Property meltdown in the desert is looking likely following the news that two ambitious Dubai projects, announced with much fanfare only a few months ago, are reportedly on hold.
The Nakheel Tower and Jumeira Garden are apparently the victims of the growing unease in the Dubai market, which has not, after all their talking-up been immune to the global slowdown.
Even by Dubai standards, both projects aspired to set new standards for decadence and grandiosity, the Tower at 1 km high, the world’s tallest building. The plans were greeted with a certain amount of scepticism, given the world market conditions, given that 1,000s of other extravagances have already been given the axe.
There is unease also from buyers in danger of loosing their deposits as mini sheiks pull the plug on current projects – no money back guarantees in this hot spot - and, losing loads in currency transactions because the Dubai currency is linked to the US dollar.
Conversely, 1.4 million British users of Google have voted Spain as their favourite property hotspot – twice as many as France, and can’t remember where Dubai and Bulgaria etc were in the table – and it’s not hard to see why.
Brits and other north Europeans have been sunning themselves in Spain for generations, so grans can identify with attributes such as the culture and cuisine, their kids are familiar with the easy, low cost of getting there and the grandkids appreciate the sandy beaches, and child-friendly approach of locals.
Something for everybody then, and with property prices at similar levels as five years ago, there are bargains to be grabbed, with none of the risks of the so-called emerging markets, such as Dubai and Bulgaria etc.
Unlike, Britain and other countries there are still good mortgages to be had for Spanish bargain property, with one firm, www.propertyinspain.net guaranteeing up to 80% on selected Spanish bank repossessions they actually list on their website at discounts up to 50%.
No wonder 1,000s of Brits are heading to Spain. They say they are tiring of the McBroon fiscal follies sending the country down the tube, while doing little to combat crime, binge drinking, drug abuse, pornography, teenage pregnancies and benefits lifestyle.
They plan to buy a bargain property as a summer-long or full-time escape from Busted Britain both a useful escape from the daily routine of corporate losses, bad news and uncertain future. Who can argue with that?
The Nakheel Tower and Jumeira Garden are apparently the victims of the growing unease in the Dubai market, which has not, after all their talking-up been immune to the global slowdown.
Even by Dubai standards, both projects aspired to set new standards for decadence and grandiosity, the Tower at 1 km high, the world’s tallest building. The plans were greeted with a certain amount of scepticism, given the world market conditions, given that 1,000s of other extravagances have already been given the axe.
There is unease also from buyers in danger of loosing their deposits as mini sheiks pull the plug on current projects – no money back guarantees in this hot spot - and, losing loads in currency transactions because the Dubai currency is linked to the US dollar.
Conversely, 1.4 million British users of Google have voted Spain as their favourite property hotspot – twice as many as France, and can’t remember where Dubai and Bulgaria etc were in the table – and it’s not hard to see why.
Brits and other north Europeans have been sunning themselves in Spain for generations, so grans can identify with attributes such as the culture and cuisine, their kids are familiar with the easy, low cost of getting there and the grandkids appreciate the sandy beaches, and child-friendly approach of locals.
Something for everybody then, and with property prices at similar levels as five years ago, there are bargains to be grabbed, with none of the risks of the so-called emerging markets, such as Dubai and Bulgaria etc.
Unlike, Britain and other countries there are still good mortgages to be had for Spanish bargain property, with one firm, www.propertyinspain.net guaranteeing up to 80% on selected Spanish bank repossessions they actually list on their website at discounts up to 50%.
No wonder 1,000s of Brits are heading to Spain. They say they are tiring of the McBroon fiscal follies sending the country down the tube, while doing little to combat crime, binge drinking, drug abuse, pornography, teenage pregnancies and benefits lifestyle.
They plan to buy a bargain property as a summer-long or full-time escape from Busted Britain both a useful escape from the daily routine of corporate losses, bad news and uncertain future. Who can argue with that?
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Mohamed Ali Alabbar, Chairman of Dubai's Financial Advisory Council and Emaar Properties, believes the fall in property prices in the emirate will average 20 per cent. He said the Dubai Government was handling the real estate situation by studying projects that would be cancelled or postponed or were continuing and would take appropriate action.
In an interview with Al Khaleej daily, he stressed that important decisions had been taken by the authorities to inject liquidity, guarantee deposits and increase Dubai's budget to ensure the completion of all infrastructure projects.
Dubai Properties
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