IC is holding the price

[georgihh]

u can get cheaper than that.....

Studio in IC is 350k at the moment where can you get cheaper?

 

[mpat]

u can for 300 to 320, depends on how we bargain and how desperate is the seller

 

[georgihh]

u can for 300 to 320, depends on how we bargain and how desperate is the seller

possible

 

[georgihh]

u can for 300 to 320, depends on how we bargain and how desperate is the seller

The good news is that we are at the bottom.
Prices are not going down anymore and the rents are stable.
For the last month not much has changed.
350k for a studio all inclusive and rent 45k – not a bad business.

 

[Hussein Awadh]

rent 45k – not a bad business.

You won't find this in the paper but if you go looking yourself you can find studios now for 35k

 

[georgihh]

You won't find this in the paper but if you go looking yourself you can find studios now for 35k

I will keep my units empty but will not accept less than 40k for studio and 55k for one bedroom.
Everything comes to an end.

 

[anwar khan]

Hi georgihh,
what would you say about the prices for IC 1 bed at the end of this year? Are the prices going to go down at the same pace to reach at par or have gone down enough and cant go down any further?
Please share your views
Regards

 

[aveshbachav]

well, a friend of mine gave his place away for 55K but 2 cheque and 58K but in 4 cheques- `1 BR

 

[aveshbachav]

also, you pay around 10-12K a year towards maintenance and to your property manager.

 

[Howsbuya]

Rental Prices

well, a friend of mine gave his place away for 55K but 2 cheque and 58K but in 4 cheques- `1 BR

Just to add a bit more info on this topic - I've just let out my 1 bed in Greece for 65,000 Dhs - 2 cheques. My friend has let his out - 1 Bed again - 60,000 Dhs - 2 cheques. He told me he had 3 other people queing up to rent it, so it seems there is plenty of rental demand.
HB

 

[investor_from_uk]

The good news is that we are at the bottom.
Prices are not going down anymore and the rents are stable.
For the last month not much has changed.
350k for a studio all inclusive and rent 45k – not a bad business.

Is it really true that you can get studio for 350K. Well, I was under the impression that you don't get anything less than 400K. It 350K is true, these desperate sellers are really drving th market crazy.

Georgihh, do you think that these prices will go back up to the 500K level?

Secondly, due to this credit crisis a lot of off-plan developments will be abandoned. In that case, the supply won't increase the way we expected it to increase and hence the rents shouldn't go down that much. I think45K should be sustainable, shouldn't it?

 

[BobbytheBuilder]

I have heard that 1 bedroom apartments in the I.C are going for 500k at the moment,thats crazy compared to what they were selling for 12 months ago.

 

[kapzharsh]

can some 1 kindly suggest me some good estate agents reliable one with phone number pls, I am sure there are plenty. I came across 1 who was trying to sell me 1 bed in IC england for over 700k in jan. Wat were the prices then? Even if you get one for 400k, the fall of 300k in 2 months seems to be unrealistic. Couple of my friends bought at 720k in dec from the same guy. Did they got conned? dunno Pls rep back...ps they let out at 65k yearly at 4 checks short term agreements for 1 year....

 

[BAkhtar]

These unrealistically low prices are for off-plan units or units which are under construction and are partly paid-for by buyers, in cases where buyers are finding it difficult to carry on paying the remaining instalments. This is salvage value for them from a deal which they can't keep. You won't get a ready-built or handed over unit for these prices. Try out the market.

In todays circumstances there is a lot of risk attached to under construction units as in most the work has stopped and developers themselves are facing difficult times. Whether or not these will be actually constructed or handed over and in time is very doubtful.

 

[mpat]

The good news is that we are at the bottom.
Prices are not going down anymore and the rents are stable.
For the last month not much has changed.
350k for a studio all inclusive and rent 45k – not a bad business.

I found in GN , studio being advertised for 320k. It was my world properties ( agent ) who listed it.

Even though , I agree with you that prices are not going down much and these are just real distress guys who r selling for so cheap.... I wish that it stop crashing further....

my friend got discovery garden 1 bed at 65k.... so better to give 1 bed at 55 in IC , isnt it ?

 

[investor_from_uk]

These unrealistically low prices are for off-plan units or units which are under construction and are partly paid-for by buyers, in cases where buyers are finding it difficult to carry on paying the remaining instalments. This is salvage value for them from a deal which they can't keep. You won't get a ready-built or handed over unit for these prices. Try out the market.

In todays circumstances there is a lot of risk attached to under construction units as in most the work has stopped and developers themselves are facing difficult times. Whether or not these will be actually constructed or handed over and in time is very doubtful.

Mr Akhtar,

Thanks a lot for clarifying that. I was actually appalled initially to read about the IC studio prices around 350K but what you have written makes sense. I guess they are advertised as IC but they probably don't mention that the property is not complete. Moreover, thinking about it logically, why would something that gives you a good rental return fally so much. Even people who have taken out loans to buy IC would probably be making the repayment through rents.

So 350K for completed IC studios is unbelievable unless there is evidence of a large scale of completed vacant properties in IC. Besides, I would have thought that as rents in Dubai fall, people from Sharjah and Ajman would want to move here to avoid the horrendous traffic they endounter during their daily commute.

Regards

 

[kapzharsh]

can some1 suggest a good property website which is up to date.

 

[BobbytheBuilder]

The problem with looking at listed prices is that there is normally a difference between what something is advertised for and what you can actually buy it for. Alot of these agents dont even have the properties that they are advertising

can some1 suggest a good property website which is up to date.

 

[kapzharsh]

yes I thought so.........

 

[kapzharsh]

asking price of 450k 400k offered accepted (england)1 bed vacant.....is it a good deal? or should i just back up............. pls replyyy...... is gonno go down further....can it be easily rented as per the agent.? thanks for help in advance....