Hi i've juts come across this forum and it's been a great help already.
I'm very interested in investing in properties in Dubai. I am in particular interesed in the Marina and Sports City.
I'm idealy looking to buy 2 but may just ettle for the one. Could anybody tell me the plus and minus points of both places? I would have imagined that The Marina would be better for gains in value of property while Sports City maybe better for renting.
Are these 2 of the better places to invest or should I be looking elsewhere?
Any help would really be appreciated. I've been reading so much on different things that my head is a little scrambled at the moment.
The marina is much more expensive than DSC and at the moment rental returns are very good there. It's expected that there will be a market for both long-term and holiday rentals in the Marina, even though it's not got good beach access. The Marina is a lively area and very popular now. DSC is going to be part of Dubailand and thus will again be very popular especially when all the sporting facilities become operational.
There is talk of the possibility of a downturn in Dubai, so be aware of that. However I personally think it's a fantastic place and a fantastic investment. I'm buying in the marina and my brother is buying in DSC.
It seems to be in a good position and good discount for early payment.
Any particular reason you chose the Marina and you bro chose DSC? I'm going over in a few weeks to have a look for myself. I feel like i'm on a world tour at the moment with the amount of places i'm visiting.
When you say downturn how do you mean? The economy is weakening or the amount of people coming itno the area is slowing?
I'm a first time investor so I really can't afford to make a mistake with what I choose to invest in. I've already canceleld out several projects in Bulgaria, Morroco and Turkey.
Maybe i'm over sceptical but obvioulsy i'd rather have all the problems i'm likely to encounter lined up in front of me so I can see what i'm dealing with.
Does anybody have any advice on who are a good company to deal with when it comes to Dubai properties? Gowealthy seems very good.
I've not had dealings with Gowealthy, but they seem to have a good reputation and the information on each project on their website is very detailed. Afraid I don't know anythinng about that particular development. The possibility of a downturn in Dubai is because of the huge number of luxury apartments completing over the next 2-3 years and whether the poulation and tourism growth will be sufficient. Rental returns are really good, so even if there is a huge percentage drop they will remain high by UK standards. I bought in the Marina because waterfront property is always at a premium and I love the area. My brother bought in Sports City because he's a sports fanatic, so there will be loads for him to do there and rentals should be good because of the sporting events and Dubailand. You'll love Dubai - it has an amazing buzz. The temperatures in summer are amazingly hot, so if you're travelling there, go as soon as possible. Make sure that your apartment has an unobstructed view as the towers are built very close to each other. Better Homes (www.bhomes.com) also produces a property listings magazine which you should be able to get hold of out in Dubai which is really useful. Good luck!
Alex, one question if I may - are you looking at buying in dubai as an investment or a place for yourself to use? Dont get me wrong, the projects happening in Dubai are fantastic but 4/5 years ago was the time when you wanted to be investing in Dubai, at present prices are sky high & i dont believe there is a re-sale market due to the vast number of properties available.
I know many developers are offering high rental guarantees for the first few years of ownership but when it comes down to it this rental guarantee is being paid back to you from the actual purchase price.
I cant see how property in Dubai has shot up in value so much, 10 years ago most of Dubai was like a desert, now people seem to be buying without thinking, not a wise idea.... No wonder the number of Arab billionaires has increased, their developments are being sold to those who dont relalise the actual production cost, im not saying this a bad way but the Arab developers are sure making / have made some serious money from peoplr buying in dubai - (fair play to them)
Do you also realise the workers they employ get paid "peanuts" & construction is 24/7 in very poor conditions.
Right, i'll stop going on, do your own research on the overseas property market carefully before committing to Dubai, dont listen to what the agents selling Dubai tell you, at the end of the day they just want to get a sale. I can think of many other countries that are currently a better investment.
Good Luck, Dubai is a great place but for investment purposes your too late!
Originally posted by fws: I've not had dealings with Gowealthy, but they seem to have a good reputation and the information on each project on their website is very detailed. Afraid I don't know anythinng about that particular development. The possibility of a downturn in Dubai is because of the huge number of luxury apartments completing over the next 2-3 years and whether the poulation and tourism growth will be sufficient. Rental returns are really good, so even if there is a huge percentage drop they will remain high by UK standards. I bought in the Marina because waterfront property is always at a premium and I love the area. My brother bought in Sports City because he's a sports fanatic, so there will be loads for him to do there and rentals should be good because of the sporting events and Dubailand. You'll love Dubai - it has an amazing buzz. The temperatures in summer are amazingly hot, so if you're travelling there, go as soon as possible. Make sure that your apartment has an unobstructed view as the towers are built very close to each other. Better Homes (www.bhomes.com) also produces a property listings magazine which you should be able to get hold of out in Dubai which is really useful. Good luck!
