WILL DUBAI'S MARKET CRASH ? STEVEN LECKIE ON THE DUBAI REAL ESTATE PODCAST WITH TAHIR MAJITHIA

🏙️ Welcome to the "Dubai Real Estate Podcast with Tahir Majithia"! In this episode, join host Tahir Majithia and our special guest, senior real estate consultant Steven Leckie, as we dissect the current state of Dubai's real estate markets. 🌐 The burning question we tackle: Will Dubai's real estate markets crash, or are there prosperous times ahead? 🔍
🎙️ Steven Leckie, with his extensive experience, sheds light on the intricate dynamics of the Dubai real estate scene. From economic factors to governmental policies, we leave no stone unturned in this insightful conversation that aims to provide you with a holistic understanding of the factors influencing the market.
🏗️ Whether you're an investor, resident, or simply fascinated by Dubai's real estate landscape, this episode is your go-to source for comprehensive insights. Gain confidence in navigating the waves of the Dubai real estate market by tuning in now.
🔒 Don't miss out on this exclusive conversation that transcends headlines and gets to the core of Dubai's real estate trends. Hit play, subscribe, and share your thoughts in the comments below. Let's dive deep into the future of Dubai's real estate together!
Connect with Tahir for any assistance on Dubai Real Estate on the below contact details
Call or WhatsApp
[phone]
Email: [e-mail]
Instagram: / tahirmajithia
Linkedin: / tahirmajithia
Tiktok: vm.tiktok.com/ZSecvq1J9/
Twitter: / tahirmajithia
Website: www.tahirmajithia.com
ABOUT TAHIR MAJITHIA
======================
Tahir Majithia is a second generation real estate consultant and development advisor based in Dubai, United Arab Emirates. Tahir has helped hundreds of people secure apartments, villas and townhouses in Dubai, as well as managing commercial real estate development projects and property portfolios for domestic and overseas investors. Tahir’s content has generated millions of views, specifically through educating Dubai property investors via his Dubai Real Estate Masterclass series on KZbin, Instagram, LinkedIn and TikTok.
If you wish to connect with Steven Leckie or if you wish to subscribe to his news letter you can you can visit his website below :
estateagentindubai.com
#DubaiRealEstate #TahirMajithiaPodcast #RealEstateInsights #realestate #investment #DubaiPropertyMarket

[@cryptoqas8298]

A real estate agent will never say the market is going to crash 🤷‍♂

[@varunparkash9007]

so DON"T invest, guys like you wait FOREVER - typical sissy !

[@SapienEnergy]

It’s definitely about to crash and I’m an estate agent.

[@SapienEnergy]

@satver463s-qr6hp 1. Developer greed. I worked with a few developers in 2022 and 2023. One of there representatives told me they were only due to launch three developments in 2022. Instead after the Russians started buying everything they fast forwarded three years of developments launching 9 developments. They increased the prices by 30%-40% and sold out everything, overpriced, promising crazy rental returns that are completely unachievable. 2. Oversupply, if you want to find a property to rent in Dubai. You can easily find one. The demand isn’t there they way people think it is. On top of that, they are handing over 1000s of apartments and villas over the next few years. More supply and not enough demand. 3. It’s a 7 year cycle. This happens every seven years in Dubai. Prices hit rock bottom in. 2003 2010 2017 2025? With all of that being said, its still a very fresh market. You could compare it to a toddler learning how to walk in comparison to a city like London which would be like an old age pensioner at this point. We know where those markets are heading. A Very slow uphill uplift. Dubai is just learning how to walk at this point, hence all the constant crashing.

[@mohaibshazad5424]

@@SapienEnergywhy do you think it’s going to crash out of curiosity? From what I’ve seen, the gov will continue to invest in the city and foreigners are still coming all the time. Interested to hear your perspective

[@O8Zen]

Doomsayers and pessimistic scenarios always attract more attention. KZbin is full of videos explaining why the real estate market or stock market is going to crash in the next 2 months. If you listen to doomsayers you will stay on the side looking at the market until the end of your investor's life. No one knows if the market will go up or down, but real estate crashes are extremely rare, just like for the stock market, and volatility is the price to pay for higher returns. Time in the market > timing the market.

