Typical was the case of British developer Arthur Fitzwilliam, an affable 58-year-old polo fan from London. He had lived in Dubai for two decades, dabbling in real estate and other ventures. In 2004, he inked a deal to develop a 14.5 million-square-foot plot of desert acquired from a government-controlled company.
The Plantation Equestrian and Polo Club would have air-conditioned stables for 800 horses, four polo fields, facilities to host horse shows and a five-star hotel. Mr. Fitzwilliam sought partners to help finance the project. A British banker agreed to provide financing, in exchange for a 30% stake, Mr. Fitzwilliam said in an interview.
But in June 2008, authorities detained Mr. Fitzwilliam, the banker and one other. Then in September, Dubai Islamic Bank, or DIB, foreclosed on the land for the project. It also seized more than 100 polo ponies, Mr. Fitzwilliam said. For almost a year, he sat in jail before charges were filed. In March 2009, authorities charged seven men with scheming to defraud DIB, according to a bill of indictment filed by Dubai's public prosecutors. Mr. Fitzwilliam was accused of aiding the scheme.
Last month, he was transferred to a Dubai hospital to undergo tests for cancer. Four Dubai police officers stood guard outside his room.
Mr. Fitzwilliam denied any wrongdoing, as did the British banker he was working with. "I want a fair trial, and I'm prepared to go with the system," he says, shackled to his hospital bed. "Anyone who knows the case knows I'm not guilty."
A spokesman for the Dubai prosecutor's office didn't respond to requests for comment.
Amid the uncertainty surrounding the arrests, the crisis roiling the rest of the world was catching up with Dubai. When global credit markets froze up in late 2008, international investors stopped buying Dubai property. Some who had already bought stopped making installment payments. Nakheel and others shed staff and scrapped or delayed dozens of projects.
Last February, the troubles touched Ms. Chana's plan for a new home in Dubai. Nakheel halted work on the Palm Jebel Ali. Though dredging had been done, little construction had.
Ms. Chana says she has sunk about $550,000 into her still-unfinished home. Earlier this year, she flew to Dubai to try to salvage the investment. She is living in a hotel-apartment with her daughter, helping to organize other investors and petition Nakheel for rebates. "I just won't let this drop," she says. "It's become my obsession."
In October, Nakheel proposed that Jebel Ali investors transfer their contracts to property elsewhere that is already finished or close to it.
Simon Murphy bought a $240,000 ground-floor apartment in the Palm Jumeirah in 2002 and moved in five years later. He is now a "resident representative" to Nakheel, like being part of a homeowners board. He says that in recent weeks, Nakheel has cut back on maintenance, including tree trimming.
Since Dubai's debt-standstill announcement, Mr. Murphy says, many apartment residents have stopped paying management fees, typically around $700 a month. Nakheel declined to comment. "Most people fear that their money will go into the bottomless pit of Nakheel debt," Mr. Murphy says.
Showing posts with label dubai 2009. Show all posts
Showing posts with label dubai 2009. Show all posts
Friday, 4 December 2009
Wednesday, 2 December 2009
Dubai Shows What A Property Plunge Really Looks Like
Here's essentially what caused Dubai's debt extravaganza to finally come to an end.
Far too much easy money flowed into Dubai during previous years, fueling a massive construction boom financed with debt. For awhile this debt looked sustainable to those involved because it was ostensibly backed by valuable property.
Yet when the global financial crisis hit, property prices fell in many parts of the world. Dubai property prices were hit especially hard.
As shown below by the skiing Emirati, Dubai property rates per square foot fell 45% from Q3 2008 to Q3 2009 according to Colliers International.
Thus just as many American's went underwater on their mortgages due to the American property crisis, owing more to the bank than their house was worth, the same thing basically happened to the Nakheel property business of the Dubai state-owned conglomerate Dubai World.
Combined with near-term cash flow constraints, this finally forced Dubai World to admit to its creditors that it would not be able to meet all of its debt obligations.
Sunday, 29 November 2009
Dubai’s $59 Billion Default Sends Tremor Through Global Financial System
Dubai’s announcement on Wednesday that it would be delaying by “at least” six months the maturity date of $59 billion in bonds issued by the city-state’s largest state-owned company, Dubai World, has sent global shares tumbling. The market reaction to Dubai’s massive debt default is partly explained by the exposure of European and Asian banks to DP World and its tourism subsidiary, Nakheel.
The real reason for the falls, however, is that Dubai’s apparent insolvency confirms that default by hyper-indebted government borrowers is now a real risk right across the globe, especially in the Middle East and Eastern Europe. Such a default would not only mean an immediate worsening of the already brutal post-crash conditions suffered by millions of workers in defaulting countries, but would usher in a second, and probably worse, phase in the global financial crisis.
If countries like Dubai begin to fail, who will save them?
As one financial crisis recedes, another may be beginning. In Dubai this week, we've had a foretaste of what may be to come as governments around the globe seek to grapple with the explosive growth of fiscal deficits and public debt.
Like everyone else, my regard for the miracle of Dubai's fast-evolving skyline has always been tempered with a high degree of scepticism. As a monument to the vanity and hubris of Sheikh Mohammed bin Rashid al-Maktoum, Dubai has long looked like an accident waiting to happen. Such has been the pace of development that nobody could have been surprised by the debt default now threatened. Only the assumed support of Dubai's richer neighbour Abu Dhabi, which is now far from certain, has prevented it happening sooner.
Yet the important question for markets today is not whether Dubai and Sheikh Mohammed can survive the sandstorm; in fact, that is almost irrelevant. Dubai's debts of $80 billion (£48 billion) are a tiresome and unwelcome irritant which will cause further write-downs among western banks, but in the scale of things not of great significance: Britain is planning to raise more than three times that amount in the debt markets in this financial year alone.
Rather, the issue is whether this folie de grandeur of a desert kingdom is just an isolated, and therefore containable, incident, or a more worrying outrider for a wider sovereign debt crisis which might eventually engulf major, advanced economies. Everyone thought the financial implosion of the last two years was largely behind us – yet Dubai has reminded us that if nations start defaulting, then it may be about to enter a new and even more frightening phase.
Think of Dubai not so much as the hors d'oeuvre as the pre-dinner canapé, with the starter reserved for larger economies with distressed fiscal positions, such as Greece and Ireland, moving for the main course on to Japan and possibly even Britain and the US.