Yeah the reason i'm looking at The Marina is for that exact reason. Waterfront property is always higher in price than other properties and the prices still seem quite cheap.
DSC is attracting me for the obvious rental possibilities with the events that could take place out there.
Originally posted by Jay_Sol: Alex, one question if I may - are you looking at buying in dubai as an investment or a place for yourself to use? Dont get me wrong, the projects happening in Dubai are fantastic but 4/5 years ago was the time when you wanted to be investing in Dubai, at present prices are sky high & i dont believe there is a re-sale market due to the vast number of properties available.
I know many developers are offering high rental guarantees for the first few years of ownership but when it comes down to it this rental guarantee is being paid back to you from the actual purchase price.
I cant see how property in Dubai has shot up in value so much, 10 years ago most of Dubai was like a desert, now people seem to be buying without thinking, not a wise idea.... No wonder the number of Arab billionaires has increased, their developments are being sold to those who dont relalise the actual production cost, im not saying this a bad way but the Arab developers are sure making / have made some serious money from peoplr buying in dubai - (fair play to them)
Do you also realise the workers they employ get paid "peanuts" & construction is 24/7 in very poor conditions.
Right, i'll stop going on, do your own research on the overseas property market carefully before committing to Dubai, dont listen to what the agents selling Dubai tell you, at the end of the day they just want to get a sale. I can think of many other countries that are currently a better investment.
Good Luck, Dubai is a great place but for investment purposes your too late!
Hi Jay,
To be honest I am considering buying 2. One that I would quite possibly be looking to live in (DSC) and the other in The Marina that I will be looking to rent out and in 4-5 years hopefully sell on at a healthy profit.
I'm aware that the garunteed rent and whatnot is cbasicly just the extra you are paying on to for the property.
When you say that there may not be a re-sale market i've been looking into some research that says they are restriciting the amount of properties they are eventualy going to build and it will still leave a shortfall in properties aginst possible buyers. I'll try find the link where I read that. I'm no expert on this so i'm taking things at face value at the moment. Do you not see any re-sale market at all when everything is up and running?
When you say you can't see that prices have gone up so quick. Why not? From the outside (bear in mind I haven't gone out there yet) it looks very exciting. You would think that it would be a very popular City when years down the line most of the big projects are up and running no?
I'm a little worried about what you say about the construction though. I was aware that people out there are bieng worked around the clock and that pay isn't great. Do you know for sure about the quality of the construction? Are there any big worries?
I appreciate all your comments and points. It's good to hear things from all sides.
Out of interest which countries do you see as a better investment? I'm slowly working my way around the Globe it would seem. Yet as of yet i've found nothing 100% cincrete I want to invest in.
Dubai doesnt work for me as an investment proposition. Far too late and will be masses of empty properties for the next few years.
Always better to get into new markets early.
You ask where else?
Many Arab developers such as Emaar (the biggest)and Gulf are now building in Morocco. As close as Spain so pretty much a guaranteed cert it will be sucessful especially the large prestigious Plan Azure sites.
1/2 the flight time of Dubai and much more pleasant weather and so much more than just desert landscape (new ski resorts are being built).
The Plan Azxure resorts are designed to capture the year round market. This will not be so for the one off smaller developments as they dont have enough non - weather dependant facilities.
Another one for serious investors is East Germany. Latest offer Ive had is a block of 6 flats for 24,000 euros the lot!!
Its like London after the crash all over again and a safe place to invest. I have a great contact for auction property but only for serious non time wasting people.
Alex, Firstly, you mention they are going to restrict the about of properties built, did an agent tell you this? looking at the current building works I would says its a little to late to prevent this, apparently a third of the world cranes are in Dubai..
The construction, ive a friend who lives & works in dubai & he advised me of the working conditions, very worring.
For a holiday destination, yes Dubai is great but like i mentioned in the past your too late to make money in Dubai, the "smart" cash has already been made in this country & is now being pumped else where.
My advise, consider other countries, i myself have gone for an investment in Morocco, its on a development called Port Lixus. There are many developments appearin in Morocco to but i suggest you look at Plan Azure Resorts, they are far superior, (thorr will agree). In addition to Morocco many people are talking about Brazil, however im not convinced with the country.
I disagree with those who think the boom is over or about to end in Dubai. Yes, prices have already risen considerably and a lot of units will be completed in the next 12 months, but look at the rate of population growth and growth in the economy as a whole and consider how today's prices compare to other developed economies, especially those which are essentially tax-free hubs, and there's a lot further for it to go.
For instance, I reserved 2-bed, 2-bath apartments on high floors in one of the better apartment blocks in the Marina nearly two years ago at around £180k each. Today I think equivalent properties would be at least £250k. I've recently been offered a studio flat 10mins from Canary Wharf for 20 percent more than this!