[@Sonu-cv8ym]

Such a nice conversation Stevan is really experienced man in property and you Tahir and lots of new idea I get from this podcast Thank you 👍

[@thenewnormalelnuevonormal6117]

Amazing interview ! Great knowledge! May I ask what is your opinion about Rukan ? Thank you

[@borninsoho9710]

I’m a long time property investor in Dubai. i like to listen to Steven because he is very objective. He will also tell you the negative side of the story, not only the postive side like the many young amateur agents…

[@tahirmajithia]

Absolutely 💯

[@saraahmad5859]

Who are the bad developers in Dubai? Please enlighten me 😅

[@fahadabdullah8277]

It's always a pleasure to listen Mr Steve Leckie and Tahir Majithia

[@tahirmajithia]

Thank you 🙏

[@judywebb8095]

Great interview ….. great questions…. Great insights ……appreciate your honesty

[@tahirmajithia]

Glad you liked it 🙏

[@syedzianaqvi]

excellent conversation. Straight, Simple and to the point.

[@tahirmajithia]

Thanks 🙏

[@imranhaider2013]

Excellent discussion. Covered most of the points that a buyer is looking for

[@tahirmajithia]

Glad you liked it 🙏🙏🙏

[@sameerrshammas]

I mean this man is a legend, thank you very much. This is the best real estate video I’ve ever watched in Dubai! I was just about to buy a 1BR in the lagoons, and the launch is the day after tomorrow, I’ve paid the token, I am 100% withdrawing that. I came across one of the agents you’ve described here, and now you have made me think about the whole thing. Thank you again, I am definitely going to look for Steve’s contacts and work with him, thank you for the great podcast. You are legends

[@tahirmajithia]

Glad you liked 🙏🙏🙏 really appreciate it.

[@RajKotecha]

watched it start to end - literally like being in the room with you sharing great knowledge Tahir - superb episode!

[@tahirmajithia]

Thanks mate glad you liked it 🙏🙏

[@tigerzillatravel_com]

Excellent podcast with the best guys in Dubai real estate.

[@tahirmajithia]

Thanks a lot 🙏🙏glad you liked it

[@bipinsoneji]

Can you pls let us know those 8 developers not to buy from?

[@Ahmedbinz]

Obviously they can’t be named here either it could lead to defamation lawsuits. But yeah am also very eager to know who are they. I was able to know some of them from their conversations but I think am still missing 3 or 4 of them.

[@yunuskabariya]

Thanks Tahir and Steven very informative

[@tahirmajithia]

Glad you liked it 🙌🙌

[@ferhanmirza9762]

One of fhe Best Podcast on Real Estate in Dubai, so much of knowledge in 30 mins …i am also in Real Estate and i had similar thought on Pool Apartments and 1% payment plan … the only issue i faced is when i was reluctant to sell this units other agents have sold and made good money & this was making me feel lost and i felt i am not good enough.

[@tahirmajithia]

Real estate is long term game the agents you see making money selling the wrong type of properties don’t last too long in the market one cycle of down market and they are out of the game. Focus on projects you believe in and are good in the long run you’ll win

[@Hiitsme7370]

Tahir is the only real estate youtuber at the moment who is making in depth information .

[@tahirmajithia]

Thanks a lot 🙏🙏🙏

[@marinamikhalenko8154]

Pleasure to listen you guys!

[@tahirmajithia]

Thanks a lot 🙏

[@gerardb1166]

Great discussion. I started the process to get everything ready to move to Dubai this year

[@tahirmajithia]

🙏🙏

[@HWU-kq1si]

always a pleasure to listen Mister Steven Leckie.

[@tahirmajithia]

He is a great guy

[@yusufergin7853]

Hello, I know its out of subject but can you please tell me which camera videographer did use in the video ? Looks like Blackmagic to me but Im not sure. I loved to look and colors btw.