Already, there are rumblings. The cost of insuring sovereign debt against default has risen across the board, and for countries thought particularly at risk, bond yields are on a firm upward march.
Across the developed world, public debt is set on an explosive course. According to new estimates by Moody's, the credit ratings agency, the total stock of sovereign debt worldwide will have risen by more than 50 per cent between the start of the financial crisis in 2007 and the end of next year, to $15.3 trillion.
But this is just the beginning. On current projections, that total is set to rise by at least a further 50 per cent, before finally peaking in four to five years' time, and then only if governments have by then taken remedial action.
These are uncharted waters, quite without precedent in peacetime. In seeking to address the financial and economic crisis of the past few years, countries have come close to bankrupting themselves. It is as if, in treating the patient, a physician has infected himself with the same deadly disease.
Perhaps oddly, financing these fast-growing deficits has not so far been a problem, at least for the major advanced economies. Risk-averse investors have spurred high demand for sovereign debt, in the possibly misguided belief that there can be no haven safer than assets guaranteed by taxpayers and the ability of their governments to print money.
More perversely still, the crisis in Dubai has caused a renewed flight to the perceived security of G7 government debt. Money is being withdrawn from the periphery and reinvested in US Treasuries, German bunds, and even British gilts.
But if the banking crisis is anything to go by, that's not where the story ends. There, too, the implosion began with smaller, obviously flawed bit-players, who had self-evidently grown too rapidly and overstretched themselves.
Markets dashed to withdraw funding from Northern Rock, but in transferring the money to the likes of the Royal Bank of Scotland found that they had invested only in something even more unstable. The Rock, it turned out, was just an outlier in a systemically unsafe sector.
If Dubai is the sovereign debt equivalent of Northern Rock, then Greece might be its Bear Stearns and Japan its Lehman Brothers. But why stop there? For Citigroup, think the US, and for RBS and HBOS, think Britain. Only there would be no one to bail out their creditors if America or Britain showed signs of defaulting.
Of course, I am exaggerating to make a point. Nobody thinks this a likely outcome, even if it ought to be added that nobody thought the semi-nationalisation of RBS and HBOS remotely likely either. The judgment of the markets is that on present trajectories, the sovereign debt burden is just about manageable. But it's touch and go.
The credit ratings agencies are just itching to downgrade some of the big hitters, alongside the obviously more vulnerable, with Britain and America the first in line. If the markets start to demand a premium for their money, that's going to make the task of economic recovery and fiscal consolidation that much tougher. At the risk of sounding like a scratched record, this crisis is not over yet – not by a long chalk.
Thursday, 26 November 2009
Dubai is unable to repay $70 bn of debt... Another crisis?
Debt problems in Dubai struck financial markets hard on Thursday, sinking global stocks, lifting safe-haven bonds and driving the dollar higher.
Gold climbed to a new record high but fell back as the dollar rose. European shares had their worst daily loss in seven months.
Banking stocks came under particular pressure because of potential exposure to any bad debt in the Gulf, as did shares in European car companies, some of which are part-owned by sovereign wealth funds from the region.
Markets were trading without much input from the United States, where it was the Thanksgiving holiday.
Dubai said on Wednesday it wanted creditors of Dubai World and property group Nakheel to agree a debt standstill as it restructures Dubai World, the conglomerate that spearheaded the emirate's breakneck growth.
The announcement triggered widespread concern about the once-booming Gulf region's financial health, although some investors differentiated between leveraged Dubai and other more solidly wealthy emirates and countries in the region.
But the worries fed directly into a general nervousness in financial markets about the real state of the world economy at a time when investors are also seeking to lock in 2009 profits.
"The Dubai worries have played a major role in rattling market sentiment at a time when the U.S. is closed and we are not getting anything from anywhere else," said Peter Dixon, economist at Commerzbank.
"It is a day in which market uncertainty has been provoked again."
Others, such as Royal Bank of Scotland, said Dubai's bombshell meant investors would now have to "re-appraise the quality of sovereign support for state-owned entities in the region."
Dubai sought to ease some concerns about international port operator DP World DPW.DI, saying its debt was not included in the restructuring.
But markets stayed nervous and the cost of insuring debt through credit default swaps around the Gulf rose.
Gold climbed to a new record high but fell back as the dollar rose. European shares had their worst daily loss in seven months.
Banking stocks came under particular pressure because of potential exposure to any bad debt in the Gulf, as did shares in European car companies, some of which are part-owned by sovereign wealth funds from the region.
Markets were trading without much input from the United States, where it was the Thanksgiving holiday.
Dubai said on Wednesday it wanted creditors of Dubai World and property group Nakheel to agree a debt standstill as it restructures Dubai World, the conglomerate that spearheaded the emirate's breakneck growth.
The announcement triggered widespread concern about the once-booming Gulf region's financial health, although some investors differentiated between leveraged Dubai and other more solidly wealthy emirates and countries in the region.
But the worries fed directly into a general nervousness in financial markets about the real state of the world economy at a time when investors are also seeking to lock in 2009 profits.
"The Dubai worries have played a major role in rattling market sentiment at a time when the U.S. is closed and we are not getting anything from anywhere else," said Peter Dixon, economist at Commerzbank.
"It is a day in which market uncertainty has been provoked again."
Others, such as Royal Bank of Scotland, said Dubai's bombshell meant investors would now have to "re-appraise the quality of sovereign support for state-owned entities in the region."
Dubai sought to ease some concerns about international port operator DP World DPW.DI, saying its debt was not included in the restructuring.
But markets stayed nervous and the cost of insuring debt through credit default swaps around the Gulf rose.
Tuesday, 17 November 2009
What is happening in Dubai Property Sector?
With Dubai property sector undergoing a transitional phase, companies are reviewing their project strategies, and developers are more cautious with their future investments on projects, as several mega-developments are now being reviewed.
For instance, Nakheel has announced that parts of the Dh.350bn Jumeirah Garden City, the Trump International Hotel, the Tower on Palm Jumeirah, and the kilometer-high tower will be put on hold.
Even work on 'The Universe' will be restricted to preliminary studies, Nakheel said. Decrease in liquidity and financing has led to delay in progress of such projects, resulting in these projects bearing the brunt of financial turmoil. The mega-projects that had earlier brought about a property boom in Dubai, have now been put on hold.
