According to Emirates Business, a law that would clarify the rules on issuing residency visas to property buyers in Dubai will be released within this year.
“We believe this has to be cleared. We raised it to the government and the government came back and said there is a law that will come very soon and we feel it has to come,” said Hamad Buamim, Director-General of DCCI.
Cities all across the midwestern U.S. are grappling with too many foreclosures. Many cities are witnessing the kind of urban blight in which entire blocks are swallowed by vandalized vacant properties, squatters, and meth labs. In some very large cities like Cleveland, entire neighborhoods are rapidly falling into decay.
More on Planned Shrinkage Floated as Option for Flint MI Decline
California, Arizona, Florida, and Nevada continue to lead the U.S. in foreclosures, but California is showing preliminary signs of a turnaround.
The cities with the greatest number of foreclosures include Las Vegas NV, Merced, Calif., the Cape Coral-Fort Myers area in Florida, and the California metro areas of Stockton, Riverside, Modesto, Bakersfield and Vallejo-Fairfield. Phoenix AZ, Port St. Lucie FL, Greeley CO, and Boise City ID also had extremely high foreclosure rates.
Dubai house prices will fall by up to 70% from their peak levels, says Swiss investment bank UBS. Having said that, we have seen prices for property for sale in Dubai already down to these levels, so this may actually be an optimistic outlook. There is a good argument that Dubai’s luxury property market will never recover, given the underlying fundamental issues – Pollution, falling expatriate populations, lack of laws to protect small investors, and an almost total lack of transparency. Top this off with the liquidity crisis in the financial system, and you have a recipe for disaster.
Kwame Kenyatta, Detroit Councilman and mayoral hopeful for the next election, has mailed the keys to his home in an upscale Detroit suburb back to the mortgage company and moved out.
In a falling property market, can you still break even or maybe make a profit? With property prices right across Europe and further a field lower than they were a couple of years ago, does this mean that anyone needing to sell has to do so at a loss, or could you still break even or maybe manage a small profit from a sale, if you sell in today’s market. Much depends on the currency you bought in and intend to sell in.
Recently, a post here at the International Property Investment web site about the small midwestern town of Elkhart, Indiana ruffled a few local feathers. Elkhart, Indiana is a place with many pleasant features and the lovely Saint Joseph river running through it, and apparently some people who grew up there have happy memories of the place and don’t really want to hear anything negative regarding it.
A recent report suggested that prices for property in Bulgaria had now dropped to the same level as it was back in 2007. There are no official statistics for this and the noticeable drop is simply based on listed selling prices between 2006 and 2007 and the fact that sale transactions have fallen drastically towards the end of 2008 and in the first few months of 2009.
Many are seeing this as a sign that the Bulgarian real estate market has completely collapsed and there is little hope of recovery any time soon. However, is this really the case?
