Property & Investment in Dubai: Your questions about the market

[TerryPop]

Rents for 1 beds in Discovery gardens are moving into the 50-60 range,

Should mean 1 beds in JLT and Marina are in the 60-70 & 70-80 range at least.


Incidentally we were chasing a deal to 'buy' an apartment and had to stop the exercise on the palm.

The prices for the same unit type are nearly double 15 months ago- and sellers unwilling to negotiate.

It is extremely frustrating but then maybe its a stand off between buyer and seller.

I am seeing adverts for lower prices in Dubizzle but when you call there is the usual BS about 'oh sorry sir unit is gone'.

[PrincessTower]

Originally Posted by TerryPop

I am seeing adverts for lower prices in Dubizzle but when you call there is the usual BS about 'oh sorry sir unit is gone'.

A lot of those "lure adverts" nowadays. in the marina you find ads below realistic market prices for almost all projects. when you call they ask you for your contact details and what you're looking for, just to tell you the unit has just been sold, but they have plenty of other units (at regular price).

hope this practice will disappear soon with the new Simsari system?

[True Blue]

I think you are being a little naive to think a leopard might change its spots.

The other think they do, which annoys me, is to advertise units using stock pictures of other units. I constantly see units advertised for sale and rent using pictures lifted from this forum.

[unknownpleasures]

Wow is that what they do!!! Hey that's a bit cunning! Isn't it forbidden to steal...well it's copyright isn't it! Gee I wonder if they actually take Imre's...not so sure anyone can get away with that sort of thing but then again this is Dubai!

[italiano_pellicano]

this is a good moment for buy in Dubai ?

[Chipmunk]

Hey does anyone when the last time was that they updated the RERA rental increase calculator?

http://www.dubailand.gov.ae/English/...culatorEN.aspx

I've been checking 1 B/R in Marina for the last year and the range has stayed at 50-90,000, even though the market's moved on and you'll be hard pressed to find any for less than 60.

Does anyone know if the Rent Committee is still enforcing the Rent Calculator figures?

As has been previously mentioned, according to the article below, the Rent Calculator is only applicable to properties leased before 01/01/2011. But I haven't heard about this anywhere else so does anyone know if there have there been any other public statements, press releases stating this?

http://www.emirates247.com/property/...05-10-1.458015

[Al shali]

Originally Posted by Chipmunk

Hey does anyone when the last time was that they updated the RERA rental increase calculator?

http://www.dubailand.gov.ae/English/...culatorEN.aspx

I've been checking 1 B/R in Marina for the last year and the range has stayed at 50-90,000, even though the market's moved on and you'll be hard pressed to find any for less than 60.

Does anyone know if the Rent Committee is still enforcing the Rent Calculator figures?

As has been previously mentioned, according to the article below, the Rent Calculator is only applicable to properties leased before 01/01/2011. But I haven't heard about this anywhere else so does anyone know if there have there been any other public statements, press releases stating this?

http://www.emirates247.com/property/...05-10-1.458015

The Rent Committee is very inconsistent. They will sometime apply the Rent Calculator Rule, other times not, does not seem to depend on what date on contract.

[OmarPERU]

No mortgage cap: UAE Central Bank

Governor Suwaidi says it is working on new cap system to be enforced in 9 months
By Staff
Published Monday, January 21, 2013
The Central Bank has ended controversy surrounding new caps on banks’ mortgage credit in the UAE, saying it has not yet enacted any laws in this respect.

Central Bank Governor Sultan bin Nassir Al Suwaidi, in his first comment on the issue, said he had not sent any circular in this regard to the country’s 51 banks, but added that the Central Bank is working on new cap rules.

“The Central Bank has not sent any circulars to banks asking them to enforce new cap rules for mortgage credit,” he told the semi-official daily Al Ittihad.

“We have only issued an alert to banks telling them that the Central Bank is currently preparing a new mortgage credit system, which will cap such credits. We only asked banks to brace for these rules.”

Suwaidi said the new rules could be enforced within six to nine months only after they are discussed with the country’s banks.