Limitless too, revealed that it is reviewing construction schedule of Arabian Canal. The Head of Dubai's RERA, Marwan bin Galita, said that developers need to review their projects which are yet to be launched for sale. Recession is a very crucial phase, and RERA had been urging developers to do this about a year back, Galita said.
The Chairman of Crisis Management Committee, Mohammad al Abbar, last week said that it would pull back on its building spree due to the current financial crisis. Apart from backing out of its projects, Nakheel has also laid off 500 employees, constituting 15 percent of the company's work-force. All the 500 employees were offered redundancy package, including outplacement support services to assist them during this transitional phase.
Better Homes, Damac and Omniyat too, have followed suit, with Better Homes axing 50 jobs, Omniyat with 69 jobs, and Damac laid off 200 jobs, with the drop in demand for properties.
Meeras however, said that it does not have plans for lay-offs at the moment.
According to analysts, about 819 employees have lost their jobs in the Dubai real estate sector till date, with more to follow. However, the Head of Research and Consultancy at Cluttons, Matthew Green, said that these happenings are not restricted to the realty sector alone, and few other major corporate too, have announced staff reductions.
In the meanwhile, the time is now appropriate for small developers to join hands to bring confidence back into the market, say analysts.
A member of Financial Crisis Committee said that Dubai has been witnessing plenty of defaults on high-end properties with worsening financial conditions, and there are possibilities of merger among smaller developers. Even Head of RERA, Marwan bin Galita, agrees that merger between small companies would bring in more confidence, as good mergers in any sector adds more value to the sector.
The developers, Union Properties and Deyaar, although denied talks about any plans of merger, they were unable to comment on whether the government would order their merger.
Secondary prices in Dubai and Abu Dhabi fell 4 to 5 percent in October from the previous month, while the villa prices of Dubai dropped by 19 percent, under strict lending conditions, according to a recent HSBC statement.
The "off-plan" market is not doing too well, due to market speculations. Few of the banks have stopped financing, while few developers are said to be demanding exorbitant prices. However, the prices of "affordable" off-plan properties may pick-up during second quarter of 2009, if the banks improve on their lending, Bin Galita said.
RERA is likely to implement a new law on registration of off-plan properties next week.
On the whole, Dubai real estate sector has met with stringent mortgage lending measures, liquidity crunch, and real estate slowdown during recent months. The indications of property boom in Dubai, have atleast, temporarily halted, and developers are seen scaling back on their projects, while jobs are cut and property prices have plummeted.
For instance, Nakheel has announced that parts of the Dh.350bn Jumeirah Garden City, the Trump International Hotel, the Tower on Palm Jumeirah, and the kilometer-high tower will be put on hold.
Even work on 'The Universe' will be restricted to preliminary studies, Nakheel said. Decrease in liquidity and financing has led to delay in progress of such projects, resulting in these projects bearing the brunt of financial turmoil. The mega-projects that had earlier brought about a property boom in Dubai, have now been put on hold.
Limitless too, revealed that it is reviewing construction schedule of Arabian Canal. The Head of Dubai's RERA, Marwan bin Galita, said that developers need to review their projects which are yet to be launched for sale. Recession is a very crucial phase, and RERA had been urging developers to do this about a year back, Galita said.
The Chairman of Crisis Management Committee, Mohammad al Abbar, last week said that it would pull back on its building spree due to the current financial crisis. Apart from backing out of its projects, Nakheel has also laid off 500 employees, constituting 15 percent of the company's work-force. All the 500 employees were offered redundancy package, including outplacement support services to assist them during this transitional phase.
Better Homes, Damac and Omniyat too, have followed suit, with Better Homes axing 50 jobs, Omniyat with 69 jobs, and Damac laid off 200 jobs, with the drop in demand for properties.
Meeras however, said that it does not have plans for lay-offs at the moment.
According to analysts, about 819 employees have lost their jobs in the Dubai real estate sector till date, with more to follow. However, the Head of Research and Consultancy at Cluttons, Matthew Green, said that these happenings are not restricted to the realty sector alone, and few other major corporate too, have announced staff reductions.
In the meanwhile, the time is now appropriate for small developers to join hands to bring confidence back into the market, say analysts.
A member of Financial Crisis Committee said that Dubai has been witnessing plenty of defaults on high-end properties with worsening financial conditions, and there are possibilities of merger among smaller developers. Even Head of RERA, Marwan bin Galita, agrees that merger between small companies would bring in more confidence, as good mergers in any sector adds more value to the sector.
The developers, Union Properties and Deyaar, although denied talks about any plans of merger, they were unable to comment on whether the government would order their merger.
Secondary prices in Dubai and Abu Dhabi fell 4 to 5 percent in October from the previous month, while the villa prices of Dubai dropped by 19 percent, under strict lending conditions, according to a recent HSBC statement.
The "off-plan" market is not doing too well, due to market speculations. Few of the banks have stopped financing, while few developers are said to be demanding exorbitant prices. However, the prices of "affordable" off-plan properties may pick-up during second quarter of 2009, if the banks improve on their lending, Bin Galita said.
RERA is likely to implement a new law on registration of off-plan properties next week.
On the whole, Dubai real estate sector has met with stringent mortgage lending measures, liquidity crunch, and real estate slowdown during recent months. The indications of property boom in Dubai, have atleast, temporarily halted, and developers are seen scaling back on their projects, while jobs are cut and property prices have plummeted.
Tuesday, 3 November 2009
Welcome to Debt City
Default on a loan or bounce a check in Dubai and you could end up in debtors’ prison.
That was the very Dickensian prospect facing Simon Ford, a boyish British entrepreneur whose “alternative gift” business sold rides in hot air balloons and Formula 1 racing cars to the party crowd in this Disneyesque city-state. But the recession has hit Dubai hard and Ford’s business foundered.
When his loans came due last June, he did what thousands of other expats have done. He packed up his family and fled — a few hours ahead of the law.
Ford also left behind an anguished “open letter” to friends and creditors that neatly encapsulates the predicament of many expats in Dubai who took out loans during the flush times and now find themselves out of work and unable to keep up with the payments on their seaside villas and luxury cars.
“I am not running away from debt, I am purely protecting those dearest to me and getting out of a country which, due to the lack of structured bankruptcy laws and a banking system which has zero flexibility on loan repayments, drives people to make horrible decisions,” he wrote in an open letter to local media.
He promised to repay all of his creditors.
Dubai authorities won’t say precisely how many people have been jailed for their debts, but local news accounts put the number at about 1,200 — more than 40 percent of the total prison population.
