driving there Ferraris around Manhattan, trying to show off as they will inherit Bill Gate. You can see the same thing here in Dubai. All these blinded investors from everywhere pumping there money in the market hoping for greater profit in the shortest time. Most of them don’t know what is going on. They heard that there is a guaranteed profit and so they wana take the chance. The Dot com market is back to its basics now. In my opinion the stock market here in dubai is going to its basics too. I’m sure that will result a high cost for most of the investors but as u said “lessons you learn best are the ones that cost you money”. Hope that lesson won’t be the last lesson because many wont be able to get on there feet again. sniper420
Exactly , dubai is still very new and at inception stage and those ppl who did their homework and are smart will make monnie. fayz One very important thing to highlight is the housing market is being fueled by a lot of that same “in-experienced” money, the stock market world over is riskier than real-estate but I would disagree with anyone that thinks over the next 2 years the housing prices will not ‘correct’ in Dubai. Also specific to the comment about Emaar and it’s huge profits, 1 thing to remember is that as a general rule anything makes it to the newspapers it is already built into the market. You have to remember people who bought emaar 2 years ago the real cost was AED 2 which means a growth of aprox 1500% to its peak in November. Unless someone is mentioning an uber massive increase it is already well factored in. This is not to say money can’t be made, I’ve fortunately had a very profitable 3 days (made 17%) but you need to understand the risk and be able to move in and out very quick. Just some food for thought…. arniegang Wise words Fayz :wink:
shafique Crash, what crash?? Where, when?? I'm house hunting this week.. so I'll let you know if I finding any house crashes.. :) Fingers crossed, I'll see if I can negotiate prices down based on the crash happening... Cheers, Shafique arniegang you'll be lucky Shaf , not at the moment you wont 8) I'll lend you my crystal ball :wink: How is house hunting going, you got mrs shaf out every day looking? Have you seen anything yet? shafique Arnie - our estate agent is busier than a bee that is busy... will be going out to see properties tomorrow afternoon now - looking more and more likely that we'll go for a 3 bed + s/q in Arabian Ranches, seems the best compromise in terms of price and location, and my wife does drive so hopefully won't feel too isolated.. but with a 2yr old and a new-born (from May), she will be a little house-bound where ever we are. AR seems well placed for the schools we are considering.. will updated tomorrow/weds after seeing the properties. Oh well - shame that rents haven't started falling yet. Cheers, Shafique arniegang mate A/R's is well outa town. Nipping out, even with a car will involve a fair old drive. yshimy Shafique, Good luck. AR is good, if you workin Jabal Ali, but take care as there was alot of problems there during the rain. Check also Merdiff, very good prices, very nice place. Good luck man COMRADE I really wish that the rent wont fall, especially, at this period, in fact I have no doubt about that. I don’t think that the price of the real estate will fall down neither the rents. I believe, in the worst scenario, it will be constant for the coming 10 years. The real estate market really started in the 1990, when President Saddam Hussein invalided Kuwait and many Kuwaiti people moved to UAE. They transferred a lot of cash to the UAE market. They started looking for real estates. And even after liberation of Kuwait, many Kuwaiti people kept there estates as a future security. Others found the UAE a fertile market specially the real estate market. In 1997, when Hong Kong became a part of China, many business men from Hong Kong transferred there money to other safer countries. They were scared of the communist system that china may impose on Hong Kong. Malaysia was the perfect market for them. That was the reason behind the boom in the real estate market in Malaysia. UAE market was the second choice for many business men from Hong Kong. That really affected the market in UAE. Finally after the invasion of Iraq by U.S, a huge amount of money have been transferred to Jordan first then to Dubai. Business men usually look for safe markets not in term of market risk because that risk is the key behind profit and return but in tem of politic risks which they can’t manage. Dubai created the condition of low politic risk for investors, reduced the government barriers for entrance to the market and offered the support to any successful investor with a vision. So with all these money hunters from every where, no wonder if u see non-logical things taking place in Dubai market. it will take some time to settle down and sift the wana-bes. XRW-147 Comrade, where does your info regarding HK funds being invested into Malaysia in 1997 derive from? COMRADE You are absolutely right; there are no evidences about the fund transferee from HK to Malaysia. I guess I have to have my lunch :shock: . Sorry things mixed up in my mind. I was thinking of the multi-millionaire Jew investor in Malaysia while I was writing, don't know how I thought that he was from HK. Things were mixed up in my