Discovery Gardens

[imrank33]

Hi everyone,

I am new to this forum but know Dubai pretty well as I already bought a flat in the Marina and have visited twice a year for the past four years.
I read all your posts which are very informative indeed. In my opinion the market is not going to crash any time soon but hey I don't have a crystal ball, right?!

I am now looking to buy a studio in DG after doing my homework on the web. In the small ads you can get one for approximately 600K which is already 60 per cent more than when they were first launched. My aim is to buy to let, no resale in the short term. Do you think it is a good investment? Also, I saw there were four clusters, is there one which stands out from the rest in terms of quality and location,
for example which one would be the closest to Ibn Battuta Mall?

Any advice appreciated.

i am also looking for a Studio in DG , i believe it will be a good investment to buy and to let it , as there are very few residential units near jebel Ali , DIC etc.. in some time one can expect rent for studio around 70-80k

Anyone willing to sell studio in DG please contact me ..

 

[georgihh]

Discovery gardens is a great place but depends how will start
I have bought a studio fort 335000DHS 2 years ago and the price is almost double
at the moment.
I have the feeling that the demand is not as usual and will be difficult to rent a studio
For more than 50k
Never mind after one year of price increase by 50% I am very happy
Its time for correction and I am planning to sell

 

[shakeel50]

looking for 1 BR in Discovery

Any idea about availability of 1 BR upto the range of 800k at reasonable PSF rate.

Discovery gardens is a great place but depends how will start
I have bought a studio fort 335000DHS 2 years ago 8and the price is almost double
at the moment.
I have the feeling that the demand is not as usual and will be difficult to rent a studio
For more than 50k
Never mind after one year of price increase by 50% I am very happy
Its time for correction and I am planning to sell

 

[imrank33]

what price you want to sell your studio as i want to buy on cash ..

 

[praveen]

Discovery Garden

I also like to buy one bed apartment in Discovery Garden.
I dont know where to start. please guide me

 

[aazain]

1 bed price in Discovery Garden is approximately 1100 psft most of the 1 bed areas range between 968 - 1000 sqft hence the average price is 1.1 mil at the moment.

 

[girlinterrupted]

If you are happpy with it then that s what you should consider the best,
I feel taht there will be many distress sale in teh market if we keep looking, becasue 90 % of investor in UAE buy OFF PLAN and that is one of the reason that ready properties does not appreciate the most after handover as compared with off plan...

I wish you all the best,

Could you elaborate on this point, didn't quite get it

 

[girlinterrupted]

Discovery gardens is a great place but depends how will start
I have bought a studio fort 335000DHS 2 years ago and the price is almost double
at the moment.
I have the feeling that the demand is not as usual and will be difficult to rent a studio
For more than 50k
Never mind after one year of price increase by 50% I am very happy
Its time for correction and I am planning to sell

If you look at the amount people looking to buy on this forum should say something about the demand, don't you think?

 

[mpat]

Could you elaborate on this point, didn't quite get it

Basically investors look to make more profit from teh investment and price go up during the construction phase and not after the hand over.

Recent survey showed tht 90% of investors buy OFF PLAN properties.I think that is one of the reason for lifting the prices high,becos it gives an impression of high demand.

 

[girlinterrupted]

Basically investors look to make more profit from teh investment and price go up during the construction phase and not after the hand over.

Recent survey showed tht 90% of investors buy OFF PLAN properties.I think that is one of the reason for lifting the prices high,becos it gives an impression of high demand.

I disagree about prices not rising after completion and handover. Name one development where it is true. Springs, Meadows, Greens, JLT, Marina. Greens original price for 1 bed was approx 500k at hand over it touched 700-800k and now it's 1.2 million.

 

[mpat]

I disagree about prices not rising after completion and handover. Name one development where it is true. Springs, Meadows, Greens, JLT, Marina. Greens original price for 1 bed was approx 500k at hand over it touched 700-800k and now it's 1.2 million.