Even trickier to gauge is how many others took Ford’s route and simply fled. Judging by the number of apparently abandoned BMW’s and Mercedes gathering dust on city streets and the ensuing chatter on expats’ discussion boards, the number is not insignificant.
One recent escapee has written a book about his flight. Herve Jaubert, a former French intelligence agent who used to cruise around Dubai in a red Lamborghini, found the law breathing down his neck after his plans to manufacture “luxury submarines” became submerged in debt.
Jaubert explains that he bolted last year after government interrogators threatened to stick needles up his nose. With 007 panache and a woman’s all-encompassing burqa concealing his frogman gear, Jaubert slipped into the sea, swam out to a police patrol boat and disabled its fuel line so that it could not give chase. He then used a rubber dingy to get safely beyond the UAE’s territorial waters where he was met by a confederate in a sailboat. Eight days later they landed in India.
The book, “Escape from Dubai” comes out next month. But Jaubert’s website has been blocked in Dubai and sale of his book will no doubt be banned here. The Frenchman, now living in Florida, was tried in absentia and sentenced to five years imprisonment for fraud.
A number of U.S. citizens have been imprisoned for bounced checks, but the American Embassy — apparently in keeping with the local custom of casting a veil of silence over disturbing news — declined to provide specific figures.
Reprinted from Global Post
That was the very Dickensian prospect facing Simon Ford, a boyish British entrepreneur whose “alternative gift” business sold rides in hot air balloons and Formula 1 racing cars to the party crowd in this Disneyesque city-state. But the recession has hit Dubai hard and Ford’s business foundered.
When his loans came due last June, he did what thousands of other expats have done. He packed up his family and fled — a few hours ahead of the law.
Ford also left behind an anguished “open letter” to friends and creditors that neatly encapsulates the predicament of many expats in Dubai who took out loans during the flush times and now find themselves out of work and unable to keep up with the payments on their seaside villas and luxury cars.
“I am not running away from debt, I am purely protecting those dearest to me and getting out of a country which, due to the lack of structured bankruptcy laws and a banking system which has zero flexibility on loan repayments, drives people to make horrible decisions,” he wrote in an open letter to local media.
He promised to repay all of his creditors.
Dubai authorities won’t say precisely how many people have been jailed for their debts, but local news accounts put the number at about 1,200 — more than 40 percent of the total prison population.
Even trickier to gauge is how many others took Ford’s route and simply fled. Judging by the number of apparently abandoned BMW’s and Mercedes gathering dust on city streets and the ensuing chatter on expats’ discussion boards, the number is not insignificant.
One recent escapee has written a book about his flight. Herve Jaubert, a former French intelligence agent who used to cruise around Dubai in a red Lamborghini, found the law breathing down his neck after his plans to manufacture “luxury submarines” became submerged in debt.
Jaubert explains that he bolted last year after government interrogators threatened to stick needles up his nose. With 007 panache and a woman’s all-encompassing burqa concealing his frogman gear, Jaubert slipped into the sea, swam out to a police patrol boat and disabled its fuel line so that it could not give chase. He then used a rubber dingy to get safely beyond the UAE’s territorial waters where he was met by a confederate in a sailboat. Eight days later they landed in India.
The book, “Escape from Dubai” comes out next month. But Jaubert’s website has been blocked in Dubai and sale of his book will no doubt be banned here. The Frenchman, now living in Florida, was tried in absentia and sentenced to five years imprisonment for fraud.
A number of U.S. citizens have been imprisoned for bounced checks, but the American Embassy — apparently in keeping with the local custom of casting a veil of silence over disturbing news — declined to provide specific figures.
Reprinted from Global Post
Thursday, 20 August 2009
30,000+ surplus residential units in Dubai
According to a JP Morgan report, a surplus of 31,000 residential units could be recorded in Dubai, mainly due to the decline in expatriate population, while the shortage of units in Abu Dhabi is hoped to rise to 28,000 by the year-end.
In the short-term, the non-residential sector in the UAE will continue to be under pressure, owing to global financial crisis. However, historical shortage of both retail and commercial space in Abu Dhabi has kept tab against fall in leasing rates well below Dubai, reveals an investment bank report on MENA (Middle East North Africa) real estate.
Ever-since its peak during mid-2008, the average transaction volumes are down by 60 percent during the first half of 2009, compared to that during same period in 2008. Despite the slight pickup in transaction volumes recently, the supply overhand in Dubai property sector will touch 28,500 by end of the year, because of the modest economic forecast and negative population growth estimates, JP Morgan said.
Furthermore, after 2009, the JP Morgan says that the forecast of 3.5 percent population growth for Dubai is unlikely to absorb the surplus residential units, which according to Colliers International, will total to 25,000 per annum in the next three years.
However, given Dubai's large infrastructure investment, the city's positioning which makes it accessible to neighbouring economies out of which few are facing economic challenges, and Dubai being a liberal tax-free business-friendly destination, a surprise demand recovery from regional investors, exposed to less stable geo-political environments, cannot be ruled out, the Bank concludes.
Contrastingly, the short-term supply of homes in Abu Dhabi is fairly limited. The high occupancy levels are unlikely to ease from near 100 percent any time soon, the Bank said.
In the short-term, the non-residential sector in the UAE will continue to be under pressure, owing to global financial crisis. However, historical shortage of both retail and commercial space in Abu Dhabi has kept tab against fall in leasing rates well below Dubai, reveals an investment bank report on MENA (Middle East North Africa) real estate.
Ever-since its peak during mid-2008, the average transaction volumes are down by 60 percent during the first half of 2009, compared to that during same period in 2008. Despite the slight pickup in transaction volumes recently, the supply overhand in Dubai property sector will touch 28,500 by end of the year, because of the modest economic forecast and negative population growth estimates, JP Morgan said.
Furthermore, after 2009, the JP Morgan says that the forecast of 3.5 percent population growth for Dubai is unlikely to absorb the surplus residential units, which according to Colliers International, will total to 25,000 per annum in the next three years.
However, given Dubai's large infrastructure investment, the city's positioning which makes it accessible to neighbouring economies out of which few are facing economic challenges, and Dubai being a liberal tax-free business-friendly destination, a surprise demand recovery from regional investors, exposed to less stable geo-political environments, cannot be ruled out, the Bank concludes.