mind. But don’t you think that it make sense the agreement between china and Hk take place in 1997. then the real estate goes down by more than 50% in HK. Then the huge growth in Malaysia take place in 1998? anyway do you agree that the (SAR) agreement had an influence on the other markets like Dubai. GDZ So what to do then - I'm moving to Dubai within the next few weeks, and was looking at buying a Villa in the Meadows. I recently spent a few days in Dubai on a recce, and figured that was probably the best area, until I got onto this site today and read about the "highway" going through that area - the Ranches seemed nice, but still like living on a building site... Please offer some advice for a newbie :roll: :?: Rent or buy - Meadows or Ranches... fayz Well Comrade, I guess only time will tell but my money is on the prices dropping. For GDZ i guess you need to factor in how long you'll be here, will your company housing allowance pay off your mortgage, how valuable the residency visa that comes with the house is to you, what build quality is like, etc along with the expected future value. Good luck in whatever you decide and welcome to the forums :) Princess_CrankyPants But will it make rent less expensive? fayz i enjoyed your read Stylin, a couple of points though there is a daily drop limit in Dubai of 15% not free fall. The last major IPO (Dana Gas) and all the planned ones are open to foreigners but they do need to make all stocks open to foreigners similar to what Doha did a couple months back. emerging markets are gambles, take our friend, Comrade's home market, its general index went up over 300% last year and was the world's highest yielding market, although it didn't make too many newspapers. Stylinexpat
I received 675 shares of Dana Gas. My friends received just over a thousand shares. I don't know of anyone who got anyting over 2000 shares. All the ones that received 1750 shares or so of Dana Gas payed 5000 Dhms. to get them. Those who payed more did not get more. This was the first IPO in Dubai that I registered for. Looks like Doha is a step ahead of Dubai then. dpb i think crash may be too harsh a term to use..
but yes.. prices will stabilize now since so many projects have finally completeded and a lot of initial investors are looking to sell their properties at premiums.. however.. the supply has become much more than the demand.. so lots of sellers are reducing their sale prices..
but whats really suprising is that rental rates have only been increasing.. the change in property purchase rates hasn't had much of an effect on the rental rates.. cuz tho demand for purchase is not that much.. the demand to rent is very high still...
i think Dubai's economy has become way too strong to let the property market 'crash' just like that.. im sure they expected a stablization peroid in Dubai too.. and must be well prepared for it.
for investors who'd like to see a cool article on how to survive a real estate market downturn check out Stylinexpat
We have a lot of expats working in Dubai that are making money. Each new Building that comes up has at least 200 Units in it on average that are $250K U.S.D. on up these days. I am wondering how many expats we have here in Dubai these days that are making over $5000 a month to be able to afford one of these places? Locals live in Villas and the are labor job workers have their own accomodation which we won't get into.
The jobs section does not have that many jobs available for people who want good paying jobs in Dubai. Currently there are more units popping up then there are people moving into them or high paying jobs popping up in Dubai which is why the Classifieds section of the Real Estate is only getting thicker and thicker by the day or week. I have two units I tried to sell, they all tell me that the unit prices are going down because there are so many units available on the market for people to choose from so in order for my units to sell they have to be below market price to attract the buyer to buy my unit over another unit :roll: The other problem is that people are having trouble selling their units because there is no financing available these days except for maybe Emaar. So the Buyer has to fork out all the cash up front or go through a nightmare to try and get financing at over 7%. If the building is not up and finished no bank will finance. If the owner of a flat can not fork over all of the money of the flat by hand over time then he or she defaults on the flat :roll: arniegang We have a lot of expats working in Dubai that are making money. Each new Building that comes up has at least 200 Units in it on average that are $250K U.S.D. on up these days. I am wondering how many expats we have here in Dubai these days that are making over $5000 a month to be able to afford one of these places? Locals live in Villas and the are labor job workers have their own accomodation which we won't get into. The jobs section does not have that many jobs available for people who want good paying jobs in Dubai. Currently there are more units popping up then there are people moving into them or high paying jobs popping up in Dubai which is why the Classifieds section of the Real Estate is only getting thicker and thicker by the day or week. I have two units I tried to sell, they all tell me that the unit prices are going down because