There are very few homeowners who ever remember the importance of regular septic tank maintenance; doing so is a good practice that helps in preventing sewage backup, overflow as well as helping in the prevention of related health hazards. In the ideal sense, septic tank draining should be done every three to four years. This is normally a manageable procedure that is provided by septiczone septic pumping companies. As a homeowner, your responsibility is to learn the way the entire system works so you can notice a problem as soon as it occurs. Nipping problems in the bud ensures a hassle free operation. There are several things you need to know regarding septic tank maintenance.
Preventive measures: Avoid overloading the system by using water sparingly; you want to avoid using a washing machine or dishwasher when someone else is running the shower. You should also make sure that food remnants are not dumped down the drain because they will definitely clog up the tank. The other aspect of preventative maintenance is drain cleaning but while at it, you must avoid using toxic cleaners or pouring greases and oils into the system as well. It is also important to avoid emptying any type of debris into the drainage; such things as diapers, tissues, condoms or cigarette butts will definitely sludge your septic tank. Always ensure that septic tank pumping is done regularly.
Too many detergents: Unknown to most people, the excessive use of detergents or cleaners has a negative impact on septic tanks. This is because the chemicals used in the products will kill some important bacteria that are found inside the tank; this bacterium helps in the bio digestion of waste. When doing sewage treatment you need to choose the products you are using carefully; enzyme based products are usually the best to use but they should also be used sparingly.
Keep roots away: You should avoid having trees and shrubs growing around the drain field because their deep roots are likely to clog the system. You should also ensure that all spouts outside the home are directed away from the septic tank's direction to prevent flooding.
Awareness: You must also avoid having any structures built on top of the drain field and you should also not park your car above it because the compress the soil and prevent proper drainage. A regular program of drain cleaning will also prevent the drain from backing up, the best way to maintain septiczone your sewer line is by maintaining cleanliness in the surrounding area; prevention is better than cure.
This article is penned by Lora Davis for Allgood Septic Service. The Septic Zone company is a septic tanks installation, maintenance and pumping company located in Statham, GA. The company serves various areas like Sandy Springs, Snellville, Bishop among others. If you are looking for a reliable plumbing contractor for cleaning drain fills or sewer lines then call us at (770) 771-8816 and we'll be happy to assist you with your septic tank issues.
Posts relating to depreciation (0-50 of 3164) ( 0.002 seconds )How Does Depreciation Report Benefits The Lot Owners?
By: Tommy Gill | Oct 18th 2013 - Depreciation report is a requirement in British Columbia and will prove beneficial to the lot owners in keeping a strong vigil on the needs of proper property maintenance and keeping up its value.
Tags: depreciation report, strata special levyWhat Is A Depreciation Report?
By: jmike | Oct 8th 2013 - It is true that whenever we start a business we acquire many assets that are collectively called as business assets. These assets are used in long-term for the life of any business. To work efficiently these assets are to be maintained for long run. All the expenses incurred for the maintenance of them are collectively know ...
By: John | Aug 19th 2013 - Property depreciation is a great benefit provided by the ATO to all property owners in Australia. It helps reduce the tax they have to pay every year, and for that one needs to get a tax depreciation schedule prepared by a qualified quantity surveyor.
Tags: Depreciation on rental property, Depreciation schedulesHiring Professional Services For Property Depreciation
By: Alexander | Aug 7th 2013 - Did you know that only 20% of property investors came to a legit method of depreciation entitlement this past year? The reason why people did not file a legit report varies from "I didn"t know about this" to "I was afraid I would pay too much money on my tax return and not be able to reimburse them".
Tags: Depreciation Reports, Building Science, Project ManagementProfessional And Cost Effective Depreciation Report Services
By: Alexander | Jul 30th 2013 - The professionalism of depreciation report services will help you to manage your financial situation effectively. Depreciation report are meant to help you to get the right book value for your assets as numerous they might be.