Contrastingly, the short-term supply of homes in Abu Dhabi is fairly limited. The high occupancy levels are unlikely to ease from near 100 percent any time soon, the Bank said.
Sunday, 2 August 2009
Work restarted on Dubailand's mid income homes
Construction work has started again on Queue Point in Dubailand after delays forced the developer to put the project on hold earlier this year. Al Mazaya said on Sunday that work had resumed on all buildings in the project, which is aimed at middle income earners, and that delivery was set for 2010.
Thursday, 16 July 2009
Monday, 6 July 2009
Dubai Real estate sector - July 2009 update
For instance, Nakheel has announced that parts of the Dh.350bn Jumeirah Garden City, the Trump International Hotel, the Tower on Palm Jumeirah, and the kilometer-high tower will be put on hold.
Even work on 'The Universe' will be restricted to preliminary studies, Nakheel said. Decrease in liquidity and financing has led to delay in progress of such projects, resulting in these projects bearing the brunt of financial turmoil. The mega-projects that had earlier brought about a property boom in Dubai, have now been put on hold.
Limitless too, revealed that it is reviewing construction schedule of Arabian Canal. The Head of Dubai's RERA, Marwan bin Galita, said that developers need to review their projects which are yet to be launched for sale. Recession is a very crucial phase, and RERA had been urging developers to do this about a year back, Galita said.
Even work on 'The Universe' will be restricted to preliminary studies, Nakheel said. Decrease in liquidity and financing has led to delay in progress of such projects, resulting in these projects bearing the brunt of financial turmoil. The mega-projects that had earlier brought about a property boom in Dubai, have now been put on hold.
Limitless too, revealed that it is reviewing construction schedule of Arabian Canal. The Head of Dubai's RERA, Marwan bin Galita, said that developers need to review their projects which are yet to be launched for sale. Recession is a very crucial phase, and RERA had been urging developers to do this about a year back, Galita said.
Moody's rating change - Emaar and Dubai Holding merger
Moody's yesterday reacted to this scenario by downgrading its credit rating on Dubai Holding from level A2 to A3 and placed it on review for further downgrade. Similarly, Emaar has been put on review for possible downgrade from the current Baa1.
Although Moody's acknowledges that Dubai property market have almost bottomed out, the financial implications of its decline have taken its toll on both companies 'debt protection metrics', said Phillip Lotter, Senior Vice President at Moody's and Lead Analyst for Dubai Holding.
Although Moody's acknowledges that Dubai property market have almost bottomed out, the financial implications of its decline have taken its toll on both companies 'debt protection metrics', said Phillip Lotter, Senior Vice President at Moody's and Lead Analyst for Dubai Holding.
Dubai real estate prices are heading down... 2009
Moves by the Dubai government to inspire confidence in the once booming property market seem to have backfired.
The recession has shown that Dubai’s growth was financed by billions of pounds of debt and this burden is threatening to drag the city under the desert sands.
Several government-backed developers were at the forefront of major residential and commercial buildings in Dubai.
Shares in the largest listed Arab developer Emaar Property had 10% wiped off their price on announcement of the merger with Dubai Properties, Sama Dubai and Tatweer.
These three companies are all subsidiaries of Dubai Holdings, which has the backing of the Dubai royal family and analysts fear in the background assets are just being shuffled on paper to shore up ailing companies.
The new company would have assets of £32 billion, according to Emaar chairman Mohammed Alabbar. The problem is no one knows how far property prices have plunged in Dubai and whether they have hit the bottom yet.
Dubai has already issued a $10 billion bond tranche to help the crisis hit economy, but still faces debt issues.
The last official figures showed 40% was wiped off residential property values in the first few weeks of this year - and Alabbar confirmed his valuation of the assets was on figures for the end of 2008.
The mergers smack of debt consolidation by using Emaar’s stronger balance sheet as security against the weaker financial positions of the other companies.
The move has yielded mixed results for Emaar, with Standard & Poors (S&P) saying it revised its ratings for the firm to developing while Moody’s Investors Service, in a separate statement, said it placed Emaar on review for possible downgrade. Moody’s also downgraded Dubai Holding’s and placed it on review for further downgrade.
S&P also downgraded credit ratings for port operator DP World, the Jebel Ali Free Zone and Dubai Multi Commodities Centre Authority, all of which had been on negative credit watch since April.
“The rating actions reflect Standard & Poor’s reappraisal of the likelihood of extraordinary financial support by the Government of Dubai to government related entities to ensure the timely repayment of their financial obligations,” said S&P.
The downgrades also “reflect our view of the stand-alone credit profiles of the entities, which in certain instances, we consider to have deteriorated,” said S&P.
The agency added the reappraisal also was the result of “increased uncertainty regarding the government’s willingness to provide such support” to Nakheel, the property developer famed for building Dubai’s manmade islands.
For property investors, the S&P and Moody’s downgrades are definite red light to putting any more cash in to Dubai until the storm has settled and the full extent of how much debt the government is carrying as a major shareholder in just about every business deal in the country.
Investors should remember that all property market and financial data is historical and it may take a year or so for accounts and statistics to catch up with what is really happening on the ground in Dubai.
The recession has shown that Dubai’s growth was financed by billions of pounds of debt and this burden is threatening to drag the city under the desert sands.
Several government-backed developers were at the forefront of major residential and commercial buildings in Dubai.
Shares in the largest listed Arab developer Emaar Property had 10% wiped off their price on announcement of the merger with Dubai Properties, Sama Dubai and Tatweer.
These three companies are all subsidiaries of Dubai Holdings, which has the backing of the Dubai royal family and analysts fear in the background assets are just being shuffled on paper to shore up ailing companies.
The new company would have assets of £32 billion, according to Emaar chairman Mohammed Alabbar. The problem is no one knows how far property prices have plunged in Dubai and whether they have hit the bottom yet.
Dubai has already issued a $10 billion bond tranche to help the crisis hit economy, but still faces debt issues.
The last official figures showed 40% was wiped off residential property values in the first few weeks of this year - and Alabbar confirmed his valuation of the assets was on figures for the end of 2008.
The mergers smack of debt consolidation by using Emaar’s stronger balance sheet as security against the weaker financial positions of the other companies.
The move has yielded mixed results for Emaar, with Standard & Poors (S&P) saying it revised its ratings for the firm to developing while Moody’s Investors Service, in a separate statement, said it placed Emaar on review for possible downgrade. Moody’s also downgraded Dubai Holding’s and placed it on review for further downgrade.
