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How Wall Street's Bust Threatens Dubai's Boom: Time

By Scott MacLeod / Cairo Sunday, Oct. 19, 2008

Emirati investors follow the movement of stock prices at the Dubai Financial Market on Oct. 12

MARWAN NAAMANI/ AFP/ Getty

Saif Ahmed began living the Dubai dream five years ago. The University of Toronto business school grad moved to the Gulf city-state and quickly co-founded property developer Universal Canlink Inc. By 2006, the firm was turning over $15 million a year as its brochures lured foreign investors with tales of "meteoric" growth in the Dubai real estate market. Now, as the global credit crisis spirals from Wall Street to the Middle East, Ahmed is coming back down to earth. There's still interest, he explains, but the buying frenzy in Dubai is gone. "Before, people were buying blindly without asking much about the details," says Ahmed, a Canadian. "Now such risk takers have disappeared from the market."

Among the harbingers of the changing mood: Nakheel, the developer of Dubai's proposed kilometer-high skyscraper near Jebel Ali airport, recently announced that it is reassessing its overall staffing needs in line with "predictions of a downturn in the global economy." Boardrooms and coffee shops alike are buzzing with talk about the coming fall. The Cairo-based investment bank EFG-Hermes recently predicted that Dubai property values could tumble as much as 20% in the next three years. Share prices of Emaar, a public Dubai company that has become one of the biggest real estate developers in the world, have fallen by two-thirds since January.

For more on this article, please click on the following link: How Wall Street's Bust Threatens Dubai's Boom: Time

Clouds could gather even above Dubai: Napi Online

Plankó Gergely 2008. 10. 27. 23:00:00

If there is a place in the world that would be able to emerge relatively unscathed from the global financial crisis, it is Dubai and countries like it - most of us would have thought.

But according to a recent study published by Morgan Stanley, property prices could fall by 10 percent in Dubai by 2010. What could have happened in this country, which has shifted its focus away from oil revenues, and more toward property developments and tourism? (See NAPI Real Estate, issue 3)

Speculators burned

The simplest explanation is probably that the room for rising demand is not infinite even in the Emirates - which can shock companies used to easy profits. Meanwhile, simultaneously to the publication of the report, a significant amount of speculative or "hot" money has exited Dubai as well, writes The Economist. This was because some investors had betted on the United Arab Emirates de-pegging its currency from the dollar in order to combat its double-digit inflation rate, and had hoped to profit from such a move. However, when they realised that this wasn't going to happen, they withdrew their money - as a result of which, there is currently significantly less money to be spent going around in the country's economy.

For more on this article, please click on the following link: Clouds could gather even above Dubai: Napi Online

Property prices drop by 15-30pc since Jan: Dawn

By Aamir Shafaat Khan
KARACHI, Oct 25: Property prices have further declined by at least 15-30 per cent this year as investors have been on the sidelines since 2005 owing to uncertain political and economic conditions in the country.

Even the formation of a new government after the February general elections and the PPP-MQM alliance in Sindh has failed to woo the investors. As a result, there has been no impact on the property market after these developments. Real estate dealers had estimated price hike by 20-30 per cent after the PPP-MQM alliance.

Real estate dealers said that investors were more interested in ‘playing with the dollar’ instead of taking risk in the property.

There are also reports that investors have been trying their luck in Malaysia and some other Islamic countries rather than property markets of Dubai and Pakistan.

Giving a brief review of prices, Owner of Pak Estate at Clifton Khan Zubair Shaheen said that a 500-yard plot in some phases of DHA is now priced at Rs7.5 million and the market lacks any enthusiasm among the buyers despite massive fall in prices. The same plot was available at Rs10 million in Dec 2007, falling to Rs8.5 million ahead of election. He added that even buyers are not ready to lift it at Rs7 million these days.

He said that a 1,000 yards plot was available at Rs18 million in December 2007. Its price had fallen to Rs15 million ahead of election and further fell to Rs12 million.

Khan said that some investors had been active in Malaysia and Oman after Dubai. He said only eight to 10 deals of property were taking place in DHA office as compared to over 100 deals in the boom period.

Chairman Clifton-Defense Real Estate Association Arif Malik was of the view that the price of property has declined by 30-40 per cent in the DHA, especially from January till now.

“Investors are busy in investing in dollar rather than property,” he said adding that there were hardly any investors interested in real estate. He also said that some investors, after making windfall from Dubai property boom, are now active in Malaysia.

For more on this article, please click on the following link: Property prices drop by 15-30pc since Jan: Dawn