Tags: Depreciation Reports, Building Science, Project ManagementProperty Returns: Best Tax Depreciation Schedule Service In Australia
By: John | Jul 29th 2013 - Investment property depreciation is one of the most common tax benefits available to investment property owners. The deductions are based on the tax depreciation report prepared by qualified quantity surveyors.
Tags: tax depreciation report, tax depreciationHow Property Depreciation Can Be Beneficial For Property Investors
By: John | Jul 25th 2013 - Property investment is a lucrative business and various people are initiating into this sector. Still novices are unable to make as much money as the experienced property investors. The reason for this might be the property depreciation that numerous investors fail to claim every year.
Tags: depreciation schedule, tax depreciation report, property depDepreciation Methods For Your Start Up Businesses
By: Alexander | Jul 22nd 2013 - Depreciation methods for start-up businesses are based on calculation providing a way for the new business owner to start-up on the right foot and not to be penalized because he just entered the business world.
Tags: Depreciation Reports, Building Science, Project ManagementProperty Tax Depreciation: The Importance Of Quantity Surveyors
By: John | Jul 10th 2013 - From the day you first purchase any property for investment or rental purpose you can avail property depreciation benefits. You just need to keep all paperwork intact. If you don"t know what are the important documents, then hire an expert Quantity Surveyor.
Tags: tax depreciation, tax depreciation report, property depreciaMore About Depreciation Reports, Strata Manager And Maintenance Schedule
By: Tommy Gill | Jul 6th 2013 - Depreciation reports for strata corporations provide detailed information concerning annual budget planning, operational planning, financial investment planning and more. Preparing reports is based on certain useful aspects including the role of strata manager, special strata levy and maintenance schedule.
Tags: Strata Special Levy, depreciation reports, maintenance schedule
Thing You Should Know About Rental Property Tax Depreciation
By: John | Jun 24th 2013 - Owning a rental property may be significantly advantageous. You can earn a substantial amount by renting your real estates, but this could increase your tax liability. However, rental property owners can reduce the income tax on their profits with the help of investment property depreciation.
Tags: Depreciation schedules, tax depreciation reportWhy Every Property Investor Needs A Tax Depreciation Schedule
By: John | Jun 17th 2013 - It"s quite amazing that many people who own investment properties don't have a depreciation schedules. It is actually because they don"t know what a tax depreciation schedule is, and what it can do for them.
Tags: quantity surveyor, tax depreciation schedule, reportGet A Tax Depreciation Schedule & Claim Property Depreciation Now
By: John | Jun 7th 2013 - Are you a landlord or property manager? Well, you might be unintentionally, overlooking some important tax deductions that can help you save a lot of money. By, being aware about these tax deductions and preparing a tax depreciation schedule will help improve your profit margins.
Tags: tax depreciation schedule, tax depreciation reportDepreciation Report, What Appraisers Can Do For You
By: Tommy Gill | Jun 4th 2013 - There is a plenty of inherent benefits in getting the depreciation report. Strata owners can expect several advantages from such a report by experienced and insured appraisers.
Tags: depreciation report, strata special levy, depreciation report VancouverThe Role Of Quantity Surveyors In Quantifying Tax Depreciation Schedules
By: John | Jun 1st 2013 - Tax depreciation schedules prepared by Quantity Surveyors allow property investors to perfectly optimise their property tax returns. Quantity Surveyors are authorised by the Australian Tax Office (ATO) to prepare tax depreciation schedules for both rental and investment properties in Australia.
Tags: depreciation schedules, tax depreciation scheduleHiring Professional Services For Property Depreciation
By: Jackdorson | May 15th 2013 - It is important to understand the services and value that Valuers provide. A valuer will help you prepare tax depreciation reports as well as provide estimate of the value of your properties. This will help keep an updated value of your property or if you plan to invest somewhere in real estate. Tax Depreciation are a usefu ...