S&P also downgraded credit ratings for port operator DP World, the Jebel Ali Free Zone and Dubai Multi Commodities Centre Authority, all of which had been on negative credit watch since April.
“The rating actions reflect Standard & Poor’s reappraisal of the likelihood of extraordinary financial support by the Government of Dubai to government related entities to ensure the timely repayment of their financial obligations,” said S&P.
The downgrades also “reflect our view of the stand-alone credit profiles of the entities, which in certain instances, we consider to have deteriorated,” said S&P.
The agency added the reappraisal also was the result of “increased uncertainty regarding the government’s willingness to provide such support” to Nakheel, the property developer famed for building Dubai’s manmade islands.
For property investors, the S&P and Moody’s downgrades are definite red light to putting any more cash in to Dubai until the storm has settled and the full extent of how much debt the government is carrying as a major shareholder in just about every business deal in the country.
Investors should remember that all property market and financial data is historical and it may take a year or so for accounts and statistics to catch up with what is really happening on the ground in Dubai.
Tuesday, 5 May 2009
Dubai free zones record significant drop in rent rates
With the drop in demand owing to global economic crisis, rents for office spaces in Dubai Free Zones have also dropped considerably, noted an industry analyst.
The Research Analyst at CB Richard Ellis, Mohammed Faheem, said that the average rates of privately managed buildings in the free zones have dropped from the Dh.240-380 per sq ft range, to Dh.92-180 per sq ft during the first quarter of this year, thereby indicating a 52 to 61 percent drop.
This is a clear indication of decrease in demand. The free zones included in the survey were the Media City, Internet City, Dubai Silicon Oasis, Knowledge Village and Jumeirah Lake Free Zone.
Rents within the various zones vary from one another with few zones implementing rate restrictions to stimulate demand from occupiers. The buildings managed by free zone authorities have rents in the range of Dh.170-190 per sq ft.
The Dubai International Finance Center (DIFC), the special economic zone located in the central business district of the city, has fared much better, standing out above the rest of the prime locations in Dubai, with average rents ranging from $115-123 per sq ft. This is mainly because DIFC is a popular location among companies seeking to move in to Dubai.
Although, the lower rent rates in few of the free zones in Dubai, makes it more attractive, it really depends on the motive of the free zone managers. The rents are affected within the free zones mainly because the authorities have a different agenda than the commercial landlords, says Nicholas Maclean, Managing Director, C B Richard Ellis.
The Research Analyst at CB Richard Ellis, Mohammed Faheem, said that the average rates of privately managed buildings in the free zones have dropped from the Dh.240-380 per sq ft range, to Dh.92-180 per sq ft during the first quarter of this year, thereby indicating a 52 to 61 percent drop.
This is a clear indication of decrease in demand. The free zones included in the survey were the Media City, Internet City, Dubai Silicon Oasis, Knowledge Village and Jumeirah Lake Free Zone.
Rents within the various zones vary from one another with few zones implementing rate restrictions to stimulate demand from occupiers. The buildings managed by free zone authorities have rents in the range of Dh.170-190 per sq ft.
The Dubai International Finance Center (DIFC), the special economic zone located in the central business district of the city, has fared much better, standing out above the rest of the prime locations in Dubai, with average rents ranging from $115-123 per sq ft. This is mainly because DIFC is a popular location among companies seeking to move in to Dubai.
Although, the lower rent rates in few of the free zones in Dubai, makes it more attractive, it really depends on the motive of the free zone managers. The rents are affected within the free zones mainly because the authorities have a different agenda than the commercial landlords, says Nicholas Maclean, Managing Director, C B Richard Ellis.
Wednesday, 29 April 2009
40% decrease of Dubai property in Q1 2009 - Colliers International
Colliers International, the global real estate consultancy, has released the Dubai House Price Index (HPI) for Q1 2009, which indicates a decline in the overall index of 41% for the first 3 months of 2009. The index, compiled using mortgage transaction data from financial institutions accounting for 60% of the mortgage market in Dubai, also demonstrates a 34% year-on-year decline between Q1 2008 and Q1 2009. At the end of Q1 2009, property prices in Dubai had returned to approximately the same level as those recorded in Q2 2007.
John Davis, CEO, Colliers International, said, "Negative sentiment is the key factor driving the decline in the Index and the availability of finance continues to impact the market. End-users are concerned about job security and therefore unwilling to enter the market, even if finance is available to them, while the price/yield gap is tempting professional investors to wait for further declines. On a more positive note, the Index remained unchanged in March 2009. However, we would caution that it is too early to say whether the halt in the decline of the Index can be sustained, especially over the traditionally quieter summer months."
Colliers' analysis also highlights a key change in Dubai real estate market as professional investors, focused on the yield generated by a property, became the primary purchaser type as end-users and speculators fell away from the market. The HPI also analyses the trends for prices achieved for completed properties as opposed to properties still under construction.
John Davis, CEO, Colliers International, said, "Negative sentiment is the key factor driving the decline in the Index and the availability of finance continues to impact the market. End-users are concerned about job security and therefore unwilling to enter the market, even if finance is available to them, while the price/yield gap is tempting professional investors to wait for further declines. On a more positive note, the Index remained unchanged in March 2009. However, we would caution that it is too early to say whether the halt in the decline of the Index can be sustained, especially over the traditionally quieter summer months."
Colliers' analysis also highlights a key change in Dubai real estate market as professional investors, focused on the yield generated by a property, became the primary purchaser type as end-users and speculators fell away from the market. The HPI also analyses the trends for prices achieved for completed properties as opposed to properties still under construction.
Dubai Property prices are expected to fall by 70-75%
A recovery in the property market in Dubai is unlikely this year with some analysts predicting further steep falls in real estate prices.
The latest analysis from UBS Bank predicts that house prices in Dubai could plunge by up to 70% from their peak levels in 2008.
Analysts said that the real estate sector in Dubai will face a substantial glut next year while demand will continue to be weak as many of the expatriates who drove the property boom in recent years are losing their jobs and are returning home.
"In our view, we are still in relatively early stages of the property downcycle in UAE, and we believe risk-reward profits are not yet compelling for investors to consider market re-entry, hence, continued price declines are expected," said UBS.
UBS expects the average house price in Dubai drop to about Dh500 per square foot this year, compared to its peak of Dh1,850 in the fourth quarter of 2008. Prices have already fallen by 25% cent to about Dh1,400 per square foot.
