I am here in Saudi for couple of years and frequent USA & GCC countries traveller. Here in Saudi for the first time ever in history during November Property price index has started to decline inspite of the fact that huge saudis do not own house and there is big demand and there was no speculative buying. Still poperty has started to decline in Saudi. the worst hit is UAE, I myself is receiving minimum 10 calls from agents as owners want to sell at 15-20% less than Aug 2008 prices. Its only the beginning some of the mega gigantic projects like Burj Dubai and Emaar projects have lost 30-40% value in just 2 months time. In USA my university fellows who booked house 300-350k in 2005 cannot sell them for even 150k . U know 75% of overseas Pakistanis have invested in UAE & GCC & USA and they are selling properties like anything as they know more bankruptcies, foreclosures, on the way. I am in this business for 15 years and recommend to buy in Pakistan..this is the time to purchase and market gonna pick up from Q1 onwards in Pakistan. All indicators suggest our bond prices have increased in international market, ratings gonna be revised as IMF once again willing to lend ...China gave 500M USD, ADB relased 100M$, IDB relased 100M$..so brethren do not buy in GCC & STATES...last resort is UK & EUROPE...but best one remains Pakistan .
Habib replied on Monday, November 24, 2008 12:23 PM
Honestly the people who are selling properties in UAE now are more wise than those who are holding are inactive. Property prices did not go even to the level of Jan 2008 yet but they may go down to 2004 Level, I mean ready to live properties may be sold 45% of peak price. And incomplete properties will come to earth, there are many developers who are being monitored by Dubai Govt as they can run out of Country. I am not sure of pakistan but as it already had recession 3 ys back so there are at least no chances of losing, Unless Rupee further devalues |
alpha replied on Tuesday, November 25, 2008 08:49 PM
Dear Tareq Sahab
AoA
Liquidity suppliers are getting good bargains in the US real estate currently.
regards
-rehan |