Discovery garden and international city are the latest examples of it. 6 Months Ago prices were higher than sports city and Jumeirah village south, but now both have over taken mraginally. You can get 1 Bed of 1000 Sq ft for around 1.1 Mil in DG ready to occupy, in SC you can get it on pre launch which means it gonna go well beyond that . 6 months ago DG was at 810 PSF and SC at 675 to 715 PSF for 1 Beds.now DG is at 1100 PSF and DSC / JVS also the same,So whose jump is higher ? ? ?

IC clusters ready are selling for lesser than CBD areas which are many of them still under constrcution....

JLT is selling for around 1400 PSF and DSC JVS IMPZ DSO trying to catch it up , though JLT is just nearing completion, an expert can tell that price rise was not as significant in JLT as it was in DSO DSC COA or IMPZ.


This is based on my personal investigation and I dont claim to be an expert in this field. . . .

 

[girlinterrupted]

Discovery garden and international city are the latest examples of it. 6 Months Ago prices were higher than sports city and Jumeirah village south, but now both have over taken mraginally. You can get 1 Bed of 1000 Sq ft for around 1.1 Mil in DG ready to occupy, in SC you can get it on pre launch which means it gonna go well beyond that . 6 months ago DG was at 810 PSF and SC at 675 to 715 PSF for 1 Beds.now DG is at 1100 PSF and DSC / JVS also the same,So whose jump is higher ? ? ?

IC clusters ready are selling for lesser than CBD areas which are many of them still under constrcution....

JLT is selling for around 1400 PSF and DSC JVS IMPZ DSO trying to catch it up , though JLT is just nearing completion, an expert can tell that price rise was not as significant in JLT as it was in DSO DSC COA or IMPZ.


This is based on my personal investigation and I dont claim to be an expert in this field. . . .

I would agree on some of the things you pointed out but it's not a general rule. What I mean to say is that it depends on the development. IC is complete (most of it) and handed over. The reason for IC not apprecaiting so much is the location.
DG on the other hand is a different story as it's unfolding. I don't think that many units are available for sale in DG.
A lot of prices are artificial, made up by buying and selling of investors. If you can't buy and sell easily as is the case with DG right now. It wont be something that investors would look for. But once they are handed over and registered i think might be a different story all together.

 

[dubai_nomad]

If any one is interested in buying a 1 bedroom please get in contact. I have 1 for sale this is a private sale so you will save on the commission charges. The development is in discovery garden/ Med gardens. The building owned by Damac so no issues with Nakheel.

For some reason you cannot Personal message on tis forum. You can on skyscraper city where I have an account. I dont wish to post my ocntact details here.


Thanks, nomad

 

[farooki]

I am looking for a studio in Discovery. Anyone selling one contact me.

 

[cheers]

Interested in buying 1BHk in DG

If any one is interested in buying a 1 bedroom please get in contact. I have 1 for sale this is a private sale so you will save on the commission charges. The development is in discovery garden/ Med gardens. The building owned by Damac so no issues with Nakheel.

For some reason you cannot Personal message on tis forum. You can on skyscraper city where I have an account. I dont wish to post my ocntact details here.


Thanks, nomad

Hi Nomad

I am interested - Kindly send details - PM sent to you on skyscraper cty

Cheers

 

[georgihh]

Hi Nomad

I am interested - Kindly send details - PM sent to you on skyscraper cty

Cheers

Discovery gardens – overprized

Who ever buys at the current prices will suffer for unpredictable period of time?
AT the moment the real estates are advertising the above development and once they get rid of the flats they will move somewhere else.
Than the prices will not move for some time and the current buyers will feel the cost.
1500 per sqft is too much and the rent is unknown.
Most probably will be 100 dhs per sqft per year.
On top of that the above project is built under the national power grid and the quality is not great.
Nakheel as usual will hike the service charges up to the limit and the return from rent will not be more than 5-6% per year.
As I said before the oversupply is starting in Dubai and all the overprized projects will suffer in the near future.

