Dubai Property Prices To Fall Another 10%

Image by buckofive via FlickrReal estate prices in Dubai, already nearly 60 percent from their peak, are set to fall another 10 percent over the next two years, as new devices are released in a market flooded with offers, according a Reuters poll.

A Dubai real estate boom collapsed in late 2008 when he was beaten by the global financial crisis and debt crisis of the Persian Gulf state is.

Housing prices in the state of the Persian Gulf, home of the tallest building in the world, which has 900 homes plunged 58 percent from their peak in the fourth quarter of 2008, according to the median estimate of 15 banks, firms investment and research institutions.

Prices in Dubai and Abu Dhabi fell five percent and 10 percent respectively in 2011, according to the survey, which was taken last week.

The decline continued in 2012 with prices of 4 per cent in Dubai and Abu Dhabi 4 percent, according to the median forecast.

Abu Dhabi, United Arab Emirates and home to most of its oil, weathered the financial crisis better than Dubai, but now faces an oversupply of goods. Prices have already fallen by 45 percent.

In the latest sign of the housing market is in trouble, Abu Dhabi government has intervened with an aid package of $ 5.2 billion for the state's largest developer Aldar Properties will help the company meet looming debt obligations.

Analysts do not see the Dubai real estate market bottom out until the second half of this year, as soon as possible.

Rents in Abu Dhabi is to reduce by 13 percent in 2011 and 5 percent in 2012, according to a median forecast of 12 analysts.

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Seddiqi Launches First Branded Rolex Tower in DIFC

Seddiqi & Sons Investment, the real estate arm of the UAE's leading timepiece retailer, Ahmed Seddiqi & SonsAhmed Seddiqi & Sons announced the launch of the Rolex Tower, the first of its kind in the Middle East and the only branded Rolex Tower globally not owned and managed by the watchmaker itself.

Created by Skidmore, Owings and Merrill, the architects behind the Burj Khalifa and Canary Wharf, the Rolex Tower in Dubai is to offer 25 floors of two and three bedroom apartments including two luxurious penthouses, as well as 31 levels of premium commercial space and a ground floor for high end retail offerings. The Rolex Tower's design, finish, panoramic views and bespoke services are the hallmarks of its status as the premiere address in the heart of the city's business district.

Mr Abdul Hamied Seddiqi vice chairman of Ahmed Seddiqi & Sons said that "This venture marks Rolex's first endorsement of the Middle East's property sector and to be entrusted with the Rolex brand is a testament to the company's collaboration with Ahmed Seddiqi & Sons over the last fifty years. The launch of the Rolex Tower demonstrates our conviction that quality and service are among the most vital considerations whether buying a watch, finding a home or building a business."

The materials and expertise deployed in constructing the Rolex Tower underscore the premium nature of the building with 40,000 meters of aluminum and glass being used for the exterior, 3385 tonnes of steel and 29,150 cubic metrics of concrete underpinning all baths and public areas. Residents can enjoy IP TV and video on demand complemented by high speed wireless access while businesses in the Rolex Tower will make use of keyless entry controlled floor access and secure generous onsite parking.

Sourced from www.thenational.ae