I hear rumour that a few brave aussie property investors are eyeing up the US market where there are some very cheap residential property investment opportunities at the moment. Forget a mortgage, houses can be had for under $10,000 in Detroit – that’s credit card country. Even allowing for the currently lousy A$ rate that’s around A$16,000 – for a whole house, and yes including land!
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Thinking of buying an investment property in Dubai? Wait and see is our best advice right now. The credit crunch is having a big impact in the UAE, and particularly in Dubai, where many ex-pats went to work in the construction and real estate sector, only to discover they had 30 days to find another job or get out of the country when their job vanished along with the rest of the credit market.
Optimism – or Denial? Indian real estate magnate Niranajan Hiranandani does not expect property prices, which have dropped by about 25% in the past year, to decline any further. “Rates have fallen by about 10-25 per cent over the past year-and-a-half. I do not expect rates to fall any further. So, I think people should start buying homes now,” Hiranandani Constructions Managing Director Niranjan Hiranandani said last week.
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The Abu Dhabi Real Estate and Investment Show has been hit hard by the global downturn. Exhibitors showcasing their latest projects said yesterday that they are finding buyers hard to come by. The sales staff just about outnumbered the visitors at the Abu Dhabi National Exhibition Center on the opening day.
Norwich Union, who recently changed their name to “Aviva,” have put a freeze on investor withdrawals from their “Norwich Union Unit-Linked property fund.” The excuse they have given is that they do not have any money and want to liquidate some of their assets by selling some of the property into what has to be the worst commercial property market in the last twenty years. Good luck getting your money back if you “invested.” any money in this one.
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Singapore’s official private home price index slid 5.7% in Q4 2008 over the preceding quarter. For full-year 2008, the index fell 4.3%, reversing a 31.2% increase during 2007. This is the Singapore real estate market’s worst performance since Q4 1998 and property consultants are predicting a further decline of 10-20% in 2009, with luxury homes continuing to be the worst hit, as in 2008, this sector having seen the biggest increases over 2006/7..
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A
ll successful scams and cons have two things in common:
1) All scams involve a ‘hook’ designed to play on our natural greed and opportunism by asking us to do something that seems only slightly unethical (on the surface) in exchange for a huge monetary pay off. 2) All scams then count on our shame at accepting illicit terms to make sure we don’t report the crime or pursue justice.
As usual, it is hard to sift the genuine information from the press releases coming out of the UAE. To read some stories, anyone would think that the global financial crisis has passed the region by. According to Business 24/7 “Sweet Homes, an Ajman-based developer, said it will not lower selling prices for either of its two projects.”