By: Tommy Gill | May 14th 2013 - Now that it is, strata corporations should prepare Depreciation reports at their earliest opportunity. However, it is easy to get the depreciation report.
Tags: depreciation report, contingency reserve funds, Vancouver depreciation reportHow To Get Your Tax Depreciation Schedule With Quantity Surveyors?
By: washingtonbrown | Feb 21st 2013 - With the present financial struggles being faced in the world today, it is significant for you to formulate strategies to cut down on costs and together increase income in any way possible. Depreciation and tax are among the expenses that you've got to look after. But the good thing is, with regards to depreciation, it is t ...
Tags: depreciation schedule, tax depreciation, quantity surveyorsDepreciation Schedule With Washington Brown
By: washingtonbrown | Feb 19th 2013 - With the latest monetary hardships being encountered in the world today, it can be significant for you to formulate ways to decrease on expenses and together maximize income in any way you can. Depreciation and tax are some of the charges that you could have to plan for. But the good thing is, with regards to depreciation, ...
Tags: depreciation schedule, tax depreciation, quantity surveyorsQuality Surveyor For Commercial Property Depreciation In Geelong
By: sahinur | Jan 28th 2013 - When buying or selling a business or any kind of building for that matter it is important and essential to having a surveyor come out to determine what the depreciation and the value of the business. Having a surveyor determine the value of a property
By: Jackdorson | Dec 21st 2012 - Depreciation report is a report that briefs some analysis and recommendations on funding to ensure it is adequate when required. This report is a plan that provides resources for major repairing or replacements of assets. Depreciation is the method using which a cost is allocated to a property according to the time of its l ...
By: Kermit Kent | Dec 13th 2012 - One particular of the correct advantages of owning rental revenue house is that true estate investors can depreciate the home and enjoy the good money flow resulting from writing off the tax depreciation--just one of the tax shelter advantages associated with real estate investing.
By: Darren Folkes | Nov 28th 2012 - Business can be unpredictable, to say the least, but anticipating assets depreciation is fairly simple. assets will depreciate sometime, as you will find, and when they lose their value, it can create a negative effect for your business. That said, keeping an eye on your assets would be advisable.
Tags: ifrs depreciation softwareAsset Depreciation Software -- How It Works
By: Darren Folkes | Nov 20th 2012 - You have assets to deal with in any company. Some can be see, some cannot. In any case, you will need to deal with asset depreciation at some point, and asset depreciation software might just do the trick. Usually an audit will be required if you are to spot asset depreciation, and you will need to be open minded.
By: Darren Folkes | Nov 20th 2012 - In every business there is a chance for depreciation, and if you haven't encountered it yet, or don't know what it is, you might be in serious trouble. Something like this can easily end a business, so make sure you address the problem. Let's talk about depreciation and how it will affect you.
Tags: depreciation solutionsThe Australian Property Valuers
By: Loenzo cliff | Nov 5th 2012 - Depreciation is a very important procedure that must be done after regular intervals to find out the current value of the asset at that time. This accounting method helps you in identifying the actual cost or sale price of the asset that point in time. Depreciation is usually done on large plants, machinery, building and la ...
Tags: depreciation report, Property valuers, ValuersGive Your Property In Safe Hands
By: Loenzo cliff | Oct 4th 2012 - Valuers value your property according to its location, its area in terms of size, it commercial and business importance, its usage (whether private, commercial or an investment). Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance f ...
Tags: valuers, quantity surveyors, depreciation schedulePay Taxes And Yet Save A Significant Amount Of Money
By: Loenzo cliff | Oct 1st 2012 - A quantity surveyor is a professional who estimates the cost of the materials and labor necessary for a construction job. A quantity surveyor is highly trained, experienced and skilled in preparing the tax depreciation schedule. Depreciation schedule is a scheme of depreciation, amortization rules (table indicating the se ...
