Cityscape Abu Dhabi 2008

[hkjung]

Today was the first day of Cityscape in Abu Dhabi.

Any of you guys went? Any comments? observations? Thoughts? Experiences? Please share them here.

I went this morning, long drive from Sharjah to Abu Dhabi.... it was pretty busy at the hall...and people had to queue up for registration for atleast half an hour. Once you go in, its like theres a billion people there.

The big developers had very few sales persons around, so you got to be the luckiest person on earth to be able to chat to one of them. None of them had prices... one of them said "You have to wait for the CEO to arrive, he has the prices with him".... yeah right... hes doin deals in his office with his big abu dhabi mates before we lil fish get the prices.

I went to a stall which had alot of people around, so I managed to get to the front just to see what the big fuss is about. Well, they were selling one beders for 1900/sqft.... and people there were literally throwin cheques at the poor sales woman... she was really embarassed and didnt know how to deal with them.... but things didnt get any better when she said " I have 2 units left, which one of you wants it".... I just thought, great move lady! Just great!

Anyway, its really stupid to see people signing cheques and dont even know what view the apartment they are buying has, or which floor its on, or where the hell it is on Al Reem Island... what developments are nearby... its slightly cheaper than market for a reason.

Market was at around 2000/sq.ft today. The better developments like Tameer's were at 2400/sq.ft.

Anyways, who was there today? Whats your views??

Did you notice the number of cuties there? My god!... it was worth the a 3 hr trip from Sharjah While those loosers were tryin to grab some deals, throwin their cheques around...... I was chattin up some cute businesswomen....so there!.... LOOSERSSSS.

Inv.

I was nearly shocked, when I asked Hydra Properties in Reem Island....
Can you guys imagine how much?? The average price of other's is about 2,000~2,500 sqft.

But, this one(Hydra Avenue) was Four thousand...
They tried to convince me not to loose this oppertunity saying that it would increase up to 6,000... CRAZY!!

 

[Roshan]

I was nearly shocked, when I asked Hydra Properties in Reem Island....
Can you guys imagine how much?? The average price of other's is about 2,000~2,500 sqft.

But, this one(Hydra Avenue) was Four thousand...
They tried to convince me not to loose this oppertunity saying that it would increase up to 6,000... CRAZY!!

Abudhabi...a developers paradise, where the developers make money and investors probably ( this is my hunch ) will loose their shirts.

Dubai in it's 8th year of free hold has not come to those prices even on the Palm ( Dhs 6000 psf ).

Is Abudhabi a better investment than Dubai...certainly not. The sad part is that developers in Dubai will see what Abudhabi is quoting an increase their prices. The telling signs of a crash.

...And then we have these guys who go around tom toming that my investment has grown fron Dhs 2500 psf to 6000 psf. On paper he would have grown. Let him try selling it in the market and then he will know the actual value. When somebody asks me how much my investment has frown, I always say...on paper...so much

Regards

Roshan

 

[memo123]

yes u are right

Abudhabi...a developers paradise, where the developers make money and investors probably ( this is my hunch ) will loose their shirts.

Dubai in it's 8th year of free hold has not come to those prices even on the Palm ( Dhs 6000 psf ).

Is Abudhabi a better investment than Dubai...certainly not. The sad part is that developers in Dubai will see what Abudhabi is quoting an increase their prices. The telling signs of a crash.

...And then we have these guys who go around tom toming that my investment has grown fron Dhs 2500 psf to 6000 psf. On paper he would have grown. Let him try selling it in the market and then he will know the actual value. When somebody asks me how much my investment has frown, I always say...on paper...so much

Regards

Roshan

really words od wisdom Roshan
, unrealised profits

 

[LuckyNumber]

I bought Hydra at 700 in December! This is a joke 4000. Greed has over inflated the market and people are being conned out of their life savings at the expense of people that just want to make the quickest buck possible.

There are genuine deals out there, but as always buyer beware!

 

[Investoman_uae]

I would say a good investment would not be anymore than 2000-2400 right now. I wouldnt buy more than that in Al Reem Island.... simply because I see it as very risky to go beyond 2400 especially knowing that prices were below 2000 a week ago.

I bought at 1824... and am still worried because the apartment is a big one bedder and its total value is just above 2million dirhams.... you can get a one bed in dubai for alot cheaper. But the payment plan will help i hope.

