Property for Sale
Dubai:
Moves by the Dubai government to inspire confidence in the once booming
property market
seem to have backfired.
The recession has shown that Dubai’s growth was financed by billions of
pounds of debt and this burden is threatening to drag the city under the
desert sands.
Several government-backed developers were at the forefront of major
residential and commercial buildings in Dubai.
Shares in the largest listed Arab developer Emaar Property had 10% wiped
off their price on announcement of the merger with Dubai Properties,
Sama Dubai and Tatweer.
These three companies are all subsidiaries of Dubai Holdings, which
has the backing of the Dubai royal family and analysts fear in the
background assets are just being shuffled on paper to shore up ailing
companies.
USA:
Property vultures are circling to pick the bones clean of deals as the USA
property for sale
market has wound prices back to the same levels as
they were in 2003 according to financial researchers Standard and Poor’s.
USA house prices fell 18% in April in S&P’s 10 and 20 city indices.
Commercial property has crashed alongside home prices registering a 20%
decline, with market expectations of another good way to go - perhaps
another 20%.
Europe:
Cyprus Real estate, although the figures point to a very sharp decline in activity in the
property sales and development sector,
Cyprus
properties for sales
during June staged a slight recovery, boosting expectations amongst some analysts that a slow recovery
in the property for sales market may soon get underway to a recovery.
In a statement to Stock Watch, Chairman of the Pancyprian Association
of Building Contractors Mr Sotos Lois said that Cypriots are grabbing
opportunities of buying apartments, villas and houses in coastal seaside areas, which are
being offered for sale at cheap prices. The slight recovery in
property sales and property development is also linked to lower interest rates
offered by the Cyprus banks for housing loans being
offered to Cypriots, especially young couples.
According to the contracts of sale deposited at the Cyprus Land Registry,
the drop in activity in the property sector in June fell slightly to
45.7% compared to -53.2% in May, -54.9% in April, -56.33% in March,
-64.7% in February and -71.6% in January.
Overall, the total number of
property sales in the first half of this year stands at 3,591. This
is 58% lower than the 8,610 sold during the first half of 2008.
