Shahid, I wanted to ask you about off-plan property in general. I have a couple of off-plan flats in JVS, which are due for completion by the end of 2010. I have already given them to a few agents in UK, as I am from UK. However, I have been told that Dubai off-plan market has really gone dead. Is that true? I have also been told that there are no transactions occuring at all, as there are no buyers.
That is not true, you can see the transactions everyday on dubai land department site. For off-plan they are not registered with land department so we don't know. But if transactions occuring for local only property than there should be for freehold too. Freehold is a bigger market.
Just out of interest, how much is each of your apartments and when is the completion date? what development/building etc?Alright, the excitement that is at the moment is enough for me. I'm going for the 0% premium + 0,5% transfer to offload my apartments. That makes them available for the 7% summer offer discount which I managed to get hold of (lucky me). Anyone know any serious/mediumterm/longterm investors looking to get a bargain....here's one. Don't have much of a choice, the excitement to see what's happening is enough to make my regular day to day life tense enough to just want to get rid of them. Will lose a little money, but it's worth it for some good nights sleep, rather spend my time swearing next years that I missed out on a good deal than being miserable until then...
So I can hereby, in first person, confirm that the current situation has made short-term investor drop their premiums to 0% to get rid of their property. What an, first-time-ever, entrance on the property market, lesson learned
Hey, thanks a lot for forwarding the details. To be honest, I would probably be interested but firstly, it's way above my league (and budget) and secondly, I still haven't managed to get rid of my own property.
Quite frankly, the market will pick up in the next few weeks. The fundamentals in dubai market are very strong and with the demand for accomodation there, property will never be a bad investment there. The only issue is how long you can hold it for.Yeah, know what you mean, kinda cautios at the moment awaiting everything that happens. Good news that Obama got elected though, seems to create some worldwide confidence about things to come, and on top of that; I'm looking forward to see what the States will be like now
Dear, sorry for the late reply, actually , the problem with JVS re-sale is , its too much at the same time, but finally the construction has started in JVS and things are progressing in the right direction, and It will take atleast 6 months more, when you will see real activity in JVS re-sale market,,,why? for the simple reason, that there is a strong demand of "Buy to live in" and "Buy to rentout", so i think its a matter for time and once the property are heading towards the shell and core condition, the investors will start calculating the rental returns and genuine investors will take over the properties from weak and quick flip type investors.
Shahid, thanks a million for your view on that. You seem to have a good insight into the market of Dubai. But can you tell me how real are the chances of this market crashing. DO you think that there will still be rental demand in 2010, when there will be ample property in the market. At this point, the new international studio apartments are renting our for 55 to 60K, but by 2010 end, do you reckong we can get even 45K for these JVS apartments?