I know most investors dont think about the end user.... when I buy I tend to think about who will buy from me and will he be able to make money on it... because if he cant, then he wont buy and if he doesnt buy then I cant sell if you see what i mean.

Its worrying how rents are rising and the ones who will make money are those who buy from developers... first buyers in the chain. They are safest I reckon, they buy and flip and then go buy elsewhere.

Inv.

 

[Roshan]

I would say a good investment would not be anymore than 2000-2400 right now. I wouldnt buy more than that in Al Reem Island.... simply because I see it as very risky to go beyond 2400 especially knowing that prices were below 2000 a week ago.

I bought at 1824... and am still worried because the apartment is a big one bedder and its total value is just above 2million dirhams.... you can get a one bed in dubai for alot cheaper. But the payment plan will help i hope.

I know most investors dont think about the end user.... when I buy I tend to think about who will buy from me and will he be able to make money on it... because if he cant, then he wont buy and if he doesnt buy then I cant sell if you see what i mean.

Its worrying how rents are rising and the ones who will make money are those who buy from developers... first buyers in the chain. They are safest I reckon, they buy and flip and then go buy elsewhere.

Inv.

I call this...WOW ( words of wisdom ). Well said and excellent piece of advise.

I had made an analysis on a 1 bedder in Abudhabi and when put on the mortgage calaculator, taking a leverage of 80% and 15 years, I had to get a rent of Dhs 180,000 just to get a positive cash flow of Dhs 473 per month. Will anyone pay a rent of Dhs 180,000 for a 1 BDR...certainly not, considering that the supply and demand curve might meet in the future.

As you well said, the only advantage is the payment plan. Abudhabi is more of an equity market than a rental one. Buy, hold till completion and sell.

You can use the mortgage calculator which has been posted seperately on this forum and made sticky so that it's on top of the forum.

In my books an investment less than 1800 dhs psf for a commercial in Dubai in BB would yield returns. And as you said first timers woulod reap the benifits.

Regards

Roshan

 

[Investoman_uae]

Roshan,

This is what was worrying me and giving me doubts about investing there. If my apartment was ready, someone has to be prepared to pay 13,000 per month for the investment to work. So you can say straight away that the rental return is not a factor of this investment... people are interested in capital return only and the end user has to be someone who will live in it.

The developer told me whoever will buy from me will be someone who wants to live in it.

The good thing is, this tower is right at the entrance of AL Reem Island with the biggest mall in Abu Dhabi to the back of it and 2 (5 star hotels) to the other side... and it has the only marina in the island within 5 mins walk.

I specifically picked this based on many factors so that it creates interest in the future for an end user... not just someone who wants to flip money although if the next guy wants to flip it again he can,... but he will struggle to find an end user and I'd prefer to sell it to a person who would want to live there.

Tameer Towers are right at the back, if you look at al reem island, the entrance is via a bridge from Abu Dhabi... whoever bought in Tameer for 3000/sqft or even 2600/sqft... sorry dude but in my books thts a rip off.... he has to drive through all that construction work... while mine will be the first phase to finish since its right at the entrance of the island LOL. While I park my car and go up to my apartment and sit on my comfortable sofa to watch TV... you would still be driving through the construction works to get to your half finished rip off tower LOL

Anyway, I like to put myself in the shoes of the next guy down the chain. I am not a guy who just buys and flips for whatever premium. One has to approach property investment intelligently and has to consider many factors, which are sometimes more important than premium and profits.

Inv.

 

[Roshan]

Roshan,

This is what was worrying me and giving me doubts about investing there. If my apartment was ready, someone has to be prepared to pay 13,000 per month for the investment to work. So you can say straight away that the rental return is not a factor of this investment... people are interested in capital return only and the end user has to be someone who will live in it.

The developer told me whoever will buy from me will be someone who wants to live in it.

The good thing is, this tower is right at the entrance of AL Reem Island with the biggest mall in Abu Dhabi to the back of it and 2 (5 star hotels) to the other side... and it has the only marina in the island within 5 mins walk.

I specifically picked this based on many factors so that it creates interest in the future for an end user... not just someone who wants to flip money although if the next guy wants to flip it again he can,... but he will struggle to find an end user and I'd prefer to sell it to a person who would want to live there.