Tags: Quantity surveyors, Depreciation schedule, Tax depreciationDepreciation Guide To Personal And Rental Property
By: Loenzo cliff | Sep 19th 2012 - Every asset or building that you own has to depreciate at a regular interval. Depreciation is done to find out the exact value of that asset or building. Depreciation is an important accounting term that is applied on every physical and non physical thing.
Tags: Valuers, depreciation schedule, quantity surveyorsWatching Out For Your Property And Investments
By: Loenzo cliff | Sep 5th 2012 - The property valuers value your property by comparing it to the market and according to its location and commercial and investment value. These valuers are experts in estimating your property promptly. A quantity surveyor works with the construction industry and deals with the costs of the buildings. Tax depreciation is the ...
Tags: valuers, quantity surveyor, Tax depreciationHow To Get Familiar With The Concept Of Depreciation
By: Lorenzo | Aug 7th 2012 - Tax depreciation, most income tax systems allow a tax deduction for recovery of the cost of assets used in a business or for the production of income. Such deductions are allowed for individuals and companies. A tax depreciation report is a report that outlines the depreciation allowances that a property investor is entitle ...
Tags: Tax depreciation, Depreciation schedule, depreciation reportHow Important Is Tax Depreciation Report
By: Pacina Ross | Jul 29th 2012 - In this extensive world we growth with very high speed and our area of property also increase same speed. We need some protection for our property which is given by our state government.
Tags: quantity surveyors, tax depreciation reportWhat Is Tax Depreciation Schedule
By: Pacina Ross | Jul 21st 2012 - A Tax Depreciation Schedule is simply a document that lists all your investments in various items, the amount of wear left in them and the dollar value you can claim against your assessable income.
Tags: quantity surveyor, tax depreciation scheduleStrata Property Depreciation Reports "" What Buyers And Sellers Need To Know
By: Geoff McLean | Jul 17th 2012 - People who own a strata property or those who are considering buying a strata property in British Columbia need to know about the new regulations regarding depreciation reports
By: Lorenzo | Jul 4th 2012 - If you are looking for someone that can help you out in finding property tax depreciation value or want to determine the value of your property then you should hire a professional and skilled property valuer for accurate property valuation results.
Tags: property depreciation valuation, property tax depreciationInvestment Property Tax Deductions In Sydney
By: joanmaddy | May 19th 2012 - We all know that the field of investment, tax depreciation and TAC depreciation is quite tough to comprehend with. Investment property tax deductions in Sydney are an important thing for you to consider if you are residing here.
Tags: quantity surveyor brisbane, tax depreciationThe Advantages And Disadvantages Of Accelerated Depreciation
By: byron | Nov 5th 2011 - As the number of female truckers is going on rising, most of them are inventing the IRS minefield which plays the role of an operator and owner. Quarterly fees, expenses, deductions and taxes can confuse you. There are some drivers who say that one can reduce their taxable income by utilizing the Accelerated Reduction. On t ...
Tags: property depreciation, tax depreciationTaxpayers Getting Confused By Accelerated Depreciation
By: byron | Oct 31st 2011 - Small businesses have several alternatives regarding depreciation equipment. There are times when these alternatives seem to be overwhelming. One should decide whether they should select Section 179 depreciation or straight line depreciation or opt for regular tax reduction. Some people wish that how nice it would be if the ...
Tags: property tax, property depreciationSmall Business Tax Deductions - "d" Is For "don't Do Depreciation"
By: Wayne M Davies | Jul 17th 2011 - Do your eyes glaze over at the thought of those mind-numbing depreciation rules? Well, take heart, sole proprietor. Thanks to a tax law known as Section 179, you can probably kiss those depreciation rules good-bye.
Tags: Schedule C, section 179, depreciation3 Step Approach To Maximizing The Magic Of Depreciation In Rental Real Estate
By: Tom Wheelwright | Apr 23rd 2011 - If you've ever heard me talk about depreciation, then you know I think depreciation is like magic. Rental real estate can be depreciated, and when done properly, it can take rental real estate with positive cash flow and turn it into a loss for tax purposes.