It also predicts a further decline in Dubai's expatriate population which will fall by 8% this year and 2% in 2010. "We would not be surprised to find Dubai residential vacancy rates reach between 25% and 30% by the end of 2010," it said in its report.
UBS has also downgraded Emaar Properties, Union Properties and Aldar Properties, saying the UAE's property market fundamentals have weakened in the first quarter of 2009.
It cited existing investors defaulting on payments, insignificant incremental financing for both infrastructure projects and mortgage issuance and an increase in project cancellations
Dubai residential property prices have fallen by up to 42% over the last six months and have further to fall further to fall, according to the latest report Colliers International.
Ian Albert, Colliers' regional director said that speculators had largely quit the Gulf market and debt financing was unavailable, leaving only professional investors who only want nearly complete or income generating property investments.
The latest analysis from UBS Bank predicts that house prices in Dubai could plunge by up to 70% from their peak levels in 2008.
Analysts said that the real estate sector in Dubai will face a substantial glut next year while demand will continue to be weak as many of the expatriates who drove the property boom in recent years are losing their jobs and are returning home.
"In our view, we are still in relatively early stages of the property downcycle in UAE, and we believe risk-reward profits are not yet compelling for investors to consider market re-entry, hence, continued price declines are expected," said UBS.
UBS expects the average house price in Dubai drop to about Dh500 per square foot this year, compared to its peak of Dh1,850 in the fourth quarter of 2008. Prices have already fallen by 25% cent to about Dh1,400 per square foot.
It also predicts a further decline in Dubai's expatriate population which will fall by 8% this year and 2% in 2010. "We would not be surprised to find Dubai residential vacancy rates reach between 25% and 30% by the end of 2010," it said in its report.
UBS has also downgraded Emaar Properties, Union Properties and Aldar Properties, saying the UAE's property market fundamentals have weakened in the first quarter of 2009.
It cited existing investors defaulting on payments, insignificant incremental financing for both infrastructure projects and mortgage issuance and an increase in project cancellations
Dubai residential property prices have fallen by up to 42% over the last six months and have further to fall further to fall, according to the latest report Colliers International.
Ian Albert, Colliers' regional director said that speculators had largely quit the Gulf market and debt financing was unavailable, leaving only professional investors who only want nearly complete or income generating property investments.
Monday, 6 April 2009
Discount for Dubai property? Easy!
New property in Dubai could now be snapped up for huge discounts after agents said some prices have fallen by as much as 70 per cent in 12 months.
Some brokers also believe the correction will continue into this year and will reach a level similar to prices seen in 2005, before a full recovery starts.
Earlier this year many real estate companies began to introduce flexible payment plans, discounts, and revised prices for people who had already put down deposits.
Even some of the plushest property in the emirate has been hit, with brokers claiming in February that some real estate schemes on the man-made Palm Jumeirah island had dropped by 50 per cent.
Quoted by the Khaleej Times, Mohammed Khan of real estate brokers New World Capital said: “We have already seen prices plummet across Dubai’s property sector by 50 to 70 per cent to the level of 2005.
“We expect the plunge to continue for the next six to eight months to bring prices down to their original level five years ago.”
According to the Khaleej Times, Khan mentioned a number of real estate schemes which have seen price drops, including villas at the Garden Homes project at AED 6 million ($1.6 million), down from AED 15 million ($4 million) a year ago.
Also mentioned were falls in property prices at Jumeirah Lake Towers, which were selling at AED 700 ($190) per sq ft of real estate compared to previous levels of AED 1,500 ($407) per sq ft
Some brokers also believe the correction will continue into this year and will reach a level similar to prices seen in 2005, before a full recovery starts.
Earlier this year many real estate companies began to introduce flexible payment plans, discounts, and revised prices for people who had already put down deposits.
Even some of the plushest property in the emirate has been hit, with brokers claiming in February that some real estate schemes on the man-made Palm Jumeirah island had dropped by 50 per cent.
Quoted by the Khaleej Times, Mohammed Khan of real estate brokers New World Capital said: “We have already seen prices plummet across Dubai’s property sector by 50 to 70 per cent to the level of 2005.
“We expect the plunge to continue for the next six to eight months to bring prices down to their original level five years ago.”
According to the Khaleej Times, Khan mentioned a number of real estate schemes which have seen price drops, including villas at the Garden Homes project at AED 6 million ($1.6 million), down from AED 15 million ($4 million) a year ago.
Also mentioned were falls in property prices at Jumeirah Lake Towers, which were selling at AED 700 ($190) per sq ft of real estate compared to previous levels of AED 1,500 ($407) per sq ft
Dubai property authorities to clarify default rules
A new real estate law amendment is to be introduced in Dubai to clarify what happens when a property buyers defaults on payments.
At present Article 11, Law 13, states that if a buyer defaults on a sales contract the developer can cancel the contract and return the buyer's money minus 30%. But there has been confusion over whether the law applies to 30% of the money paid to date or 30% of the total amount due.
The Dubai Land Department is expected to release an amended Article 11 this month introducing new provisions for the cancellation of contracts. 'We will release an amendment to Article 11 in the coming weeks. It is something good for the market as it is more comprehensive and detailed,' said the department's Director General, Sultan Butti bin Mejren
'The revised article will set new grades for properties and developers. It will be more than the 30-70 rule which is now applicable,' he added.
Meanwhile the Real Estate Regulatory Authority has clarified confusion over its new rental index. A spokesman denied reports that it was not going to be issued in April and confirmed it will be published this month and will reflect falling rent values.
It is expected to include lower rental values to take into account the current slowdown in the property market.
In a statement Mohammed Khalifa bin Hammad, the director of Real Estate Relationship Regulation at Rera, said the index was being updated as a result of data collected through the online rental contract registration programme.
At present Article 11, Law 13, states that if a buyer defaults on a sales contract the developer can cancel the contract and return the buyer's money minus 30%. But there has been confusion over whether the law applies to 30% of the money paid to date or 30% of the total amount due.
The Dubai Land Department is expected to release an amended Article 11 this month introducing new provisions for the cancellation of contracts. 'We will release an amendment to Article 11 in the coming weeks. It is something good for the market as it is more comprehensive and detailed,' said the department's Director General, Sultan Butti bin Mejren
'The revised article will set new grades for properties and developers. It will be more than the 30-70 rule which is now applicable,' he added.