[@ruhaanchawla7947]

Superb episode! Keep it going:)

[@tahirmajithia]

Thank you 🙏

[@eliehaddad2881]

The first time I see your podcast. This is realistic, I love it

[@tahirmajithia]

Thanks 🙏 glad you liked it

[@haroonazeem2338]

Very insightful

[@tahirmajithia]

Thanks 🙏

[@amnaakram79]

Thoughts on buying in JVC to live in then rent a room out if it’s a 2 bed or in Arjun?

[@orbitsnoogslaghouse1188]

The anxiety against saying the wrong thing is palpable.

[@rpicco4853]

Nice podcast. I Agree with all the sentiments. What are your views on Dubai Creek Harbour Island...

[@tahirmajithia]

Thanks glad you liked the podcast 🙏 Creek Harbour is a great community and has good future potential

[@guillaumefortin163]

Hello, thanks for the great video. How can we get the list of not recommended developers please?

[@CatamaranChannel]

You can't.

[@mikebruug6290]

The positivity of investing in the different areas of Dubai has the upper hand in this interview. In general I can say since 2021 the property prices went up in all the different areas. It comes down to where I want to live-for a home owner- or where do I get the best ROI-for an investor. But that I know already. Also, as always I expect a big correction in the property market in the next couple of years, it's unavoidable.

[@mohaibshazad5424]

Why is it unavoideable out of curiosity? Dubai gov continues to spend more money every year and foreigners around the world still keep wanting to come to Dubai. Intersted in your reasoning for this.

[@asimhussain2702]

THANKS Mr Thahir and Mr STEVEN FOR SHARING YOUR insights and Briefing about the Dubai Real estate Market can you please Suggest , is Town Square Nshama a Good Investment Especially New launches Either 1 bed room and 2 bedroom apartment. For ROI and Capital Appreciation. and Also please Suggest which 5 or 7 Developers to avoid. Thanks

[@tahirmajithia]

You’re most welcome. To know more about any property pls connect with me on [e-mail]

[@ah9076]

Let me name those developers that if an agent offers you this, its time to change the agent 1- Azizi 2- Danube 3- Binghatti 4- Samana

[@dzvirgzde]

Great podcast

[@tahirmajithia]

Thanks 🙏

[@seelen]

Please make more of these, Make the same with Abu Dhabi

[@reaver9]

The main problems with Dubai have not been mentioned, and they fully explain why this market is trading at the discount comparing to other established destinations: 1. Unconstrained supply - influx of new residential real estate is staggering, comparing ro the West is so much easier to initite construction 2. Lack or reliable market data - goverment controls information flow and at the same time owns main developers 3. Eroding middle class - salaries for professionals are stagnate for years, it's less and less affordable to live there at certain level given steep price inflation across categories beyond real estste (food, school fees, entertaiment, sport activities, etc.) 4. Shaky ownership rights - a single ruler's decree wipes out all foreign ownership. Democracy has its drawbacks but apparently it's reflected in the prices of real estate worldwide.

[@adham6229]

Great content

[@tahirmajithia]

Thanks 🙏

[@fairoozafarook2878]

The pool Apartments are difficult to maintain- I agree. There are developers who are taking care of the pool for lifetime. This discussion is not applicable for all developers.

[@asemasmar]

I dont wanna ask you who are the 7 -8 developers to avoid. But for an average person how i could know them by name?

[@Onkarpursuit]

Tahir.....This is Onkar from Pune, India. been following you since few months closely. I find you the most diligent real estate guy in Dubai on KZbin...I will meet u in my next visit to Dubai in a few months. Hope you can find time for a cup of coffee.

[@tahirmajithia]

Thanks a lot Onkar 🙏 always happy to grab a coffee

[@hamzah992]

Who are the developers to avoid??

[@pardesi_swiss]

Hi Tahir, this podcast came late to me. Although I recently bought an off plan with Ellington in Art Bay, Al Jaddah. Is it safe to Continue for next 2.5 years or remain curious for next offset in market ?

