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As the name suggests each island is in the shape of a palm tree aboriginal personal loans with a central access point and numerous branches creating the palm tree effect. Even though the project is not yet finished many celebrities and property investors have already expressed an interest in acquiring homes in the region and demand is still fairly high even in today s current climate. To say that the venture has been a success already is no understatement as it has quite literally grabbed the attention of property investors and tourist from around the world.
There are three islands by the names of Palm Jumeirah, Palm Jebel Ali and Palm personal loan calculators Deira which make up the whole complex and between them they will add around 520 km where personal loan calculators can i get a cash advance loan of beach area to the city of Dubai. The islands are located in the Persian Gulf just off the coast of the United Arab Emirates. Palm Jumeirah was the first of the islands to begin construction and consists of a main backbone down the middle and a crown with 17 branches stretching out from the centre. There is also a crescent island around the development which acts as a water break from the surrounding sea. The island itself is 5 km by 5 km and out of the total of 520 km of extra beach space added to the area it will add 78 in its own right. The first of the residents began moving on to the island in 2006 when phase 1 of the project was completed. However, this is only the start of the venture which will see more and more people join the party over the next few months and the introduction of 32 hotels in total as well as literally dozens and dozens of entertainment venues. Palm Jebel Ali is the second of the islands to be constructed and work on this venture began in October 2002 with a first phase completion date in 2008. However, the project should be completed in total by 2020 and see accommodation for more than 1. Whether this offers an interesting short-term opportunity for those with enough money to invest for the medium to long term remains to be seen, but there are great hopes for the region and the leaders of the United Arab Emirates are very firm in their backing. Palm Deira is the largest best next day loans for bad credit of the man-made islands making up the Palm Islands and is due to be finished in 2015.
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How strange that just prior to the US credit crunch there was no market in the world quite to borrow money online like the Dubai and United Arab Emirates property market. Investors were literally falling over themselves to get exposure to this area of the world, banks were doing record levels of business and the local authorities were more than happy with the substantial increase in the area s profile.
Any investment market, no matter where in the world or what assets it is based upon, needs confidence in order to keep on growing and prospering. There needs to be a confidence in the local economy, the country, the asset and those likely to invest in the market. If any one of these elements is missing the impact on the market can be substantial and cause serious financial distress. The UAE property market has been dominated by the Dubai property market which has attracted substantial interest from overseas investors, overseas businesses and overseas visitors. This significant upturn in the region seemed to breed greater and greater confidence in the market and quite literally investors were fighting to get exposure to the region. We saw prices move higher and higher, we saw banks lending more and more and we saw property prices detaching slightly from the real world. When confidence was booming it seemed there was only one place to be which was the United Arab Emirates and apply in particular Dubai. Even when the credit crunch in the US emerged there were many suggesting that the UAE property market was insulated from the impact of the worldwide slowdown, something which in a very short space of time attracted even more attention from overseas investors. The banking sector in the United Arab Emirates has the highest exposure to real estate amongst any banking sector in the region. When you compare this to the likes of Saudi Arabia, where a more conservative approach has been taken, the average banking exposure to the guaranteed bad credit loans real estate market is only 7.
However, it is worth noting that even the likes of Credit Suisse and other leading financial companies were not warning investors of this high exposure when the market was flying high. Once the market turned it seems everybody was looking for a scapegoat and a reason for the downturn.
The fact that so many bank loans are based upon real estate assets gives the banking sector a massive exposure to the property market and with prices falling the chances of loan defaults have increased substantially. When you also consider that buyers have effectively gone on strike in some areas of the UAE personal loan calculators property market many investors are not only find it difficult to make money in the sector but difficult to liquidate their assets to cover their liabilities.
The loans to deposit ratio is a very worrying factor for UAE banks with relatively modest deposits backing substantial loans, meaning that much of the funding in the UAE banking sector is from the money markets (i. This was the first area of the financial system to be hit when the credit crunch and worldwide economic slowdown finally hit the region. While finance did not disappear completely there was a massive increase in the cost of finance which decimated profit margins for UAE banks and placed many in serious financial difficulties.
The high dependence on money market finance, which was fairly cheap prior to the credit crunch, has come back to haunt many of the leading banking institutions and severely restricted their ability to operate as normal. As we have seen in areas such as the UK it is very personal loan calculators much down to the local authorities and government to try and instil confidence in the banking sector, which will at some stage translate back into the property sector. However, the UAE property market has been tightly controlled by the authorities for some time and investors are concerned about what action the authorities may take. There is a feeling that short-term issues could be sacrificed in order to defend the medium to longer term viability of the UAE property market and UAE banking sector, something which could see many investors and banks face significant hardship in the short-term.