Meanwhile the Real Estate Regulatory Authority has clarified confusion over its new rental index. A spokesman denied reports that it was not going to be issued in April and confirmed it will be published this month and will reflect falling rent values.
It is expected to include lower rental values to take into account the current slowdown in the property market.
In a statement Mohammed Khalifa bin Hammad, the director of Real Estate Relationship Regulation at Rera, said the index was being updated as a result of data collected through the online rental contract registration programme.
Saturday, 31 January 2009
Dubai Moves to Rein in Rents
DUBAI - Tenants whose home or commercial property is less than a quarter below the average price for a similar premises will not have to pay any increase in rent, according to a decree issued on Monday by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE, in his capacity as Ruler of Dubai.
Mohammed Ibrahim Al Shaibani, director of the Dubai Ruler’s Court said the decree was aimed at curbing the increase in property prices within the emirate to maintain a balance between the interests of both landlords and tenants and to ensure stability of the real estate sector, according to state news agency, Wam.
The decree, the Ruler’s first of 2009, provides for a freeze of rent prices in 2009 for tenants renewing contracts signed in 2008.
It states that the rental value of those properties must be equal to or less than 25 per cent of a corresponding rent average established by the rental index.
The guideline for the rental index was issued on Wednesday last week by Dubai’s Real Estate Regulatory Authority and is expected to replace the rent cap.
While the authority has issued a point system for evaluating the rental value of a property, the average rents for properties are yet to be ascertained.
“The evaluation process for all types of properties is based on giving each property points for various attributes such as building facilities, near-by retail outlets, age and condition of building, etc,” according to the Rera statement.
“These points are used as a statistical basis to set a minimum average and a maximum average rent price.”
The minimum average and maximum average rent price are yet to be declared and the status of the evaluation process has not been given by the authority.
However, the decree issued on Monday states that the rate would be established when the tenancy contract is renewed.
The ruling also defines a formula designed to generate lower rent values but allowing a proportional increase in 2009.
Another decree outlined the relationship between the tenant and landlord. The law, which came into effect on December 1 last year, has been amended. It includes points on the basis of which a tenant can be evicted, such as non-payment of rent or if the tenant is found subletting the property.
Mohammed Ibrahim Al Shaibani, director of the Dubai Ruler’s Court said the decree was aimed at curbing the increase in property prices within the emirate to maintain a balance between the interests of both landlords and tenants and to ensure stability of the real estate sector, according to state news agency, Wam.
The decree, the Ruler’s first of 2009, provides for a freeze of rent prices in 2009 for tenants renewing contracts signed in 2008.
It states that the rental value of those properties must be equal to or less than 25 per cent of a corresponding rent average established by the rental index.
The guideline for the rental index was issued on Wednesday last week by Dubai’s Real Estate Regulatory Authority and is expected to replace the rent cap.
While the authority has issued a point system for evaluating the rental value of a property, the average rents for properties are yet to be ascertained.
“The evaluation process for all types of properties is based on giving each property points for various attributes such as building facilities, near-by retail outlets, age and condition of building, etc,” according to the Rera statement.
“These points are used as a statistical basis to set a minimum average and a maximum average rent price.”
The minimum average and maximum average rent price are yet to be declared and the status of the evaluation process has not been given by the authority.
However, the decree issued on Monday states that the rate would be established when the tenancy contract is renewed.
The ruling also defines a formula designed to generate lower rent values but allowing a proportional increase in 2009.
Another decree outlined the relationship between the tenant and landlord. The law, which came into effect on December 1 last year, has been amended. It includes points on the basis of which a tenant can be evicted, such as non-payment of rent or if the tenant is found subletting the property.
Tuesday, 20 January 2009
6 Reasons to invest in Dubai Real Estate
With lavish lifestyles, tall buildings, world-class facilities, and growing economy, Dubai has increasingly becoming a true heaven for all. With so much to offer, Dubai is indeed the hottest real estate destination in the world. In this article, we'll discuss why anyone should invest in the Dubai Property:
One of the primary reasons for investing in Dubai is to earn consistent money through renting out properties. It will help in earning money in the longer run.
Secondly, it is said that the basic value of the property will never change no matter how much the cost of the property might fluctuate. It simply means that the property can always be seen as a money generating tool.
Third, property is always seen as the finest tool for seeking collateral for loans and stuff. They are the best way to get some security.
Fourth, with more and more entertainment projects are heading towards Dubai, investing in land has become the golden opportunity for all real estate property dealers. Development of places such as Dubai Palm lands, Dubai International Financial center, as well as other big centers, investment in Dubai property is the most beneficial real estate opportunity.
Fifth, if you compare with the property prices of Dubai with rest of the world, you'll find that Dubai still has comparatively inexpensive property rates in the world. However, the property rates around the world are touching the skies these days, but in Dubai, one can find good and quite affordable rates.
Sixth, the property portfolio in Dubai helps an investor to diversify the risk. Real estate in Dubai is potential to transform the risks into different types of properties.
Dubai gives you the hundred reasons to get a suitable real estate property in some of the best locations. In fact, one can find property in sale in Dubai to realize the dreams. So, why wait? Get a suitable property now!
One of the primary reasons for investing in Dubai is to earn consistent money through renting out properties. It will help in earning money in the longer run.
Secondly, it is said that the basic value of the property will never change no matter how much the cost of the property might fluctuate. It simply means that the property can always be seen as a money generating tool.
Third, property is always seen as the finest tool for seeking collateral for loans and stuff. They are the best way to get some security.
Fourth, with more and more entertainment projects are heading towards Dubai, investing in land has become the golden opportunity for all real estate property dealers. Development of places such as Dubai Palm lands, Dubai International Financial center, as well as other big centers, investment in Dubai property is the most beneficial real estate opportunity.
Fifth, if you compare with the property prices of Dubai with rest of the world, you'll find that Dubai still has comparatively inexpensive property rates in the world. However, the property rates around the world are touching the skies these days, but in Dubai, one can find good and quite affordable rates.
Sixth, the property portfolio in Dubai helps an investor to diversify the risk. Real estate in Dubai is potential to transform the risks into different types of properties.
Dubai gives you the hundred reasons to get a suitable real estate property in some of the best locations. In fact, one can find property in sale in Dubai to realize the dreams. So, why wait? Get a suitable property now!
Subscribe to:
Posts (Atom)
Posts
