All Forum Posts by: Aleem Jinah

Heres my take on the Dubai vs. Miami property market!

In Dubai

Current demand is 40,000- 50,000 residential units per year.

69,000 are to be delivered by the end of the year (2007).

69,000- 50,000 demand of units, leaves an oversupply of 19,000 units.


2008

139,000 units are to be delivered!

Lets say only half are actually completed in time.

139,000 *.50=

69,500 units delivered
-
50,000 units demand

= 19,500 extra units.

----
So in two years this leaves an extra 38,500 units on the market by the end of year 2008.

This doest not factor in the other 69,500 which I have excluded due to possible building delays.


Imagine in MIAMI currently there are 20,000 extra condos on the market for sale. Plus another 20,000 to be built, and there market is already crashing with an expected 30% decline..

Miami Dade Population (Metro): 5.4 Million people

VS.

Dubai Population (Metro): 1.49 Million people

So in Dubai in two years if you factor in building delays, you will have 30-40,000 extra units on hand+ another 69, 500 units to be handed over after some point... Factor in a strong population growth rate, yet STILL in 2009-2010 there will be another extra 15,000-20,000 units for sale...


So by 2010 you could possibly have an accumulated total of roughly 50,000 - 60,000 extra supply of residential units!


Looks like over building to me! But for those who felt they missed out on the Dubai boom, in a year or so it might be a good time to re asses and pick up bargains??

Let me know your thoughts

Hey Guys,

I am new to this forum so let me tell you a little bit about my self before i get started. I am 23 years old and a Canadian citizen, currently living abroad doing a 6 month management hospitality training.

Education wise I have a B.Comm and an MBA in Hospitality& Finance .
Like many I have been interested in property for a long time and have interest in acquiring houses, apartment buildings and eventually hotels.

Right now I am very interested in the USA housing market due to the heavy decline in prices. The plan I have set out is as follows;

a) move to a state where housing is still relatively cheap and easy to finance (I only have 7k in cash). I was personally thinking Texas ( Dallas, Austin, Houston or Beaumont)

b) Try and work my way up through the property ladder via. foreclosures and purchase of rental units. Obviously I would have to use hard money, seller financing and other methods to get this done... but this might be a good start?

c) Find a job which can support me at least for the first year or so.

d) Join many networking groups and forums to meet local partners (A must! in my opinion)

So! I was curious If i am on the right track? Any extra advice you can give? And whether I am picking the right areas?

If you were to give it all up (wealthy family, comfortable lifestyle etc.) to do something on your own where would it be and what advice could you give me?

Thanks!

Hey! Thanks for the encouragement

Do you mind if i also post this under general to get some more responses? I could really use some more opinions..

Please do go ahead and delete it if you think its unnecessary

Ciao

Hey Guys,

I am new to this forum so let me tell you a little bit about my self before i get started. I am 23 years old and a Canadian citizen, currently living abroad doing a 6 month management hospitality training.

Education wise I have a B.Comm and an MBA in Hospitality& Finance .
Like many I have been interested in property for a long time and have interest in acquiring houses, apartment buildings and eventually hotels.

Right now I am very interested in the USA housing market due to the heavy decline in prices. The plan I have set out is as follows;

a) move to a state where housing is still relatively cheap and easy to finance (I only have 7k in cash). I was personally thinking Texas ( Dallas, Austin, Houston or Beaumont)

b) Try and work my way up through the property ladder via. foreclosures and purchase of rental units. Obviously I would have to use hard money, seller financing and other methods to get this done... but this might be a good start?

c) Find a job which can support me at least for the first year or so.

d) Join many networking groups and forums to meet local partners (A must! in my opinion)

So! I was curious If i am on the right track? Any extra advice you can give? And whether I am picking the right areas?

If you were to give it all up (wealthy family, comfortable lifestyle etc.) to do something on your own where would it be and what advice could you give me?

Thanks!