What would you do if you were in my place

[uzair]

Heloo everyone!
I have finally decided to jump on board with Dubai. I have AED 300,000 and want to invest in to dubai and possibly get out in 6 months time. If you were in my shoes what would you do. I am completly lost and confused. Sports City seems good but pre-launches have shot through the roof. Where to go if i follow the simple rule of good payment plans, great location and reputable developer??

Please Help

Uzair
contact me at mzavary on hotmail com

 

[acassim]

Hi Uzair,
Don't spend in Sports City. Its a dud right now. I struggled to sell my studio there and finally had to take a 2% premium after 6 months! Waste of time and money.

 

[uzair]

Thanks for the great advice. I appreciate it. So where would you put your money at? Jumeirah Village South or Liwan any good. Please give me advice. Highly confused.

Thanks,
Uzair
[email protected]

 

[acassim]

Hi Uzair,
It all depends on which direction you wish to go to.

I started studying the market and can sum it up as per below. Of course I am no pro on this but this is my take on it. Like everyone else, speculating a crash as early as 2006.

1. A ready apartment which you can rent out and make money out of.
2. A pre-launch or launched property purchased directly from developer with a payment plan.
3. A property post launch but already under construction.

Each one has its pro's and con's so you have to first decide which one is best for your needs right now. I tried the flipping thing and burnt my fingers, but understand that there are various factors that influence this. Maybe it was my bad luck but I have noticed that agents are very quick to sell but test them by stating that you have a property in a certain development - look at which one actually responds to this! That would be a good start to see which "area" might be worth investing in.

Good luck with your decision. Feel free to ask any questions.

 

[uzair]

Thanks accasim!
I cant buy a property out right and eat rent because my budget is only AED 300,000. Option 2 is the most feasable for me. So I am looking for prelaunches of a good location, reputable developer and a great payment plan. Any suggestions for pre launches in Dubai that meet the above criteria.

Thank you,
Uzair Zavary

 

[acassim]

I bought in Falak - Cricket Tower. 6th floor and very close to completion (Dec 08). I found it very difficult to sell the apartment at 710k. Had to settle for 672k. Somehow I just could not find one single investor out there. I must have tried a list of over 500 agents and sent a distress sale email. I received a call back from 2 of them! Looks like nobody is interested in Sports City at the moment. Not sure if this is the case with other developments. Good luck with trying to sell your apartments. Maybe its not all doom and gloom.
What apartments do you have?

 

[uzair]

Wow! It seems like property is a dud rite now. I am more confused then ever now!!

Thanks,
Uzair

 

[acassim]

I don't know if it can all be blamed on the weather. I tried to sell pre-summer and started advertising in April. There were no buyers for one studio in Sports City then (at a low distress sale to top it off). I only sold at the end of June (in Summer???).

I just feel that its not as popular at the moment. Probably because not many people know where it is and what the construction status is in the area. Or because there are many projects being launched in the area so people do not want to pay any premium?

I spoke to one agent asking her why it could not be sold and she mentioned that nobody is interested in buying there. Needless to say this was the same agent who was trying to sell a studio in Sports City in February, stating that the area is hot at the moment. I wish I had known about this forum then! Strange how she changed her story when I wanted to sell.

 

[djaan]

I have 9 studio units in Elite III. The price has definitely appreciated quite a bit. From my understanding right now is just a hard time to sell b/c of summer. I just hope that's true. What was the typical reaction you got from agents? Most of them don't seem too interested in selling the units back. The correspondence is very poor.

I have also one Bed Unit in Elite 3 so i am not distress because i know that the sports city will be one of the best place in DUBAI and when completed the price will shoot up upto 2200 per sqft and one thing more i think DSC has great apreciation this years even more than Dubai Marina and it will take time till
the price rise again just wait 3 months more and then start selling your apartmnt

Djaan