Cancel New Years Eve!!



Yes! You read it right first time. On the 31st December the Boss has posted on his website that New years Eve is cancelled. Is money that tight that a few fireworks leftover from the Atlantis opening will be too expensive!

No, it is in respect of the troubles in Palestine where the battle between Israel and Palestine rumbles on violently. Not going any further into this political hot potato!



Still, the hotels have been unusually quiet over the November and December period with the Burj running some nights at 15% occupancy. Yesterday was the first full night as all the revellers flocked in for New Year fun! "Welcome back Mr Yuri we have saved your favourite room and cancelled the Best party of the Year. Have a wonderful stay with us!Hope to see you next year???"



For any of you with a warped sense of humour like me I recommend a trip to the Grosevenor House Lobby where all hell is breaking loose and the poor staff are probably wishing they were in Gaza where there will be at least a chance of a cease fire at midnight!



Property



Considering it is Xmas we have been blessed this year some very good activity. Sales are up on last year and the prospects are looking good for 2009.

The prices are terrible i admit but we will see these build over 2009 as the market normalises. If people want to sell at last January prices there are cash buyers out there.

We have seen shorelines sell this week and had 3 separate offers on Signature villas with a Garden home crossing the line too.

The market is quite busy and I am confident that the next level of buyers will start to enter the market and at this point the market will stabilise.
In the New Year we are going to add a stats page to the website which will show current market prices for all property areas we deal with. Most people will not believe the figures we publish but i can assure you they will be based on actual transactions so worth a look.

Finally..

2008 has been a very strange year for us all in property. With the market going crazy between January and May the big mistake was to ignore what was happening elsewhere in the world and think that we were in some safe little bubble we liked to call Dubai. Reality well and truly set in after Ramadan when it became clear that the bubble had burst and after only 8-12 weeks prices are now 35% lower and even lower if you need to sell very quickly.
Markets always fluctuate and now the initial shock is over there are people re entering at more affordable levels.
I would like to see 2009 show us a period of calm where the whole market can take stock and act more responsibly for the future.As market forces always prevail in the end you can count on the next 12 months being steady with some good opportunities to purchase some excellent real estate at discounted prices.Have a drink and come back next year for the bargains.

Happy New Year to you all!! ( those of us in Dubai tonight may have a small problem.. someone spat their dummy out this morning and the party is cancelled!)

Fore!!




Friday is Golf Day for many expats in Dubai and a day when the hard working non taxpayers let rip, and smash their little white balls down the centre of a well manicured fairway.

My course of choice is theErnie Els course at Victory Heights which i cannot say enough good about. The course is amazing, the houses will be great and the club is managed to a very high standard. It is so good i just can't believe they can make it pay. As you arrive the car park security guard salutes with so much gusto you can't help but look at your shoes and make sure their clean. Then you pull up and two attendants take your clubs out of the back of the car and wish you a 'good round Mr Mark' . I haven't even left the car yet. Then I meander up the path to the club house and the door swings open with a welcoming smile and another good morning Mr Mark through to the reception and I sign in for my round.

Two more people meet me in the changing rooms to give a locker key, towel, and as it a competition day some free gifts (more little white balls etc).

So a quick practice to loosen up and yet again every time I put my clubs down a new friend to clean my clubs and then carry them to the buggy. Little wonder I have gained the legendary Dubai Stone. All I need is roller skates and I could reduce my energy burning to zero.

After 18 holes and 7 attempts to give me drinks and food I sink my final put and yet agin another friend is at hand to replace the flag and direct us to the complimentary bbq.

This place is amazing and althouhgh it sounds a bit over the top I cannot thank the Els Club team enough for making my Friday's in 2008 very special.

Now for you investors out there who like your golf you will not make a mistake if you choose to buy at the Victory Heights which envelopes the Els course. There are some fabulous deals around which will prove to be a great little earner and you can play golf with me on a Friday. Or watch me kiss a bottle of budweiser on a friday afternoon.

Grand Lady of the seas arrives

A week after the Atlantis party it took the 'Grand Lady of the Seas' arrival to bring some class to the usually more over the top Dubai. With the glamour of last week still ringing in our ears the QE2 bought a touch of elegance to the Dubai shores.

Launched in 1969 she is undoubtedly going to need a full refit and Dubai will be responsible for this sensitive project. Mr Ursprunger, CEO of QE2 Nakheel, has this task and his new first lady seen by millions as a demure sophisticated lady is about to have a full Hollywood style extreme makeover. She is going to totter into the Beverly Hills drydocks 90210 of Port Rashid looking a bit saggy and after a couple of years come out completely transformed into the usual 'fur coat and no knickers' sparkler Dubai is famous for. For $250m of facelift lets hope they don't use the same surgeon as Cynthia Weinstein.


There are plenty of rumours surounding what the QE2 will offer so straight from the unenhanced lips of Mr Ursprunger here is my current take on what the new project will offer.