[@tahirmajithia]

Ellington is a good developer and their product is always top notch

[@td97hde]

Just remember the 2008-2009 property crash, accept exclusive places such as Palm and Marina and few more the rest haven't seem the 2008-9 prices yet. Don't get full by agent that gets paid by selling to you.

[@badrgrouz3025]

Hey Im Young investor i was planning to buy 2 apparts for around 800-900k in marina do you think thats a good idea ?

[@O8Zen]

@@badrgrouz3025yes, marina is fully built with virtually no new supply and it's a prime area. In a few years you will be amazed you could buy any unit there for less than 1m. Just avoid bad towers like Manchester Tower.

[@imranpukhta8967]

Hello After seeing the podcast (very nice), need a suggestion that I have recently booked a one bedroom convertible studio in Maritime city D oceans project Seems the 6 on list in your discussion is one among them Would like an advice from your side, should I continue with it or sell it, if so what is the right time Thank you

[@tahirmajithia]

Hi glad you liked the podcast for any property related queries pls email on [e-mail]

[@yassinait]

A segurança é a razão del investimento em Dubai. O Acabamento das obras tem sido cada vez mais fracos, escapam devido ao designs modernos... Os preços estas super altos em relação a Países similares tendo em conta ao sector de transporte público em ordem, baixo custo Hospitalar e Escolas a preço reais Dubai ainda vai se encontrar e acertar de acordo com o País, tem muito futuro e com certeza a visão dos seus dirigentes irá ser sempre se reencontrar PS: Fugir de impostos do País de onde fazes dinheiro não será solução em breve! Falo como residente de Dubail

[@GiantImplants]

can someone tell me the 7-8 developers to avoid

[@arunsubramaniam4461]

Hello, I did not understand why 1% payment plan is so good but going for 50/50 or 70/30 is better. Some people cannot afford such a aggressive payment plan and undeerstand why some people going for 1% payment plan instead. Could you guys explain your meaning?

[@tahirmajithia]

It’s a great question let me explain it in detail. Most projects offplan take around 3-4 years for completion and even in 1% payment plan options you have to mostly make a 20% down payment and then 1% per month. Now if a project takes 4 years to complete that means 48 months x 1% which is 48% +20% down payment which makes it 68% before handover so if there’s a 50/50 payment plan which means you only pay 50% during construction and 50% upon completion ( completion payment can easily be mortgaged even if the purchaser is non resident) but that’s not it so I’m all practicality you’re paying the similar amount in both cases but that’s not the thing. Most developers offering the 1% plan are making it sound so attractive and pricing the property much higher than the market price of any other comparable project making it not really a very good investment option infact a lot of buyers realize they made a mistake only once they try to resell the property in the secondary market realizing that there are far better properties selling for lesser amounts. Paying 1% every month or 5% every six months is the same thing. You should research well before buying.

[@anwarnayani5849]

Mind boggling music

[@ahmedchebbi2363]

It would be good to know who are the 7-8 developers to avoid please?

[@tahirmajithia]

Haha don’t want to name them publicly but always happy to connect on call to discuss 🤫🤫🤫

[@misszara786]

Definitely Danube 😂

[@ah9076]

Let me name those developers that if an agent offers you this, its time to change the agent 1- Azizi 2- Danube 3- Binghatti 4- Samana

[@spoown007]

@@ah9076 why are the developper not the good one ? Please elaborate…

[@timannink1635]

@@ah9076 isn’t binghatti building the Burj Binghatti Jacob & Co, the tallest residential tower in the world, in business bay right now?

[@BenM460]

How can you not know how many agents there are in Dubai? It’s right there on the Dubai Rest App, 15,898 registered today

[@tahirmajithia]

There are many agents who are not registered with RERA so the 15,898 are just the registered ones

[@user-lr2ie7tz6t]

Don’t we remember one of the previous ceo of damac who said that he will walk naked if the market crashes Then the market crashed And we didn’t have the honor of seeing him naked

[@iftikharhusain6286]

Good

[@tahirmajithia]

🙏🙏🙏

[@iftikharhusain6286]

Sir can you share your latest no.