Tags: maximizing, magic, depreciation, rental, real estate, mistakes, reducing, taxes, losses, benefitsAvoiding The Traps Of Accelerated Depreciation
By: Tom Wheelwright | Apr 6th 2011 - It's common to break out land and building in a rental property for depreciation purposes, but there are many more components to consider. These additional components may include appliances, parking structures, landscaping, furniture, fixtures, and much more. Most importantly, these additional components can be depreciated ...
Tags: accelerated, depreciation, tax, real estate, land, building, traps, deduction, strategy, rentalGet The Tax Benefits And More Accurate Financial Statements By Using A Good Depreciation Schedule
By: Wade Anderson | Nov 25th 2009 - Depreciation is the a method of expensing an asset, or group of assets, over a given period of time or the useful life of the asset. The "theory" behind depreciation is to better match revenues associated with an asset with the expense associated with that asset; as opposed to expensing and entire asset at the time of purch ...
Tags: depreciation, amortization, depreciation schedule, depreciation worksheet, accounting and finance Appreciation And Depreciation In Forex
By: Nicole Morgan | Sep 2nd 2009 - Currency appreciation and depreciation are changes in the value of the currency that are driven by market forces rather than by government mandate.
Tags: currency appreciation, currency depreciation, exchange rate, currency conversion, stock optionsUnderstanding How Recapture Tax Relates To Property Depreciation
By: James Kobzeff | May 22nd 2009 - Learn about the recapture tax bite the IRS will impose on your capital gains when you sell the rental property.
Tags: depreciation, recapture tax, tax shelter, rental properties, multifamily property, investment property, real estate investors, depreciation deduction, capitalSchedule C Tax Deductions - "d" Is For "don't Do Depreciation"
By: Wayne Davies | Feb 1st 2009 - Do your eyes glaze over at the thought of those mind-numbing depreciation rules? Take heart, sole proprietor. Find out why you can probably kiss those depreciation rules good-bye.
Tags: schedule c tax deductions, depreciation, section 179 expenseUnderstanding The Accelerated Depreciation Of Assets
By: Tony Seruga, Yolanda Seruga and Yolanda Bishop | May 27th 2007 - A depreciation schedule is a valuable tool in reducing your tax liability or increasing the cash flow of your property.
Tags: Accelerated Depreciation, deprectation, cost segregation, commercial real estateDepreciation Recapture In A Business Sale
By: M&A Guy | Nov 5th 2006 - Owners of businesses that are machinery and equipment intensive can get burned on taxes in an Asset Sale of their business through depreciation recapture.
Tags: depreciation recapture, asset sale, stock sale, business broker, merger acquisition, sell a businessHow To Avoid Those Mind-boggling Depreciation Rules
By: Wayne M. Davies | Jan 3rd 2006 - Tired of dealing with those complex depreciation rules? Thanks to recent tax law changes, here's how to avoid them completely while benefiting from a lucrative small business tax break that not only puts money in your pocket, but also makes the filing of your income tax return much simpler.
What am I talking ...
Tags: tax, small business tax, depreciation, Section 179
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If you reside in a rural area or have holiday apartment in the middle of nowhere, you're without a doubt accustomed to the type and feature of a septic tank. Briefly, a septic tank is your own onsite sewage therapy establishment. It's utilized mostly where accessibility to a corporate drain and sewer system is neither offered neither financially useful. A septic system is out of view and is odorless (when correctly sustained).
A septic system is sensibly maintenance-free. A sound, appropriately kept container could last consistently. Nevertheless, the leach area (the underground area where all the sewage drains lie) will probably need some therapy or possibly replacement after about 15 to 20 years of service.