As to which area to buy in, I tend to think of Dubailand as mainly a short-let, holiday destination, and I always prefer rental properties that can generate a decent yield on a long lease to someone earning money in the local economy or ideally properties that can earn from both sources, to reduce the risks. For that reason, if I was looking for an apartment in Dubai I would probably consider the marina, or if looking for slightly lower prices, Jumeirah Lakes Towers.
hi alex79 don't read too much into the neg.talk about dubai!!! it's a fantastic place and worth every penny.go and find out yourself.with regards to gowealthy,be very carefull! i wanted to buy a unit from them from the same block,last summer lucky for me it fell through!! found out later they were double selling their units,and that building is not as good as they make out,poor finishing,position etc..i got a one bed apartment in the the sport city canal residence west,on prime position.going there next week to check the process and have a holiday.can't wait. my advice is deal directly with developer and look for something off plan at the sport city,its fantastic project funded by the goverment and can't go wrong.
Originally posted by Jay_Sol: Alex, Firstly, you mention they are going to restrict the about of properties built, did an agent tell you this? looking at the current building works I would says its a little to late to prevent this, apparently a third of the world cranes are in Dubai..
The construction, ive a friend who lives & works in dubai & he advised me of the working conditions, very worring.
For a holiday destination, yes Dubai is great but like i mentioned in the past your too late to make money in Dubai, the "smart" cash has already been made in this country & is now being pumped else where.
My advise, consider other countries, i myself have gone for an investment in Morocco, its on a development called Port Lixus. There are many developments appearin in Morocco to but i suggest you look at Plan Azure Resorts, they are far superior, (thorr will agree). In addition to Morocco many people are talking about Brazil, however im not convinced with the country.
Any questions do ask, i'll try assist.
Hi Jay
I can't rememember where I heard that to be honest but now you mention it I may have heard off an agents website rendering the information useless from that pov. However I really don't see the influx of people slowing down. There is alot going for the city and prices are still comparitably cheap.
I appreciate the help off you though and everyone that has chipped in. It's all very usefull.
I looked in to Morroco but I was put off. Talk of terrorism was one big negative and alot of other little things that were worrying me. I've been reading Thor's comments with interest. And it did perk my interest but i've decided for now that it's probably not right for me.
Brazil was another I looked at. In fact the resort that is on the main page of this froum. But again I was put off. NE Brazil does seem promising and there are grand ideas but at the moment they are only on paper. The place worries me as investment. Not to mention Global warming if you're going to buy on the beach front.
Another one for serious investors is East Germany. Latest offer Ive had is a block of 6 flats for 24,000 euros the lot!!
Its like London after the crash all over again and a safe place to invest. I have a great contact for auction property but only for serious non time wasting people.
Hit Thor.
I'd be very interested in any information you have regarding East Germany.
Originally posted by dm10: hi alex79 don't read too much into the neg.talk about dubai!!! it's a fantastic place and worth every penny.go and find out yourself.with regards to gowealthy,be very carefull! i wanted to buy a unit from them from the same block,last summer lucky for me it fell through!! found out later they were double selling their units,and that building is not as good as they make out,poor finishing,position etc..i got a one bed apartment in the the sport city canal residence west,on prime position.going there next week to check the process and have a holiday.can't wait. my advice is deal directly with developer and look for something off plan at the sport city,its fantastic project funded by the goverment and can't go wrong.
Hi dm10
The Canal Residence is actualy something I strongly have my eye on.
I am very excited by the project in Sports City and Duabi itself.
I haven't had chance to get out there yet but I will be going no asap to have a look for myself.
Is skyscrapercity the best place for information on the developers or should I look elsewhere?
I also think you may consider Jumeirah Village South which nowadays im trying to find out the options.
Pricewise it is cheaper than any other development (except international city), buildings look really nice and handover is expected to happen in the first quarter of 2009.
The master developer is Limitless (goverment company) which was launched just a year ago and trying really hard to build up a reputation.
It is a huge master development which comprises town houses, 4 storey apartments, high rised residential and commercial towers where almost 250.000 people will live and work by 2010.
The most attractive part of JVC is its location. It is like a big circle which is situated in between Al barsha road and Al khail road where the emirates road (the high way)is intersecting them. The distance between the new Emirates mall and JVC is only five minutes. Both Al khail road & Al barsha road have direct access to Sheikh Zayed road and finally JVC has a very close proximity to the new proposed Jebel Ali airport.
At the moment infrastructure works are being done by Limitless. After they handover the plots to the sub-developers they will commence their construction.
Nowadays I am trying to find the correct sub-developer to purchase a 2 bedroom apartment. If you would be interested I may forward my feed backs to you.
No, Dubai Waterfront is another offshore development further down the coast from the marina. Look at www.skyscrapercity.com to help you make sense of all the developments.
