Dubai International City Smells Awful!!!!!

[nadeemiqbal1]

Its up to you I have just warned you.
So many articles were written about Ajman and if you don’t see the problem is your problem not mine

thanks george... they wrote many articles about the forever prosperity of dubai.... that is their job

 

[investor_from_uk]

thanks george... they wrote many articles about the forever prosperity of dubai.... that is their job

Nadeem,
I would agree with georgihh. Here is how buying in Ajman is a mistake. Prices and rents all over UAE are going down. And in these circumstances, who would want to live in Ajman. If rents go down further, people would much rather move to Dubai from Ajman and Sharjah, rather than commuting for an hour and a half in the horrendous traffic. You wrote in an earlier post that the price of the property you bought has gone up by 40% in Ajman. Have you tried selling it? Don't rely on the adds you see in the papers. You will only find out the true value once you try selling it. You won't find a buyer for any off-plan property at all, and that market won't pick up in the enxt year.

I bought a flat in IC at the end of 2007 and every agent I spoke with said that it is like an army camp, it won't appreciate anymore and it is a crap place to live in. Well, it got rented out with a week of purchasing it, giving me back 12% gross rental return. On the other hand, I bought an off-plan property which was supposed to be a lot better place than IC and at a reasonable rate. On paper, it is worth a lot more than IC but when I go to sell it, I can't find a buyer at all.

Now whether IC is crap or smelly or whatever, it does give a return of over 10-15% and any asset that gives you that kind of return will always hold it's value. And as long as it is gives a good return, why would anyone want to sell it anyway?

Anyway, the point of this post is not to prove you wrong but to give an objective view. In a way, we might be in the same boat since I have my investment stuck in off-plan property. Personally, I wouldn't want to live in IC but if I had the money and knew the future, I would have bought 2 flats instead of 1 in IC.

 

[nadeemiqbal1]

Nadeem,
I would agree with georgihh. Here is how buying in Ajman is a mistake. Prices and rents all over UAE are going down. And in these circumstances, who would want to live in Ajman. If rents go down further, people would much rather move to

dear friend thanks for your reply. Realestate investment is not like stock market investment where you might get returns in a few months. It is long term , if you look at 3 to 5 years from now, the Ajman investment will be good.

 

[investor_from_uk]

dear friend thanks for your reply. Realestate investment is not like stock market investment where you might get returns in a few months. It is long term , if you look at 3 to 5 years from now, the Ajman investment will be good.

Nadeem, at least we agree on this point. I had bought into UAE market for long term as I wanted to get rental income, rather than going for the riskier buy-to-sell market. Lets all hope and pray that the market recovers soon.