Tameer Towers are right at the back, if you look at al reem island, the entrance is via a bridge from Abu Dhabi... whoever bought in Tameer for 3000/sqft or even 2600/sqft... sorry dude but in my books thts a rip off.... he has to drive through all that construction work... while mine will be the first phase to finish since its right at the entrance of the island LOL. While I park my car and go up to my apartment and sit on my comfortable sofa to watch TV... you would still be driving through the construction works to get to your half finished rip off tower LOL

Anyway, I like to put myself in the shoes of the next guy down the chain. I am not a guy who just buys and flips for whatever premium. One has to approach property investment intelligently and has to consider many factors, which are sometimes more important than premium and profits.

Inv.

You are treading on hot property. Abudhabi like India is an equity market and not a rental market.

How true when you were told that the buyer will be an end user.

You are in a richmans territory. Marina, shopping mall, 5 star hotels. Bide your time before a rich investor comes and pays you what you ask for.

If you can sustain the installments...keep it is the advise.

REgards

Roshan

 

[Investoman_uae]

You are treading on hot property. Abudhabi like India is an equity market and not a rental market.

How true when you were told that the buyer will be an end user.

You are in a richmans territory. Marina, shopping mall, 5 star hotels. Bide your time before a rich investor comes and pays you what you ask for.

If you can sustain the installments...keep it is the advise.

REgards

Roshan

The reason why I dont want to keep it is because the aim was to try this big investment hot spot they call Al Reem Island.... so i wanted to see what the big fuss is about.... its goin ok for now... and the other reason why I wont keep it is because simple, I am not an end user

I am an investor and I dont like my capital being tied to one property for too long. Money gora breed money... so I wanna keep the cycle goin. Also, this minimizes risk! Risk is as important to me as profit.

Inv.

 

[Gashead]

I was nearly shocked, when I asked Hydra Properties in Reem Island....
Can you guys imagine how much?? The average price of other's is about 2,000~2,500 sqft.

But, this one(Hydra Avenue) was Four thousand...
They tried to convince me not to loose this oppertunity saying that it would increase up to 6,000... CRAZY!!

I was told the same thing and the girl could not give out any price info other than that. Laughable. Imagine what you can buy for that in Europe? The house of your dreams not some concrete box built by Arabtec that can only be used 6 months of the year. They're getting lost in Showbiz.

 

[Investoman_uae]

I am curious to know if anyone here bought an apartment in Al Reem with Hydra for 4000/sqft.... I just want to know WHY? And secondly, WHY?

Inv.

 

[Gashead]

I am curious to know if anyone here bought an apartment in Al Reem with Hydra for 4000/sqft.... I just want to know WHY? And secondly, WHY?

Inv.

There was certainly a lot of interest on the stand.

 

[flip]

Hi Guys great forum, does anyone know about any budget property prices in Abu Dhabi??? these are supposed to be for low earning locals.

 

[Roshan]

The reason why I dont want to keep it is because the aim was to try this big investment hot spot they call Al Reem Island.... so i wanted to see what the big fuss is about.... its goin ok for now... and the other reason why I wont keep it is because simple, I am not an end user

I am an investor and I dont like my capital being tied to one property for too long. Money gora breed money... so I wanna keep the cycle goin. Also, this minimizes risk! Risk is as important to me as profit.

Inv.

IT'S TIME TO EXPLORE TURKEY

 

[LuckyNumber]

I paid 2500 for Helix, but that was on the NET area, not Gross. If they are paying 4000 on the Gross then that is serious.

Spoke to many people today that paid 1100 and were initially worried about their investment!

 

[Investoman_uae]

This is the latest on Cityscape.

Deals at Cityscape hit $36bn | Real Estate

Very high numbers in that article.

Inv.

 

[Ali786]

What you all expect about CityScape 08 dubai. It would be hit than last year or not.

 

[LuckyNumber]

Yeah this is an asset bubble in the making. Riding the wave after booking early profits and reducing capital exposure is surely the way forward. Well it is for me anyway! Abu Dhabi passed the 3000 aed psf this week - that's over 1000 usd! It was half that in December.

 

[LuckyNumber]

Great question.....

I think Dubai City Scape could well be the biggest and best yet. Can we expect to see more Abu Dhabi Launches combined with hysteria for the latest Dubai deals. Either way I think the event is going to be massive this year. That esssentially is a buying signal for stock at today's prices. Yikes!

 

[Gashead]

IT'S TIME TO EXPLORE TURKEY

Yeah, 5,000% increase last year.