“What has happened here is a misunderstanding by the media. We have not issued any circular or decision in this respect. What we issued was only an alert to banks regarding new rules and criteria which they should expect,” Suwaidi said.

“The new system will lead to an increase in liquidity to the real estate sector when it is enforced. We are now planning to conduct a survey among the banks regarding the proposed cap for the mortgage credit and associated rules. After we each a proposal, it will be presented to the Central Bank’s board for approval.”

Suwaidi said the new system would boost mortgage lending in the UAE, the second largest Arab economy, as all issues related to the period of credit, monthly installments and mortgage will be clear to banks and clients.”

“This will of course open the door to banks which have been reluctant to provide mortgage credit to enter this field,” he said.

On December 31, the Central Bank was reported by the Arabic language media as telling local banks to limit their mortgage loan to expatriates to 50 per cent of the property value of the first unit and 40 per cent for the second and other units.

Credit to Emiratis was capped at 70 and 60 per cent respectively.

Unlike Saudi Arabia, the UAE, the second largest Arab economy, does not have a mortgage law but is planning to enact such legislation.

http://www.emirates247.com/news/emir...01-21-1.491943

[unknownpleasures]

Originally Posted by italiano_pellicano

this is a good moment for buy in Dubai ?

If you don't mind me asking, where did you hear this?

[amr81mohammed]

nice

[UAE Investor]

No mortgage cap: Some UAE banks back to offering 80-85% with immediate effect

http://www.emirates247.com/news/emir...01-22-1.492046

Great news!

[UAE Investor]

Thought this interesting....to be trusted ?

With an increase of 65 per cent in the number of transactions in 2012, the Dubai real estate sector will continue to shift up a gear in 2013, ex

http://www.emirates247.com/dubai-rea...m_medium=email

[dpgdubai]

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[Monument]

Originally Posted by italiano_pellicano

this is a good moment for buy in Dubai ?

It was a good time to buy in 2011. Prices are now beginning to stretch.

[v8_]

Originally Posted by Monument

It was a good time to buy in 2011. Prices are now beginning to stretch.

True, those who were buying in 2011 are happy as anything. Some of them have even actualized the profits by selling their properties now, earning some huge capital gains. Even till mid-2012, it was good time to buy.
I still forecast 10-15% increase in property prices in 2013. Let's see.

[unknownpleasures]

Originally Posted by v8_

True, those who were buying in 2011 are happy as anything. Some of them have even actualized the profits by selling their properties now, earning some huge capital gains. Even till mid-2012, it was good time to buy.
I still forecast 10-15% increase in property prices in 2013. Let's see.

Hi there, I'm just wondering whereabouts in Dubai all these happy people purchased. I must have been away when the news broke......

[metlofts123]

Whatever happened to the investor protection law that the media have been talking about for what seems likes decades now??

[True Blue]

Originally Posted by metlofts123

Whatever happened to the investor protection law that the media have been talking about for what seems likes decades now??

The property laws that have been introduced to date have favoured the developers allowing them to bully the investors and take their properties from them. Developers get to cancel contracts and pocket the money despite being years late.

On balance, investors were probably better off when it was unregulated. Anyone considering buying off plan today must be crazy.

[metlofts123]

Agreed, off plan is long dead. But surely unless they change their tune pronto and make a long overdue start at considering investors interests and other such basic factors as simple justice and control of market players, surely the whole market's potential will continue to be unnecessarily subdued other than the occasional flurries by some unaware (yet clearly completely unprotected) investors?

[UAE Investor]

Originally Posted by metlofts123

Agreed, off plan is long dead. But surely unless they change their tune pronto and make a long overdue start at considering investors interests and other such basic factors as simple justice and control of market players, surely the whole market's potential will continue to be unnecessarily subdued other than the occasional flurries by some unaware (yet clearly completely unprotected) investors?

Off plan is not dead,I have registered with the new development in downtown the new address building being launched soon.

Will probally be sold out in 30 minutes ,at 2000aed psq ft....

It's private developers who have lost trust,not government owned develpers..IMO!