 

[georgihh]

Miracle

6 months ago DG was at 810 PSF and SC at 675 to 715 PSF for 1 Beds.now DG is at 1100 PSF and DSC / JVS also the same,So whose jump is higher ? ? ?

Six months ago the size of one bebroom was 820 sqft suddenly after couple of months the same flats enlarge to 960 sqft . Miracle happens

 

[dubai_nomad]

Discovery gardens – overprized

Who ever buys at the current prices will suffer for unpredictable period of time?
AT the moment the real estates are advertising the above development and once they get rid of the flats they will move somewhere else.
Than the prices will not move for some time and the current buyers will feel the cost.
1500 per sqft is too much and the rent is unknown.
Most probably will be 100 dhs per sqft per year.
On top of that the above project is built under the national power grid and the quality is not great.
Nakheel as usual will hike the service charges up to the limit and the return from rent will not be more than 5-6% per year.
As I said before the oversupply is starting in Dubai and all the overprized projects will suffer in the near future.

Areyou actually making sense here?

AT the moment the real estates are advertising the above development and once they get rid of the flats they will move somewhere else.
Isn't that what every estage agent does everywhere in the world? If there are flats for sale they will sell them?

On top of that the above project is built under the national power grid and the quality is not great.
Have you actually been to DG? The electricty pylons are on the road side. Quality is meant to be very good.

As I said before the oversupply is starting in Dubai and all the overprized projects will suffer in the near future.
How do you know this? You should research the % of studio and 1 bedrooms (if any) in the surrounding areas that are currently occupied by families. Then find out how many families are renting or require decent 1bedrooms or studios.
Dubai has a great future and the infrastructure is being laid down. If there is a oversupply now, which I dont think there is, it will correct itself in the next couple of years. DG is a great development in an excellent location, with a real feel of community and alot of greenery. I dont see this in any of developments within this price range.

1500 per sqft is too much and the rent is unknown.
Where have you taken this figure from? I wouldn't take the estate agents advertised sales prices. They are sometimes over priced.. testing the market.

I would be interested to hear where you have invested in Dubai.

 

[girlinterrupted]

I agree with 100% completely. I think georgihh is underestimating discovery gardens for some reason and the property market in Dubai as a whole; or he just likes to get a reaction

 

[georgihh]

AT the moment the real estates are advertising the above development and once they get rid of the flats they will move somewhere else.
Isn't that what every estate agent does everywhere in the world? If there are flats for sale they will sell them? – yes but not good for the honest people and they should know that the prices are not real

On top of that the above project is built under the national power grid and the quality is not great.
Have you actually been to DG? The electricity pylons are on the road side. Quality is meant to be very good.
Yes I have been and the power grids are just next to half of the buildings.
Don’t full the people please they are innocent investors and should know what they are buying.

As I said before the oversupply is starting in Dubai and all the overprized projects will suffer in the near future.
How do you know this? You should research the % of studio and 1 bedrooms (if any) in the surrounding areas that are currently occupied by families. Then find out how many families are renting or require decent 1bedrooms or studios.
Dubai has a great future and the infrastructure is being laid down. If there is a oversupply now, which I dont think there is, it will correct itself in the next couple of years. DG is a great development in an excellent location, with a real feel of community and alot of greenery. I dont see this in any of developments within this price range.
Don’t make me laugh. One bedroom JBR, Dubai Marina with facilities is 100000 DHS per year and you are trying to get the same price without facilities far way from the beach under the power grid.
You must be joking.

1500 per sqft is too much and the rent is unknown
Where have you taken this figure from? I wouldn't take the estate agents advertised sales prices. They are sometimes over priced. Testing the market.
One bedroom 1.2 million - real size 820 sqft .
Ok not exactly 1500DHS but very close.

I have invested IC, SO, DM(sold),DG (sold).
DG bought a studio for 380k last year sold it recently for 520k
Net profit 120k or 30% (for one year) not bad ,but from now on I don’t know.