{"id":1080,"date":"2016-01-09T22:33:46","date_gmt":"2016-01-09T15:33:46","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=1080"},"modified":"2016-01-09T19:47:13","modified_gmt":"2016-01-09T12:47:13","slug":"property-agents-bait-dubai-homebuyers-with-distress-deals","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-agents-bait-dubai-homebuyers-with-distress-deals\/","title":{"rendered":"Property agents bait Dubai homebuyers with ‘distress’ deals"},"content":{"rendered":"


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\nA number of property agencies in Dubai are marketing properties as \u201cdistress sales\u201d in Dubai in a bid to drum up interest in what remains a sluggish market. Last week, The National received an email blast from the Dubai-based agency Homes4-Life marketing a town house in phase 2 of Dubai Properties\u2019 Mudon project. The 3,808 Type A unit \u2013 an end terrace with a side and back garden \u2013 was being marketed as a distress sale, with Dh300,000 knocked off an original price of Dh3 million.
\n\u201cThis particular owner is really desperate,\u201d said the Homes4Life director Nitin Giyanani. \u201cYou don\u2019t get Mudon Type A properties at these prices. But because this guy cannot make the payments, that is why he is letting it go at such a brilliant price.\u201dAnother agency marketing distressed properties is Dubai-based Driven Properties. These include a two-bedroom Palazzo Versace-serviced apartment at Dubai Creekside for Dh5.2m and a five-bed villa at Living Legends in Dubailand for Dh3m.
\nRobert Richards, the Driven Properties operations director, argued that there had been an increased in distressed properties coming on to the market over the past six to 12 months.\u201cThe main reason is what\u2019s happening around the world. The biggest investors we\u2019ve seen with distressed deals are the Russians, because they can\u2019t get money out of Russia so they\u2019re trying to sell assets to get funds,\u201d he said.
\n\u201cA lot of it is buyers who are only looking for deals at under market rates. That\u2019s led to agents having to push sellers to drop prices. Investors are extremely cautious at the moment,\u201d said Mr Richards.However, others said that buyers merely seeking deals was not a sign that there are more forced sellers.\u201cI don\u2019t think there has been any sign of distressed sales,\u201d said David Godchaux, the chief executive of Core Savills.
\n\u201cThe market is clearly down, but there is no crash. If people want to sell, they are less pushed than in 2009 because they still have a job, and even with lower prices the economy is not that bad. Companies aren\u2019t massively firing.\u201dMark Wellman-Riggs, sales director at ERE Homes, said: \u201cI\u2019m not convinced there are proper distressed sales out there. What I see as a distressed sale is someone\u2019s market value is Dh3m, but if they\u2019re selling as distressed they\u2019re knocking Dh500,000 off to sell straight away. Too many agents advertise distressed sales, but when you ring them you find the seller wants a quick sale but still at market price.\u201d
\nMr Godchaux added that some of the properties being marketed as distressed sales are \u201cnon-existent\u201d.\u201cSome are advertising real properties that are not distressed, or properties that are not real and prices that are crazy.\u201dOne small Dubai portal had three distressed properties listed by Espace Real Estate. However, when contacted by The National, John Lyons, Espace\u2019s head of sales and leasing, said that these were neither \u201cdistressed\u201d properties or even current listings, with one having been sold at above asking price 18 months ago.
\n\u201cI wouldn\u2019t say there is much evidence of distress in the market right now. Yes, transaction volumes are lower and values have trended downwards, but a lot of this is the result of a natural cyclical downturn, tighter mortgage regulations, higher transfer fees [and] a strong US dollar,\u201d said Mr Lyons.\u201cDespite the price correction, we\u2019ve not seen people making a dash for the exits.\u201d \u00a0Haider Ali Khan, chief executive of the property portal Bayut.com said that the number of distressed listings on its site had increased in the second half of 2015, but added that they still made up just 0.6 per cent of its total listings.
\n\u201cDistressed listings are few and far between and could be attributable to either edgy landlords or properties not being competitive,\u201d he said.mfahy@thenational.aeFollow The National\u2019s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Property agents bait Dubai homebuyers with \u2018distress\u2019 deals<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A number of property agencies in Dubai are marketing properties as \u201cdistress sales\u201d in...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-1080","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-hq","jetpack-related-posts":[{"id":10152,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-properties-to-launch-phase-two-of-arabella-townhouses-in-dubailand\/","url_meta":{"origin":1080,"position":0},"title":"Dubai Properties to launch phase two of Arabella townhouses in Dubailand","date":"April 7, 2016","format":false,"excerpt":"\r \r Dubai Properties is to launch on Saturday the second phase of its Arabella community of townhouses within the Mudon development bordering Emirates Road. Masood Al Awar, chief commercial officer at Dubai Properties, told The National that the developer will release 200 two-, three-, four- and five-bedroom townhouses on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4085,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-report-reveals-abu-dhabi-and-dubais-most-searched-locations\/","url_meta":{"origin":1080,"position":1},"title":"Property report reveals Abu Dhabi and Dubai's most searched locations","date":"February 9, 2016","format":false,"excerpt":"\r \r The two most desirable areas in Abu Dhabi and Dubai for tenants are Khalifa City A and Dubai Marina, the annual Dubizzle property report has revealed. In Dubai, more than 68 million searches were made on Dubizzle last year for apartments for rent in Dubai Marina, followed by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":58706,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-residential-sales-dominated-by-off-plan-purchases\/","url_meta":{"origin":1080,"position":2},"title":"Dubai residential sales dominated by off-plan purchases","date":"June 23, 2017","format":false,"excerpt":"\r Off-plan property transaction now make up almost half of all residential sales in Dubai, with buyers taking advantage of increasingly generous payment plans, according to listings portal propertyfinder.ae.The company said cheaper homes and lower deposit requirements were driving investors towards off-plan deals. It said median prices for homes have\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36250,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-developer-damac-cuts-off-plan-prices-to-attract-property-buyers\/","url_meta":{"origin":1080,"position":3},"title":"Dubai developer Damac cuts off-plan prices to attract property buyers","date":"November 28, 2016","format":false,"excerpt":"\r Property developers in Dubai are marketing cut-price off-plan properties to tempt buyers back into the market.Villas at Damac's latest off-plan development are being marketed at Dh200,000 less than they were a month ago.At a marketing launch at the end of October, Dubai developer Damac announced that it would be\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36258,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lower-off-plan-prices-to-stoke-demand-in-dubai\/","url_meta":{"origin":1080,"position":4},"title":"Lower off-plan prices to stoke demand in Dubai","date":"November 28, 2016","format":false,"excerpt":"\r Property developers in Dubai are marketing cut-price off-plan properties to tempt buyers back into the market.Villas at Damac's latest off-plan development are being marketed at Dh200,000 less than they were a month ago.At a marketing launch at the end of October, Dubai developer Damac announced that it would be\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36356,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lower-off-plan-prices-to-stoke-property-demand-in-dubai\/","url_meta":{"origin":1080,"position":5},"title":"Lower off-plan prices to stoke property demand in Dubai","date":"November 28, 2016","format":false,"excerpt":"\r Property developers in Dubai are marketing cut-price off-plan properties to tempt buyers back into the market.Villas at Damac's latest off-plan development are being marketed at Dh200,000 less than they were a month ago.At a marketing launch at the end of October, Dubai developer Damac announced that it would be\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/1080"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=1080"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/1080\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=1080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=1080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=1080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}