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      Criminal Complaint filed in Germany against Sheikh Maktoum Hasher Maktoum Juma Al Maktoum CEO of Dubai Developer Al Fajer Properties The Dubai Sheikh who mislead and extort a German Couple  Germany – Dubai 2011 A German elderly couple , today 80 + 50 years old who have been Dubai Tourists since a decade, bought in 2005 an apartment at Nakheel´s Dubai Residen […]
    • UAE: Human Rights Blogger, Sorbonne Lecturer Charged With ‘Humiliating' Officials
      source Human Rights Watch www.hrw.org (Beirut) - The United Arab Emirates attorney general should immediately drop all charges against five pro-democracy activists to halt their trial, Human Rights Watch said today. The charges of "humiliating" top officials relate solely to the defendants' peaceful use of speech to criticize the UAE governmen […]
    • Nakheel Dubai Sunland Case
      June 5, 2011After 21 hearings, Chris O'Donnell, the Australian chief executive of Dubai's major developer, Nakheel, came to the defence of his former colleagues Matthew Joyce and Marcus Lee. Mr Joyce and Mr Lee are accused of profiting from the sale of land that had been earmarked for a colossal high-rise development, which was to include the futur […]
    • Dubai Nakheel CEO decided to leave the company
      Dubai June 7, 2011 Nakheel said on Wednesday that its CEO Chris O'Donnell had left the company "after completing his contract terms". O'Donnell, an Australian who joined the developer in 2006, said he had decided to leave Nakheel following five years spent with the company, the statement added. O'Donnell has overseen a traumatic time […]
    • Owner of Dubai Developer Damac Hussain Sajwani files case against Egypt corruption ruling
      Dubai property developer Damac said on Tuesday it had filed an international arbitration case against Egypt over a land dispute and the conviction of its chairman and owner, Hussain Sajwani.A Cairo court last week sentenced Sajwani in his absence to jail and ordered him to pay a $40.5 million fine in connection with his 2006 purchase of land at Egypt's […]
    • Dubai Palm Jumeriah - Investors plan to take legal action
      Investors in Dubai Palm Jumeirah’s Golden Mile complex will this week serve the developer behind the project with a legal ultimatum to hand over their units or issue them with a refund.Up to ten investors in the luxury complex plan to issue Souq Residences with legal notice in a bid to force a resolution to a dispute that has been ongoing for more than a yea […]
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UAE Dubai Property bargains fail to sell

Posted by 7starsdubai on December 20, 2008


Property bargains fail to sell – The National Newspaper

A Dubai-based estate agent slashed millions of dirhams from the value of homes in a 12-hour sell-off, but not one of the properties changed hands.

Last week, the Marina franchise of the international estate agency Engel and Volkers held what it called “the largest discounted sale of completed properties in Dubai” to breathe some life into its local business. But the result was a sign of just how far the property market has reversed since the summer.

More than 150 homes in some of Dubai’s most exclusive addresses, including Emirates Hills, The Marina and the Palm Jumeirah, had a combined Dh175 million (US$48m) knocked off their original listing prices. The company said it made contact with dozens of potential clients, many of whom indicated they would attend similar sell-offs in the future, but failed to sell any properties during the event.

“It was unfortunate, but it proves just how tough the market is at the moment. A lot of people were scared that prices would drop more,” said Harriet Killen, the office manager of Engel and Volkers’s Marina office, who added that December was traditionally a weak sales month since many residents left the country on holiday.The situation was in stark contrast to scenes at this summer’s Abu Dhabi Cityscape Exhibition, when hundreds of investors queued for hours in the hope of putting their names down for properties.
“The market has been slow recently so we had to be active in generating some direct sales and some urgency,” said Ms Killen.The company had urged sellers to drop their prices for a day to stimulate interest among potential buyers, knocking off between Dh500,000 and Dh1m from the prices of many properties.A large number of the current owners of the discounted properties are making payments on assets that are sinking in value.

Many in their position have sold their homes to ease cash flow problems or to re-invest in other markets. Most have already witnessed a huge appreciation in their homes since they first bought them and are generally content to take a hit on their margins. During the event last Saturday, prospective buyers were invited to a 12-hour sell-off starting at 9.30am in which the public could meet the company’s sales and leasing agents. A local mortgage company was also on hand to arrange financing for potential clients.
Obtaining a mortgage is another stumbling block for would-be buyers. Banks and finance houses have tightened their lending criteria as the worldwide credit crisis deepens. One lender, Amlak, has suspended new loan applications and others are demanding larger deposits.Estate agents have said the shifting property market might have a positive effect, “cleansing” the business and raising standards in the industry.

There have already been hundreds of redundancies among brokerages and property developers, in some cases predominately support staff.Quaid Abbas, an executive property consultant at the Sheikh Zayed Road branch of Engel and Volkers, described a typical discounted property as a villa in Arabian Ranches that sold initially for Dh2.5m, reached Dh7m as the market gained, and advertised for Dh6m in today’s market.

“We’re getting more listings than buyers. More people are selling than buying. Buyers are looking for a very good bargain and we cannot always meet their expectations. In their minds they want to buy at less than half of what it was.”rditcham@thenational.ae

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