Mark Wallington's Blog: All Categories

Anyone who has been following the Dubai property market in the last 6 months will have witnessed a fall in prices to levels no one could have predicted some 2-3 years ago when Dubai real estate was going through a boom period and properties just snowballed to levels never seen previously in the Middle East. In the last month or so we have seen the market pick up considerably and now many banks and financial institutions have also clarified that the market is bottoming out and we are seeing increases in the price of properties mainly for ready units such as apartments and villas. Also many of the Dubai real estate agents have reported their best months for some time recently.

Just today Emirates Business 24-7 announced that "Dubai real estate entering a…

In the recent months we have been contacted by many owners and landlords looking to sell their Dubai apartment quickly. We always list these apartments within our networks of agents, buyers and investors to try and secure a quick and easy sale for the best possible price. In the past 6 months we have seen the prices in the Dubai real estate market drop to levels of 30%,40, 50% but just recently the market seems to be bottoming out which is good news for sellers and we should see the prices start to climb back again in the coming months ahead. At the moment we are actively seeking apartments from developers such as Nakheel and Emaar on the secondary market and off plan but its seems the most interest we are getting is from end users looking for ready…

Every day there seems to be another report telling us how much Dubai real estate prices have decreased of late, or how much we can expect them to decrease further in the coming months but over the last few days we have seen Bloomberg reports and HSBC replorts stating that the market is very close to bottoming out this is the 1st time such statements have come out of big organizations such as this. So could now be the right time to buy with all the dicounts and distress sales on offer and some owners desperate to get sales?

Yep, more figures are being thrown around; this time the figure being used is an average drop of 40% throughout Dubai property. This is according to Gulf Housing, but the general message being delivered if one of a positive future for…

Things are changing quickly in the Dubai rental market at the present time. Dubai had traditionally seen renters gather around certain areas and developments; in what were the most sought after and in demand properties to rent a home. Within close proximity to Dubai Media and Internet City, areas such as The Greens for apartments, and The Meadows and The Springs for villas proved very poplar with Dubai workers and families. But the shake up in the rental market has also seen a noticeable change in where Dubai tenants are choose to rent apartments and villas. The falling property prices and with the introduction of the Dubai Real Estate Regulatory Agencies (RERA) Rental Index, buyers now have a wider selection of properties and at all at much lower prices…

Despite all the negativity currently being branded around in the media in regards to Dubai real estate, has there even been a better time to purchase a property in the Emirate? It was only 6 months ago that people from all around the globe were flocking to Dubai to invest in what at the time was some seriously expensive real estate! Prices had shot up since the early 2000’s yet people kept coming. Not only due to the high quality and innovative real estate, but also for all the other life style perks that Dubai could offer. Sunshine all the year around, beach, great nightlife and being a very safe city all helped Dubai bring in the customers. And most of these factors have not changed, Dubai still offers its residents a great life style, but now to…

Anyone familiar with Dubai will know that normally each passing year sees Dubai’s already sky high rental prices being increased further towards the point of madness. On top of traffic, rent in Dubai it is safe to say, is not one of the things Dubai residents would have high on their lists of lifestyle benefits of living in the Emirate. With some workers spending over 60% of their income on renting a property in Dubai alone, the situation was getting a little out of hand. Landlords were very much in the position of power, with most tenants being expected to hand over at least 6 months rent, in most case 1 years worth of rent, before being able to take occupancy of their home. However the rapidly deteriorating freehold real estate market combined with the…

The Burj Dubai has remained a beacon of light for Dubai developer Emaar during these gloomy months of the Dubai freehold real estate crash. Emaar has been particularly badly hit along with Dubai’s other developers, and has already been forced to make job cuts in order to deal with the drying up of demand amidst the very low investor confidence in the marketplace. With no plans to proceed with launching new investments during the rest of the year, as far as new property is concerned, Emaar like almost all other Dubai real estate developers is staying away from new construction and instead choosing to focus on the property that nearing completion.

Emaar has already finished a large number of towers at its large Downtown Dubai freehold development, some of…

Jumeirah village will now be seeing the construction of Memon Investments newest freehold real estate project. Memon has recently announced it has started construction works, issuing a AED 2.4 million contract to the excavation company the International Foundation Group. The AED 150 million Gardenia I and II has received a good response despite the difficult times the Dubai real estate market now finds itself experiencing. With most Dubai real estate developers looking towards cancelling projects or at least putting them on hold for the foreseeable future, it say a lot for Memon that they are able to generate such interesting in the project and proceed ahead without any problems. Many developers have been pushed to the limits with the new restrictions and…