[@svpr95510]

Which developers to avoid? Not everything is transparent in UAE. As someone who has spent 35 years in Dubai in the construction industry, no one can or will share information of this nature openly, no matter how knowledgeable one is - lest he finds himself in an unenviable situation. One can gather this information when you talk to RE agents with at least some 20 years experience in Dubai. During 2008 crisis, scores of people from UK and Europe lost their retirement savings invested in projects in Dubai that never saw the light of the day. Not a single developer was held accountable or punished. Developers - well known influential names - took advantage of the global crisis by not returning the monies they owed. For them, individual investors were "unknown quantities".

[@misszara786]

I definitely know he’s talking about developers such as Danube who are selling balconies with pools for 800k-1 million 😂😂😂. Apart from their 1% payment plan, it’s rubbish quality. I would definitely invest with bigger developers with much better after sales service, quality and ROI on them. ❤

[@badrgrouz3025]

Hey can you give me Some names? Im a young investor trying to buy 2 apparts

[@misszara786]

@@badrgrouz3025 Go with Emaar, Nakheel, Meraas, they’re safer bets.

[@badrgrouz3025]

@@misszara786 Thanks I will definitely take a look at them. Many agents have been advising me to invest in projects, but since it's my first time investing and I'm young, I want to be sure. I have a budget of 1.6 million AED to buy two apartments in Marina or JVC. Maybe you can suggest some good places? My plan is to rent them out and make a good profit.

[@judecoutinho1494]

What are your views on Dubai south

[@tahirmajithia]

It’s good

[@hasaneffendi5319]

Very far Will take 5-6 yrs more

[@saraahmad5859]

Canada 🇨🇦 is just like the UK. People are looking to move their $ elsewhere now

[@spoown007]

I would like to know, why you think the paiement plan with 1% is not good ?? Not everyone got 200.000€ to pay in cash in 2/3 years. Could you please elaborate ? Thanks

[@tahirmajithia]

So let me explain you even in a 1% plan you need to make 20% as down payment and if project takes 3 years that’s 36% plus some payments on handover so if you calculate properly you any which ways pay 60-70% in 3 years till you get keys but the pricing of the property can be much higher as compared to other similar projects.

[@spoown007]

@@tahirmajithia ok i see make sense ! Just curious about how much more we would need to pay… i ll try to ask around and see the difference. But sometime the 1% is the only one paiement accesible.

[@umairlal3935]

Liwan? How is the area? Please suggest

[@practicalml8154]

The property with pools in the balcony is Gemz by danube 😂

[@Ukinvestor1]

Thoughts on Arjan?

[@tahirmajithia]

Good area

[@Milly5288]

Market correction needs to happen. I would invest after the next crash so it’s a good time to get in

[@tahirmajithia]

Yes market correction can happen and I believe some correction should happen as it’s healthy for the market. But saying that Dubai is in a bubble and it will crash that is something I don’t agree. Yes, there was a bubble in 2008 and that’s why the market crashed but today we are not in a bubble, markets have matured. There’s a difference in correction and market crash.

[@Milly5288]

@@tahirmajithia you have a good point that makes sense. Would love to get your take on hot spots, capital growth differences between homes, units and apartments. We live in Australia and hard to keep up with the market in Dubai when we don’t live there. Cheers

[@Dejan_23Unlimited]

Keep on mind "Depression" - that will affect everyone - similar to 2008... Also, there are other scariest things, that stupid people do. Be open for prices goes UP, but also fast crash=correction. One thing is sure, it is going to be interesting😊.

[@daddycool7543]

If the banks go bust in the west and housing markets crash in the west. Dubai will have a massive correction. And there will be a Reset in the west and the entire world 100%@@tahirmajithia

[@davidmurphy8345]

Truebit Protocol

[@user-lr2ie7tz6t]

Give it a few years Recession in dubai equals market crash Rentals fall , people leave equals market crash Saudia Arabia = market crash Etc

[@daddycool7543]

Someone put me out of misery and tell me who are the 6 developers are that i need to avoid.