Complying with a few simple policies-- like not making use of way too much water as well as not depositing materials in the septic system that bacteria cannot break down-- must help to make a septic tank trouble-free for many years. Don't fail to remember that the septic container does require to be washed out when as well several solids build up.
Be watchful concerning exactly what you and also your family put into your septic system. It does not take much to disturb the fragile organic equilibrium within the storage tank. You could extend the life of a septic system by enjoying every little thing that's introduced to the system.
Remember the list below suggestions:
Way too much water can distress the fragile organic equilibrium within the storage tank, hence beating its ability to job wonders. Releasing more water into the system than it can manage can cause it to support up-- not a preferable event.
Do not use extreme amounts of any type of household chemicals. You could utilize normal amounts of house cleaning agents, bleaches, drainpipe cleaners, and also other house chemicals without stopping the bacterial action in the septic tank. However, for instance, do not unload cleaning water for latex paintbrushes as well as cans right into the house drain and sewer.
Do not down payment coffee premises, cooking fats, wet-strength towels (paper towels that don't dissolve easily, like the durable kind), disposable diapers, face cells, cigarette butts, and also other non-decomposable materials right into your house sewage system. These products won't disintegrate, will certainly load the septic system as well as will connect the system.
Utilize a top quality toilet paper that breaks up effortlessly when damp. One means to find out if your toilet paper fits this description is to place a handful of toilet tissue in a fruit container half-full of water. Shake the container, and also if the cells separates quickly, the product agrees with for the sewage-disposal tank.
Avoid unloading grease away. It could connect sewage system pipes or accumulate in the sewage-disposal tank as well as connect the inlet. Keep a separate container for waste grease and toss it out with the garbage.
According to the Epa, because of the existence of considerable numbers and also kinds of bacteria, enzymes, yeasts, as well as various other fungis and microbes in normal residential and industrial wastewaters, the use of septic-system ingredients having these or any other components is not advised.
You have to have your septic system pumped and washed by a specialist every one to three years. A septic tank in a north climate will need to have the solids got rid of more often compared to a container further southern. (This geographic variance is mainly considering that cooler temperatures prevent bacterial action and provide less decay of the sewage solids.) How commonly you need to have your septic tank pumped likewise depends on the dimension of the tank, the volume of wastewater, and how many solids enter it. Consistent foul odor, slow-moving drains, and also drains that back up are all indications that your sewage-disposal tank requires pumping. When unsure, call in a septic pro.
For many, the great Australian dream is to own their own home. But achieving that dream shouldn't hold you back from realising even more financial goals.
Blogger: Paul Wilson,Educating Property Investors, We Find Houses and We Find Finance
Owning a home was also our parents' dream, yet today that dream can be realised much sooner than our parents ever did, providing youre prepared to grasp the opportunities available to achieve it.
I am noticing a generational trend where younger buyers are becoming investors before they become owner-occupiers, which I actually applaud. In other cases, mostly in the 35 50 age group, there is a more defined and traditional transition that takes place from homeowner to investor.
Unfortunately though, while many do achieve the homeowner dream sooner than their parents, most actually dont retire any better off they forget to reset their goals and fail to leverage/ tap into their true financial potential.
While real estate is considered a safe way to grow your wealth, save for retirement and generate another income stream, the transition from homeowner to investor is a big step.
This step is made a lot easier when the concept of good debt and bad debt is better understood.
For some, there is security in paying off their mortgage and becoming debt free, because the thought of any debt is scary!
But this is precisely where a change of mindset is needed, as there is a missed opportunity to leverage and utilise good debt to fast-track your wealth creation plan.
While there are many aspects that influence your ability to get started and what type of strategy you should start with, let's look at a few important ones.
Understanding your finances
If youre not market ready, experience tells me that regardless of your best intentions to become an investor, you just wont get started.
If you dont understand how much equity you have, what your borrowing capacity is, or what financial result you want to achieve, then how will you know what youre aiming for? And how will you be able to secure an opportunity ahead of the competition if one presents itself?
