International City Persia

[johnd2]

I bought a 1 b/r flat in IC Persia five years ago for AED425k.

Its always been rented out although currently its fallen to AED26,500 per year.

I am hearing from my agent that the value of the property is now about AED200K and that the development has turned into a dormitory for male migrant workers and that property prices are likely to fall much further.

Do you think this is true or scaremongering? Any advice or insight freatly appreciated

 

[Rayyan]

Dear John,

Unfortunately this is true. I also bought one flat 1 b/r in England and sold it last year.

 

[johnd2]

international city

Hi Rayyan

Thanks for taking the time to reply to my message

Guess I 'll have to sell


Cheers

J

 

[irf77]

Hold off my friend

Check out Gulf News

the prices have gone up to 250 - 260 K range.

I also have one bed room in Marraco and thinking to sell but then if i think about it let's say property price is 230 K, rental 27 K, less maint = 20 K rental

20/230 = 8.6% return on investment per year

Where can you easily get this much rental per year now a days?

Also if next 2 - 3 years price goes back to 350 - 400 K you made extra money on captital yield?
share your thoughts.