Jobs in Dubai

[Elphaba]

There is MASSIVE oversupply in the Dubai property market with plans to build another few hundred thousand residential units. There ought to be a correction, but we'll see how long 'Dubai plc' props everything up.

This from Morgan Stanley yesterday

Dubai property prices, which have surged 79 percent since the start of 2007, are likely to fall 10 percent by 2010 as supply of real estate units outpaces demand in the Gulf emirate, Morgan Stanley said on Tuesday.
A sharper correction in Dubai's real estate sector could have a ripple effect on its neighbours in the Middle East, with shares of 12 regional property firms dropping an average 35 percent, Morgan Stanley said in a research note.
In a worst-case scenario, Dubai property prices would follow the pattern of Singapore in the late 1990s, when real estate prices plunged 80 percent in 18 months, Morgan Stanley said, calling this a "low probability event".
"We expect oversupply to hit Dubai in 2009, leading to a period of price declines," Morgan Stanley said.
"While we expect these price declines to be limited to Dubai given the level of undersupply in surrounding markets, we cannot rule out a 'contagion' effect on Middle East, North Africa property shares prices, as investor confidence suffers."
The bank initiated coverage of 12 Middle East property firms, including the region's largest by market value, Emaar Properties whose shares trade more than 100 percent below Morgan Stanley's 21.4 dirham ($5.83) target price.
Home to man-made palm-shaped islands and an indoor ski slope in the desert, Dubai kicked off a regional property boom in 2002 when it first invited foreigners to invest in real estate.
Since then, regional economic growth supported by a six-fold rise in oil prices has attracted streams of investors.
Last month, Standard Chartered Bank said Dubai was overheating because speculators were inflating prices of real estate still under construction. It recommended the emirate introduce a capital gains tax to deter short-term investors.
According to Morgan Stanley's price index, Dubai property prices soared 25 percent in the first half of 2008, and are up 79 percent since the beginning of 2007.
"Prices have been driven by a combination of genuine demand, speculation and, most recently, escalating construction costs," it said.
"For 2009, we expect prices to start coming under pressure as oversupply becomes evident. We forecast a 10-percent decline between 2008 and 2010 in our base case."
Some developers in Dubai are trying to weed out short-term investors.
Palm island developer Nakheel is requiring buyers at its Trump International Hotel to wait a year before they can sell their units on the secondary market, UAE daily The National reported on Tuesday.
While Dubai is the "bellwether" for the Gulf property market, slight easing of prices in the emirate may not impact Abu Dhabi and Qatar, whose property sectors should remain under-supplied until at least 2012, Morgan Stanley added.


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[marc]

yeah Morgan stanley report was in the papers today aswell. Im not sure why they are doing it, as its 'fake' demand, an investor taking 100 units does not count as demand, there are no end users, and surely there will not be enough people moving to dubai and actually buying somewhere, palm deira has space for 200,000 people, dubai world central (new airport) has accomodation for nearly 1,000,000!!! as well as waterfront being x2 size of hong kong - where are these people coming from when everyone shares and cant offord to buy these units.

[Elphaba]

Not sure if you have seen the film Field of Dreams, but there is a well known line: If you build it they will come. That seems to be the 'plan' here.


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[marc]

lol very good........
+ good film.

[Amani]

Best job websites to have a look at for IT Industry specifically sales and marketing?

Would be greatly appreciated....

[mallen79]

hey, we are moving over to Dubai at the end of the month and my wife is looking for a job in banking but does not know how to start, does anyone know where the best places to go are?

[gilesmcgrath]

I WANT TO LIVE IN DUBAI!!!!

Hi, I am an Art Director currently living and working in NYC. I am looking for a position as an art director in Dubai. I speak English and French, and I have US, UK and Australian citizenship. If anyone can help I would appreciate it.

Cheers,
Giles

[mallen79]

Hi,

My wife and I are moving over to dubai in two weeks and my wife is seeking work in banking/finance. Any advice on recommended recruitment agencies and who to speak to?

[YaGatDatRite]

Marc #100 -

Its called "flipping" , i.e. quick sales by RE speculators who have no intention to occupy the unit. Was one of the root causes of the US real estate bubble that burst last year.

During 2005-06, everyone from the cabbie to the hair-stylist to the granny (and even the pet poodle) got into RE, became "realtors" and started buying/selling like nobody's business. No wonder the banks, mortgage brokers lent crazy sums to all these irresponsible people. They wanted the business!!

That much froth tells you its time to get out. Dubai is likely headed in the same direction. Wait and see till mid-2009.

[YaGatDatRite]

He he, looks like Zee #109 just opened his web-site yesterday...

Whatever you search, it returns exactly '0' results. Thats right, Zero!

LOL