Guess the price?

[Poorboy]

Have a studio at Palace Towers by Tameer/silicon oasis.
Standard selling price at the moment is 1200 psf.Completion is Feb 2009.
Can someone tell me what they think will be the price by then?
Does the price usually shoot up during the last 2/3 months of construction?Thanks.

 

[Roshan]

Have a studio at Palace Towers by Tameer/silicon oasis.
Standard selling price at the moment is 1200 psf.Completion is Feb 2009.
Can someone tell me what they think will be the price by then?
Does the price usually shoot up during the last 2/3 months of construction?Thanks.

Usually the price starts building up when the project is nearing completion. As the demand is more than supply, you should be able to find someone for it. However due to the negative perception in the market, the next 6 months would decide where we stand.

Suggestion would be, since you have weathered the storm, it's better to complete and then sell. Tangible assets is what people always look out for.

Regards

Roshan

 

[Poorboy]

Weathered the storm?Its only just started hasnt it?

 

[georgihh]

Weathered the storm?Its only just started hasnt it?

Absolutely agree - you need an expensive umbrella to handle the storm.

 

[Wannaberich]

Georgihh why are you always so negative about the Dubai property market?

 

[sasherwani2]

Georgihh why are you always so negative about the Dubai property market?

Because this market is full of sellers Everyone is here to sell..no buyers anywhere. Right Georgih?

 

[Wannaberich]

Because this market is full of sellers Everyone is here to sell..no buyers anywhere. Right Georgih?

Well I dont see alot of bargains advertised out there yet.Usually a sign when there are alot of sellers and no buyers.

 

[cheemz]

Well I dont see alot of bargains advertised out there yet.Usually a sign when there are alot of sellers and no buyers.

I could send you bookshelves worth of 0% premium properties right now...

 

[Wannaberich]

I could send you bookshelves worth of 0% premium properties right now...

I could show you Gulf News Classifieds,plus the websites of Better Homes,Sherwoods and Landmark.You won't see any 'bargains'.
I'm not blindly thinking nothing could ever go wrong,I just need better proof
before I go hang myself.
I've read a number of positive reports recently including one that said the IMF expect Gulf growth to slow down but still be strong.

 

[Poorboy]

so anyone guess the price?

 

[Stephendxb]

Have a studio at Palace Towers by Tameer/silicon oasis.
Standard selling price at the moment is 1200 psf.Completion is Feb 2009.
Can someone tell me what they think will be the price by then?
Does the price usually shoot up during the last 2/3 months of construction?Thanks.

Without knowing more about the studio (its location, floor level, the view, amenities, etc) one can only make certain assumptions. My assumption is that you are contemplating selling it now or on completion – Feb 2009 and whether it is worth holding for that extra period.
If market conditions prevail you should find that on completion the capital growth will increase, this is due to it becoming a tangible asset. I would say between pricing would be in the region of 1250 -1400 psf. At the end of the day it is worth whatever someone will pay. With demand still exceeding supply, if the property does command a good location and amenities then you would do better to hold.
I believe Roshan would concur with me on this one..

 

[Poorboy]

Hi,this is the building at Silicon Oasis
Palace Towers

Its on the 13the floor,has a balcony with pool view.

 

[Stephendxb]

Hi,this is the building at Silicon Oasis
Palace Towers

Its on the 13the floor,has a balcony with pool view.

I have had a quick look at the site and based on the amenities and pool view I think you would do very well to hold, I would also stick with my pricing assumption that is assuming it will be completed in Feb 2009!!
I would also recommend you google skyscrapercity forum dubai which has a photo section, you might get lucky and find your development with some updated photos of the progress. Let me know how you get on.

 

[Poorboy]

Hi,
yes have seen pics from Aug 2008 on the site.Its coming along nicely.Have spoken to Tameer and construction is well on schedule.
As the current prices for studios here are 1200 psf,I'm surprised on completion you think it may be 1250?

 

[Dubai0Guy]

If you do your research. know your targeted market and have a exit strategy. Dubai will always be a strong long term investment. If you Buy off plan now. The price can only go up when its completed. Since when does a property take a nose dive when its ready. buy at the earliest stage and sell when its ready.

say you buy a off-plan property for 100,000 AED and you waited until completion to sell. You will make 15% at the very least. Say off plan properties take a nose dive and you can now pick them up for 70,000 AED then when those are completed you are still going to see a profit.

Weather off-plan takes a nose dive or not. it doesnt defeat the fact that a built property is going to be worth more than the piece of paper with a floor plan printed on it.

It doesnt matter if joe bought one for 100,000 and 1 week later mark buys the same one for 70,000. when there completed joes will be worth 115,000 and marks will be 85,000 they both have made a profit.

 

[iced]

If you do your research. know your targeted market and have a exit strategy. Dubai will always be a strong long term investment. If you Buy off plan now. The price can only go up when its completed. Since when does a property take a nose dive when its ready. buy at the earliest stage and sell when its ready.

say you buy a off-plan property for 100,000 AED and you waited until completion to sell. You will make 15% at the very least. Say off plan properties take a nose dive and you can now pick them up for 70,000 AED then when those are completed you are still going to see a profit.

Weather off-plan takes a nose dive or not. it doesnt defeat the fact that a built property is going to be worth more than the piece of paper with a floor plan printed on it.

It doesnt matter if joe bought one for 100,000 and 1 week later mark buys the same one for 70,000. when there completed joes will be worth 115,000 and marks will be 85,000 they both have made a profit.

NO!! if you buy off plan now there is a very good chance that it will fall in price as prices are falling. Buying off plan now is very very risky.

Also due to the restriction in liquidity it means people are having difficult raising finance and this will also mean demand falls and so do prices.

 

[Dubai0Guy]

Dubai is good stable long term investment. no matter what negative things you read. It will always be the best place in the world to have a property. Yes it might not perform as well as it has done because of the global crisis but its performing better than any other country in the world.

 

[Wannaberich]

Iced are u saying its best to buy completed properties?

 

[ssazain12]

To guess the price in PALACE TOWERS
right now it is difficult but as i had contacts in TAMEER who see it as a good
upcoming project in dubai silicon oasis with the commercial tower within development.
hence demeand for residence will be more once completed.

I was eying to buy but unlucky as i did not get mortgage for that from my bank.

I guess it should not be less than 1300-1500 / sqft which is reasonable as comparedto the rents we expect which is still shooting up.

 

[Poorboy]

Ssazain its a shame u couldnt get a mortagage to buy a unit in Palace Towers.I feel this is for sure the best development at DSO when you consider the style,facilities,it has the commercial tower,and best of all,its by Tameer.
Maybe u should approach your bank again?