there are so many units available on the market for people to choose from so in order for my units to sell they have to be below market price to attract the buyer to buy my unit over another unit The other problem is that people are having trouble selling their units because there is no financing available these days except for maybe Emaar. So the Buyer has to fork out all the cash up front or go through a nightmare to try and get financing at over 7%. If the building is not up and finished no bank will finance. If the owner of a flat can not fork over all of the money of the flat by hand over time then he or she defaults on the flat Good Post. You have echoed my postings on here, but with a slightly different perspective. I read many posts on here asking about expat packages etc etc mainly including salaries. The concensous of opinion is that 20k dhs a month and above is brilliant. Obviously we all have different perceptions of what we think is a maintainable salary to match a sustainable way of life in terms of how we choose to live. This is where probably where my views differ greatly to many expats. This is however, only ever relative in terms of our own wealth and circumstances. I can only speak for myself but i dont consider anything like 20k Dhs a month to be considered a good wage, some of us earn that in a week. So if i were to apply the same critera to say an expat that considers him or herself well off, with that sort of money irrespective of how much value the job benefits are, it doesnt in my humble opinion make a way of life sustainable to move oneself on, merely it allows oneself to remain and maintain a current reasonably good standard of living. Sadly those that poo poo'd the idea of buying property in Dubai back subsequent to May 2002, have to some extent eat humble pie. I can remember expats who thought the were the dogs nuts blagging in the bar "all this will go wrong, the Shiek can take it all away, it will never amount to anything, its just a flash in the pan", blah blah". People like myself that are savvy to seeing a good deal with an element of risk loved it. I can remember May 15th 2002 very well, when walking into an empty Emaar sales office and being asked which ones did i want at almost give away prices, geeez i was like a kid in a sweet shop. Had all those expats back then instead of bad mouthing something actually had the Confidence and money to do what i did, there would be many more wealthy expats than there are at present. My point here is that they couldnt. This is because the ability to do what i did was limited to them. However good an expats life is within reason, i firmly believe they didnt and havent got the ability, due to lack of earnings. Lets assume an expat moved to dubai in 2000 on a salary of 25k Dhs. Lets also assume a resonable but not swish standard of living. Now lets assume he saved 10k Dhs a year. By this summer 2006, that person would not even have accumulated enough money/savings to even put a deposit down. I am fortunate that i dont need to borrow any money to purchase any of my properties, whether it be UK or Dubai. To be a serious player in any property markey you have to have seious means to start playing the bricks and concrete game. I do not wish to belittle or offend you in any way, but your reasons about your 2 properties and others like you is fairly par for the course in any established property market, and is music to my ears. As a true developer i got in at the beginning, dumped off what i didnt want at the crest, and will ultimately buy back at a loss to people like yourself. A few weeks ago i went over to JBR to see if any bargins about, the sales guy said "ohhhh yes we got these one beds @1.3 million Dhs". I nearly wet myself laughing. I will wait 12/18 months when people like yourself have found the end of artificially high prices are gone, due to supply increasing as demand dwindles. I will guarantee i will get those appartments for the original sale price of 500k Dhs, and i wont pay one diram over. At a rental of 50k dhs a year i will do very nicely thank you :) There will sadly be some serious casualties in the next 12/24 months, with huge losses. In 2004 there were many wanabee's that thought they were smart jumping on the gravy train, they are all going to loose a lot of money. Stylinexpat It's nice to know you did well. Since you have been in Dubai for some time you obviously know the market a bit better then someone from the outside. I live and work in Taiwan at the moment and had wanted to move out to Dubai along with my wife and daughter. I went there several times to look at income opportunities but every time I looked at things I found that things in Asia were better. While Taiwan does not offer the blue skies and beauty of nights that Dubai does along with the White sand and clear beaches, the economy here is built from the local people and not from the government. The wealth here is also among the local population and not among the government officials or a few locals like in Dubai. Working in a city of 4.5 Million people on an island that has 24.5 Million people is pretty good as the numbers play a perspective in business. Taking just 10% of the total population with money gives us a good 4-5 million people with money :D That alone is more then the whole population of the Emirates. 