15 January, 2009

Stop trying to fly through the glass!



Love this town.

Last sunday Nakheel declared that all Shoreline transfers were on hold as they were finlly sending the details off to the Land's Department for Registration. This means that any sales done now will not be transferable until the Lands's Department issue a Title Deed to the seller who can then sell it to the new buyer. If I tell you that some signature Villa owners have been waiting for their title in excess of one year you will understand that we are a little concerned as to how we can keep trading the Shorelines.
48 hrs later the answer has appeared from our little terriors out there. Easy sir "the seller needs to give the buyer power of attorney and the buyer will give the seller the full funds and if the buyer is a little nervous still then the seller can issue a security cheque. If they are both still nervous then they can get a lawyer to do it instead of us' sir.' Read it again it does make sense!
I am happy to admit that i am the fly that keeps trying to fly through the glass. In Dubai people amaze me sometimes as to how much money they will commit without the usual belt and braces but at least we can offer a solution and keep selling Shorelines.

12 January, 2009

Crime Lords

A few days after letting you all know that the Russians are coming it seems that we have a small problem. The Daily Mirror in the UK has now confirmed that Dubai is the new Crime Centre of the World and has usurped Costa Del Crime in Spain.

You have to be careful what you say but I would say this is probably a fair assessment.

I believe the prisons are filling up nicely with bent real estate developers and the odd agent who have been tempted by the slack regulations Dubai has been operating on. Having visited Miami I refuse to believe that we are even close to equalling the filth of the Cuban drug barons and the likes of Bernie Madof who infest the Miami shores.

True it is alot easier to bank large sums of dollars in Dubai than in the UK and so long as the banks are happy then i think there are a few real estate investors who will welcome the odd Adidas bag bulging at the seams with the lovely green back.

09 January, 2009

Can you feel a Pulse?

I made a few calls to investors this week to chew the fat over what might be for the next 12 months. One asked " has the patient got a pulse Mark?" Immediately the salesman in me offered my enthusiasm as to how the patient did indeed have a pulse and was on the road to some sort of recovery.
Later that night I sat and thought about this question further and now offer my prognosis for the latest victim of the world economy.
Last October the A & E Ward at Dubai General Real Estate Hospital became flooded overnight with casualties. With blood on the floor real estate agents spent the next 6 weeks talking to anxious sellers who in the main were looking for the exit door. Big problem was there were only sellers active and literally no buyers. There was a point where I thought 'that's it' the buyers are never coming back.
By December the sellers had all burnt themselves out and the market although seriously wounded was not about to give up and die.Buyers were ringing, asking for discounts and starting to make a few offers. There is only one thing to note about these buyers and that is the fact that without exception they are all cash buyers.
Only cash I thought. This is still serious! My business deals with the cream of dubai property with average prices in excess of a million dollars and i am going to need to find enough cash buyers to blance the books. Not going to happen was my immediate thought. We need help or the pulse will fade.
Fast forward to January and the doctor is hopeful of a good recovery based on recent signs. Still only cash buyers, usually with heavy Russian accents but this is the month for the Russians to come to Dubai and take advantage of the Shopping discounts and so far property is on the shopping list.
January is already looking to be a good month and one shoreline property although well priced has had 14 viewings and 3 offers. Sale agreed in excess of the asking price and to me a sure sign that the patient has a pulse.

I know that one swallow doesn't make a summer but the phones are ringing with buyers again and the doctor is optimistic of a slow but steady recovery.Finance and a few more Russians will also help but this particular property doctor will be happier when there is a broader mix of buyers entering the market.