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DodgyJoe
New Member
Sorry I'm new to this forum thing. However hope my comment is of some use.
I think it is time to hold on to your property. Not because of good rental expectations, no, it seems that rents are stagnating at the moment. I can't even get 100k for a large ready 1BR in JLT. A friend though considers herself lucky to have found a 2BR in JBR for 145k/yr.
But looking at the following I think property prices definitely will increase (just a few mixed thoughts):
I went to cityscape in AUH and it seems that even properties with late completion dates (2010+) and in places which were previously cheap (RAK, AUH, JVS, Sports City, etc.) are reaching sqf prices of 1800 to 2200dhs. Recent downtown launches featured properties at 4500 - 6000 dhs/sqf !! And they are selling. A friend of mine sold his 2BR which he had bought for 1.25mio in Jan 2007 for 3.5 two weeks ago! Another friend made 1.3 profit (OP 850, SP 2.2) on a 1BR in 15months with only 90k down till completion.
Places like sports city used to be the least attractive. Even with stands in the big mall offering 500000dhs 1BRs with longterm paymentplans they could not be sold. Now because construction progress is visible and because it is part of dubai land new launches are fetching upto 2000dhs/sqf aswell.
Close to the beach, with beachclub, in dxb, in an area in its final stages of construction. You could not buy anything this nice for the money you'll get for selling it.
Hold on at least till the end of the year; Because like so many people I also am woried that the market here is like the "emperors new clothes". And how many endusers are there? Investors certainly will think twice if they only get 5% rental return.
I think it is time to hold on to your property. Not because of good rental expectations, no, it seems that rents are stagnating at the moment. I can't even get 100k for a large ready 1BR in JLT. A friend though considers herself lucky to have found a 2BR in JBR for 145k/yr.
But looking at the following I think property prices definitely will increase (just a few mixed thoughts):
I went to cityscape in AUH and it seems that even properties with late completion dates (2010+) and in places which were previously cheap (RAK, AUH, JVS, Sports City, etc.) are reaching sqf prices of 1800 to 2200dhs. Recent downtown launches featured properties at 4500 - 6000 dhs/sqf !! And they are selling. A friend of mine sold his 2BR which he had bought for 1.25mio in Jan 2007 for 3.5 two weeks ago! Another friend made 1.3 profit (OP 850, SP 2.2) on a 1BR in 15months with only 90k down till completion.
Places like sports city used to be the least attractive. Even with stands in the big mall offering 500000dhs 1BRs with longterm paymentplans they could not be sold. Now because construction progress is visible and because it is part of dubai land new launches are fetching upto 2000dhs/sqf aswell.
Close to the beach, with beachclub, in dxb, in an area in its final stages of construction. You could not buy anything this nice for the money you'll get for selling it.
Hold on at least till the end of the year; Because like so many people I also am woried that the market here is like the "emperors new clothes". And how many endusers are there? Investors certainly will think twice if they only get 5% rental return.