70% of the Emirates is foreign labor and with the cost of things in Dubai being so high many people these days don't seem to have extra cash to spend on things in town. I was told that my two Saba Tower Apartments would fetch 85-95K a year rented out as they come furnished from the developer by several agents that said they could rent them out for me, so the option to rent them out does exist still for me by keeping them and renting them out.. I still though do not see that many job opening in Dubai for foreign expats from the U.S. or Europe with good paying salaries. The cost of living in Dubai now is quite high and the government is now talking of imposing VAT Taxes in the last couple of days newspapers. Rent is very high as well for businesses, so renting a shop and opening up a business is just as difficult here in Dubai. I have been looking at Shanghai as a better place to invest in. The popiulation of Shanghai alone is over 24 Million people, if 10% have money that is over 2.4 million people alone in Shanghai with money not to mention the rest of the business men and tourists that come into Shanghai from different parts of China and abroad. If I couldn't get a job making over 30,000 Dhms. a month in Dubai I would not move to Dubai being fluent in English, Chinese and Arabic it would be a waste to work for anything under that. One needs to see security in an economy before one moves to another place and with 70% of foreign labor coming from the Philippines, India and othe countries that doesn't show lots of buying power in Dubai for its economy as all those people earn little money and are sent home upon completion of their jobs or visa ending. arniegang Ah you bought in Saba tower - that explains all. The problem with Saba tower 1 and 2 is most who bought, thought they were getting a "sea view", sadly all the sea facing appartments now have a lovely rear view of JBR. The last i heard there was going to be an attempt by the residents to sue Emaar. The Marina View side really only is good for looking at the Shiek Zayeed Road afer the Bayside Residence is built. Wherever you buy, "the view" is all important. Thats why mine have a clear view of the sea, palm island and the Burj a Arab :) This is why the resale values are not good for you. You should be able to get 85/90k a year for rental, but i dont believe even that will last long term. By the way, i dont live in dubai i am just a frequent holiday visitor. If you bought off plan and didn't view the plot or the whole plan of the Marina then this was the problem. Henk Hello Yes, this is normal, if you have more houses than buyers, and that is what we tell already a view year to every one. Dubai is booming but that is also ,Portugal/Spain/Bulgaria/Turkye/Greece/Slowakia and many more countries in the World. The investors are mostly from the Middle East / Russia and Asia in Dubai, but more and more people from the World spent there money in Old countries like Portugal, new a big Island near Alcarve and a big island near Marbella Spain, project groups from Russia and EU are working on it. On this moment projects in Moscow and Saint Petersburg provit around 40%+year. Germany land and houses near Dutch border up to 20%+year, and than we not talk about the new EU states there it is booming on this moment in Tallin and others, also Bulgaria Sunny Beach Black Sea big booming. Dubai and UAE, that is not a secret that the real estate market will go down, the banks already warn for this last year. BUT I LIKE DUBAI, it is for me the best place, but I was already in 1977 in Dubai starting Jebel Ali. dodgeek Hi guys, I am new to Dubai and am looking at a property in JLT. I am thinking of purchasing a unit at about 5% premium of the original price. Its for own stay and long term investment since I am planning to stay in Dubai for at least 5 years or more. Will it be a bad move and should I rent a place first before deciding to purchase the unit? Will the prices go lower in the months to come? I am currently in a project in Jordan until end of June, so I have a couple of months to think it over. I am a seasoned stock market player, made and lost money in asian stock markets. I sort of noticed that these players in Dubai are a lil naive. So was thinking of making a quick buck from the IPOs of EITC. Do you think this share will rise due to speculation from investors? sharewadi
There's some commentary about property prices in Dubai already levelling off but I recently was looking at properties and it seemed to me that prices were still heading up. I think the new property law announcements may have had an effect.

Foreigners could only buy EITC (ticker is DU) after listing. Price doubled on Saturday when it listed and followed the market trend down and up yesterday and today. In the past couple of years most UAE IPOs have listed high and gone down. DANA gas was an exception I think - it kept rising for a week or two after listing. dodgeek thanks for your feedback sharewadi.....:) will keep that in mind. Prop prices here can be really funny. For the same tower that I was looking at..... 4 real estate agents gave me 4 totally different prices...ranging from 5% up to 30% premium! I guess u have to shop around to have a good feel. Some real estate agents are still trying to fleece potential buyers...so beware...



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