[@mohammedahmed1109]

But at the same time the wages aren't compared to these big cities, so yeah for businessmen it's attractive but for the normal fellas it's getting less attractive and that's why many are moving to other emirates

[@ibragimovaelzana23]

I would like you to do podcast with women from the industry! There is so many great female real estate agents! As a female real estate agent would love to hear female version of thoughts and success!

[@tahirmajithia]

Yes that’s on my list too will be planning something soon

[@ah9076]

Let me name those developers that if an agent offers you this, its time to change the agent 1- Azizi 2- Danube 3- Binghatti 4- Samana

[@sulmana2469]

Thank you for this.. is there anymore?

[@goransimic9333]

Oh, thank you so much. I wanted to ask this question. Super important!

[@irinaanatolie887]

Tiger

[@goransimic9333]

@@irinaanatolie887 can you please explain why not tiger. They have so many buildings in JLT that they are practically only option

[@ahabbassi]

Who are the 8 developers to stay away from?

[@vandanah4857]

This all seems a lot of marketing push to keep the property markets hype for investors . Thruth is prices are more than double in just a few years not talking of decade . I would wait and see the game going down … just a matter of time .

[@obaidkhan2229]

Can someone tell who the 6-8 developers are which they mentioned to be appalling? 😂

[@igorkovalenko6775]

👍👍👍

[@tahirmajithia]

🙏🙏

[@bytime2762]

So who are these developers

[@ah9076]

Let me name those developers that if an agent offers you this, its time to change the agent 1- Azizi 2- Danube 3- Binghatti 4- Samana

[@bytime2762]

Thankyou @@ah9076

[@TheProjectManagementCoach]

Question ... what's going to happen when US starts building the trade canal in Gaza!? You don't think there is going to be political instability in the middle east which is going to bring the market down? Another issue is Iran ... too close and is involved in many current affairs that can potentially destroy real estate ... again instability in the region. Third thing ... what will happen once Ukraine war is over and russians/ukranians go back? Many many things that could be legit factors to change it all.

[@user-lr2ie7tz6t]

So the government of dubai doesn’t want any piece of the pie ? They want the whole pie!!

[@Goldmining-ltc]

😎😎😎😎

[@user-lr2ie7tz6t]

A Brit and an agent will always say that they are the most professional. Agents in dubai are all scrupulous Everyone

[@user-lr2ie7tz6t]

The worst investment ever in dubai - hotel apartments

[@badrgrouz3025]

Why?

[@user-lr2ie7tz6t]

@@badrgrouz3025 extra high service charges Low rent Everything very expensive The hotel manager sucks you dry

[@user-rn8hr1cy3m]

so who are those 8developers to stay away from

[@svpr95510]

Developers offering good products in terms of design and materials? Are you serious, Mr. Steven Leckie? Have you ever witnessed whether the materials used on the construction sites are of the right specification and standards? Dubai has an oversupply of everything, including traffic on the roads. And a large number of less than honest contractors, site agents and project management teams to supervise the works being carried out conform to what is specified in the contract documents. Illusion of grandeur masks reality.

[@tahirmajithia]

Yes there are many developers today offering much better product than before and the buyers are willing to pay a higher price even for good product. Traffic on the roads clearly shows the population has increased and there is demand. If we had oversupply of homes today the rents wouldn’t have gone up.

[@abidshah1940]

Very funny, when he said UK and holidays...hilarious...holidays should be in Spain, Italy, France, USA,...UK is a shit piece of land for holidays mate..comon

[@firdowskalu1]

Oooh can I get those 6 or 7 Developers to stay wellllll away from. 🙏

[@user-lr2ie7tz6t]

Which of the bad of dubai has he said? Nothing!!! There are tons of

[@user-lr2ie7tz6t]

I can’t advertise who then as developers are - that’s the sad reality No freedom of speech

[@presidentofukraina]

Too many Russians. Dubai no longer safest place in the world

[@MeMe-wz5hv]

Says someone with the nickname “president of Ukraina” 😅😅😅

[@spartantroy3920]

Converted gujrati lohona to muslim