You also need to understand the difference between good and bad debt, and what impact each of these have on your everyday household cash flow.
You may be surprised when you discover just how beneficial some good debt can be.
Set clear goals
Affordability is not an investment strategy and neither is an unqualified opinion from someone recommending a certain investment.
Every property you purchase has to have a purpose, ie. what contribution will this property make towards reaching your financial goals? You need to be clear what this is before you commit.
You will also need to set tangible targets such as return on investment, cash flow and most importantly, plan your exit strategy.
Ensure that you balance the level of risk you are willing to take when developing your strategy.
Its important to think about investing on a business level, not an emotional level as emotions can often override sound investing principles.
You need to do your research, get a grasp of the market and fully understand your situation before diving in.
Get some help
Taking action and getting started can sometimes be tougher than it seems when juggling all the daily activities that compete for your attention.
For some, you might have already started but have lost your momentum. Aligning with a property investing expert, who can keep you focused and on track, will protect you from falling victim to procrastination.
If you feel like youre falling behind, lack time, knowledge, or confidence, and you know you could achieve so much more with someone on your side, you should enlist the help of a property expert.
A property expert is able to help you gain clarity around your financial capacity, your appetite for risk and which strategies are compatible in helping you reach your desired outcome.
After helping you become market ready, a property expert can also help with your understanding of different market conditions and find suitable properties that are matched to your strategy.
If you are able to secure the right properties, that provide you with additional income and capital growth, you will be well on your way to building a solid investment portfolio.
Property prices to grow to "excessive" levels
ATO puts spotlight on holiday lets
Property affordability improves
What to look for at open for inspections
Building approvals bounce back
About the Blogger Paul Wilson
Paul Wilson is an Independent Property Investing Expert who's been educating and coaching investors since 2001. Author of 7 Deadly Mistakes Property Investors Make and How to Avoid Them, he also manages www.educatingpropertyinvestors.com.au, www.wefindhouses.com.au, and www.wefindfinance.com.au.
Through his books and websites, Paul provides valuable, independent guidance and support by teaching strategies on how you can invest successfully, while protecting yourself from the common mistakes that trap many investors from reaching their full potential.
Paul doesnt promote cookie cutter strategies, instead he demonstrates how you can create wealth as a property investor regardless of your budget, location, strategy and risk profile.Paul makes his home on the Gold Coast and spends his leisure time enjoying adventures, surf and sun with his wife and five children. Protect and grow your portfolio with knowledge. Contact Paul today for a complimentary consultation:1800 690 890 and ask for Paul, or email [email protected]
Dubai property prices fell by 12.2 percent during the past year, the largest drop in the world, according to real estate consultancy Knight Frank.
The decline in the twelve months through June was the biggest in 56 mainstream residential markets and larger than the 12 percent fall in real estate prices in Ukraine, which has been hit by almost two years of protests, a separatist insurgency, and political upheaval, Knight Frank said Tuesday in a report. Prices in Dubai fell 2.8 percent in the second quarter. Hong Kong was the best performing residential market, with prices up by 20.7 percent.
Over the past decade, Dubais property market has swung from boom to bust and back again. Price gains in the two years through 2014 recouped much of the losses incurred in a 2008 collapse that pushed the city to the brink of bankruptcy. Then, prices started falling again this year amid oils slump and weaker currencies in Russia and Europe. Regulators also introduced caps on the size of mortgages and doubled transaction fees to deter speculation.
Weaker demand, a strong U.S. dollar and ongoing cooling measures have dampened sales volumes in the mainstream sector, Knight Frank said.
The slump in Dubai real estate looks set to continue, according toa separate report released today by Cluttons. Villa prices will fall by a further 5 percent to 7 percent in the second half of the year, it said. Rental prices are also weak and are expected to drop another 1.5 percent to 2 percent in the second half, Cluttons said, although apartments continue to be viewed favorably by some investors.