A spur of reclaimed land just past Al Khudrawi will be named the 'QE2 Precinct' where the liner will be docked. The liner will be converted into a 200 room hotel offering a theatre capable of supporting Broadway shows, 5 Reastaurants, a huge spa, and a maritime museum.

The land area will consis of 65 residences, English Gardens and marina facilities. All in all this project is a massive plus for the Palm Jumeirah and those of you who have invested in the Shorelines must be feeling very smug. When this project is finished the Palm will be a true resort and prices for real estate will be through the roof.

Property
The market is quiet at the moment but the hard core investors are pinching themselves with excitement. I spoke to one of our more cavalier clients a couple of days ago who is convinced that this 'correction has provided the opportunity to make some great deals and duplicate what he has achieved over the past 5 years'. Good Luck my friend but please show some loyalty and remember our number.

Amlak and Tamweel ( Mortgage Lenders) are now merging their businesses which in essence makes them the Fannae and Freddie of the UAE. I expect this power house to start lending again in the new year and kickstart the market. Over the past 4 weeks property sales have been slow but only because buyers are struggling to get finance. Once this nationalised mortgage lender gets started you will see prices firm up considerably. In addition to this Abu Dhabi have created their own lending arm, AD Finance, which will be run by our old friend Philip Ward ( ex Barclays). This guy knows how to set up mortgage departments and Abu Dhabi will pump mega money into this company to stimulate growth.

This is all the market needs to see a real difference as the rents are spiralling out of control and many of these over charged tenants are looking to buy.

I promised you some big news last week which has not materialised.. My collagen free lips will have to remain sealed a while longer before i spill the beans ....

Thanks for the comments last week and a big hello from the Villa to Louise.

The Party Aftermath

Wow! Fantastic is all anybody can say about the Atlantis party. I didn't even get an invite but thought it was great.

The Fireworks were truly awesome and no matter where you were in Dubai their splendour was to be seen. That is unless you are the other Director of E and T who confessed, at Costa, that he was enjoying a lovely sleep at the time. Philistine!

Fortunately at E and T we have a very well connected broker who managed to get his half Arab half Scottish legs onto the Red Carpet... I can just imagine how he deliberated on the white dress or the kilt! After hours in wardrobe i'm sure he looked dashing in his Armani and we are all waiting for the next edition of Ahlan! I confess to being a "wee" bit jealous when our favourite jock came back with tales of "Bobby" De Niro and the Olsen Twins, not to mention Natalie and Charlize, but at the same time we now have a few extra stories to dine out on.

Back to reality and one of my favourite competitors managed to keep things real by trying to gate crash the big night. A brave move considering the sex on the beach outcome. After a failed attempt at the Atlantis our gallant Antipodean was picked up on the trunk of the palm in a rather poor state and was swiftly given what most of us know as a night in her majesty's pleasure. I am happy to report that the lovable scoundrel ( my mother's words) has been released and will be back performing what he does best - selling property.

I love living in Dubai and i really think that the past weekend typified everything this amazing Emirate has to offer.. Fun , Glitz, and totally unrealistic expectations that are to the most part fulfilled weekend after weekend..

Property Life

Things are a little less exciting on the property front today with the market struggling to get going. I am putting this down to the extended frivolities of the weekend. This said there are some encouraging signs coming through.

We have had viewing on Signature villas and Shorelines today with a few more vultures coming out to play. Some silly offers i admit but also some realistic offers which sellers are considering.

It is only Sunday and i really believe this week will be a week of announcements from the big two developers.. i will keep you posted!

Atlantis Opening.

On the day of the big opening the Atlantis will tonight be shown to the world. I can't honestly say that the excitement is killing me but those of you who know me wouldn't expect me to be hanging out in the Buddha Bar looking for B and C listers with my autograph book. However, that said the Hotel is now looking great and you can see from my last sky dive that it has taken shape and from this photo the effect from the 40 m AED firework display should be outstanding.

40m AED for a firework display! No doubt this has been embellished a little over the past week but twice as big as the Beijing Olympics and probably 5 times bigger than the future London Olympics. That's Dubai for you.

Property News.

Thank God it's Thursday! The week has not been full of much cheer this week i''m sorry to report. Redundancies are now rife in our sector of the market and i think we have only started to see the start of things to come. Brokers and developers are shedding jobs on a daily basis and it must start to hit the takings at the Barasti Real Estate Broker's Bar soon.

On a positive note there are sales out there folks. The vultures are swarming and the prices are softening but sales are happening and bargains are being bagged.

This week we've seen Garden Homes on Jebel Ali and Jumeirah sell and shorelines with sea views are holding up nicely. The rents on Shorelines are keeping the investors very happy with returns starting from 8% and upwards.

My spies tell me that next week is going to be full of high profile stories which i will endeavour to keep you upto date on with the inside track.

Tips

Palm Jebel Ali Garden Homes at anything below 50% and Waterhomes around 3.6m AED.

Don't overlook Shorelines with a sea view the rental returns are amazing.