It is hard to find a positive headline but when it comes to Dubai they seem to be more positive, certainly than Europe where the doom and gloom really has taken grip.
But the downturn doesn't seem to stop property investors putting on the proverbial rose tinted glasses. Stories regularly appear on the forums of disasters that are more often than not due to buyers not taking the right advice, not asking the right questions and jumping in because the place looked 'lovely' in the sunshine.
A prime example of this is a thread on the Channel 4 forum which has several tales of woe from property buyers in France.
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One is a house where structural faults were apparently hidden by furniture. When the owners moved in they discovered major cracks that had been filled inside and cemented over outside. They got an architect and building construction expert to take a look. They also discovered asbestos in the roof and found repairs were going to cost €30,000.
Of course the big question is – why didn't they get someone to look at the property before they bought? When one poster suggested they should have had a survey done prior to buying the response was – surveyors are hard to find in France. This may be true, but as others point out you wouldn't buy in the UK without getting an old property checked, why do it abroad. A classic case of rose tinted spectacles.
On the same thread another tale of woe. This time the buyers viewed in the summer and everything seemed great. On completion they found the wood burner broken, electrical wires cut and damp and mould all over the house with around €10,000 need to remedy the situation.
The forums can be a useful source of information from investors who have experience of particular countries. Even countries in Europe can be tricky. One example is Italy where it is not always clear cut in terms of sale contracts. A helpful thread on the calabriahomes.com forum tackles the subject of bank guarantees.
Italian law actually protects buyers of new build properties. The construction company needs to provide a bank guarantee on the full price of the property on signing the preliminary contract otherwise the contract will be considered void.
The contract also has to include information on planning permission, timescales for each stage and completion, all contractors' details and technical information on the property. The company will also have to provide a detailed list of materials, which will be used and any options chosen by the buyer together with the projects outlining the property. These documents must be attached to the preliminary contract.
The rules apply to new buildings that started work after July 2005 and do not apply to property owners who have appointed a building company to renovate a derelict house. Yet the post shows that not every buyer, or indeed contractor, is aware of this.
One poster points out that she received her draft contract earlier this year and it included nothing about the guarantee and the specification. 'My Lawyer says I will see the guarantee after signing and that they do not have a specification,' writes Shelley Seemley.
Another points out there would appear to be a considerable expense for the builder in obtaining bank guarantees. 'A builder I am dealing with in Cropani was willing to accept a 10% deposit and the rest on completion rather than get involved with guarantees. He has never been asked for it before but then ALL his other buyers are Italian,' says Grumpy Irishman.
In the Middle East recent headlines that property prices in Dubai are reaching their peak have resulted in a lot of comment. As already mentioned, it is hard to find a gloomy headline about this part of the world but the Dubai posters do seem to be taking them seriously.
Various reasons are given on the totallyproperty forum from people involved in buying and selling which seem to back up the recent reports from global analysts that there is going to be a reduction in prices soon.
These range from oversupply to the credit crunch limiting investment from nations which are severely affected including the US, UK and Asia. Then there is the simple statement – the increase can't be sustained forever. Several posters say they believe the days of speculation are over.
What the analysts are saying about Asia is also prompting comment. A recent report by Merrill Lynch predicted that the rise in the price of high end property in Singapore will filter downwards. According to a thread on the movechannel forum the report also indicates that city properties are the best investment.