Property & Investment in Dubai: Your questions about the market

[DarkBlueBoss]

i think that with the recent events in the region (bombing here and there (yesterday alone, bombing in Lebanon, Qatar and Pakistan) ) so this will cause some kinda hesitation towards this region, and might cause prices to atleast stop increasing.
cause to be honest with you, its so freaking outrageous to buy a 2 bedroom apt for 2.6 million, just because its on the stupid marina, i am sorry but thats way beyond any measure. or rent it for around 220,000 a year , come on, give me a break ,
prices must go down, and go down they will ,

[juiced]

I agree. The prices (and please DON'T compare them to the UK and Europe, they aren't the same) are ridiculous for Dubai. The initial launch prices were fine and perhaps the first year after freehold was introduced was fine, but now it is getting more and more ridiculous. A villa that was Dhs1.3 in March 2004 is now Dhs2 million, is it going to to Dhs3 million next March as well???

[Snatch]

Originally Posted by juiced

Well do you have a UK passport? If you do your salary will be higher, but you have better chances of having a good job if you have a uni degree
Cheapest apartments are in International City or the Greens
Some people say the market is in for a crash, I think prices will still go up until the 2006-7 period, then they will either stop rising or rise a lot slower than they do now.

Yeh mate, i do have a British passport and can speak it fluently. I was wondering what sort of jobs is it possible to get with no uni degree and what is the average pay. Also any websites you can help out with looking for a job in dubai?

[DarkBlueBoss]

no degree - no job

simple as that

[DarkBlueBoss]

or maybe a construction worker


oppps sorry, i mean a british construction worker . . . :P

[maryjo]

Hi, We have bought a studio apartment in International City (Persia block) mainly for our own use to use as a holiday home, but would rent it out too if the opportunity arose, but i have read that it is not really that suitable as a holiday home. What do you all think? I know it is not near the beach area but there is going to be a lot of other things nearby. We have been to Dubai twice on holiday and absolutely loved the place(going back in June) and I thought, instead of spending all that money on hotels, then why not buy an apartment? It has a balcony for us to sit out on and enjoy the georgous weather too! I would love to see some pictures of the completed parts of the residential areas, so if anyone has any or knows where i can see some I would love to hear from you. Does anyone know if any of the Persia area is finished? Ours is not due to be completed until end of 2006. Cheers.

[juiced]

Originally Posted by maryjo

Hi, We have bought a studio apartment in International City (Persia block) mainly for our own use to use as a holiday home, but would rent it out too if the opportunity arose, but i have read that it is not really that suitable as a holiday home. What do you all think? I know it is not near the beach area but there is going to be a lot of other things nearby. We have been to Dubai twice on holiday and absolutely loved the place(going back in June) and I thought, instead of spending all that money on hotels, then why not buy an apartment? It has a balcony for us to sit out on and enjoy the georgous weather too! I would love to see some pictures of the completed parts of the residential areas, so if anyone has any or knows where i can see some I would love to hear from you. Does anyone know if any of the Persia area is finished? Ours is not due to be completed until end of 2006. Cheers.

I wouldn't really think it was a holiday apartment either, maybe a residential apartment but not a holiday one as it's far away from places a tourist would go to like the beaches, hotels, shopping malls etc

[DarkBlueBoss]

man, i am sorry, but this thing wont be ready for a while, for the next 2 years, u'll be staying in hotels . . . .

[juiced]

Here are recent construction pics

[Snatch]

What sort of cash can you get in construction work

[maryjo]

Hi Juiced, Thanks for the pic! Do you know which "country" this picture is from? I have bought in "Persia." Cheers!

[DarkBlueBoss]

first of all this isnt persia,
and whatever it is , its ugly ....

[maryjo]

Persia (as in the themed countries of International City). So, you say that is not Persia. Well do you know WHICH country theme it is from? I don't think it is ugly! Does anyone know if they have started building "Persia" yet?

[Chad]

New tower from Atkins website.

Marina Tower I:

60 Storey, 330 meters



Marina Tower I Residential
Location : Dubai, United Arab Emirates

Client: Confidential
Facility: Residential

Features: Two basements, ground level and three podium parking levels. 55 residential floors of two-, three- and four- bedroom apartments and two penthouse levels - 218 apartments in total.

Size: Gross built-up area of 82,700sqm

Situated at the Dubai Marina, this 60-storey tower features three, externally exposed, stone clad structural column 'legs' that support the building. Rising to its full height, these culminate at the stainless steel roof which, at its apex, supports a mast that extends to a height of 330m.

The 55 residential floors comprise a mix of two-, three- and four-bedroom luxury apartments and two penthouse levels with all apartments facing the sea. The 406 parking bays are located in the basement and three podium levels. Services are restricted to the topmost floor.

The three columns encapsulate a building block divided into six storey height volumes, with the columns clearly expressed above the leisure deck. The leisure deck provides a health suite, an infinity edge swimming pool that faces the Arabian Gulf and boasts a dramatic water feature at a corner.

[Chad]

Emirates Media Headquarters Offices & Commercial
Location : Dubai, United Arab Emirates



Client: Emirates Media
Facility: TV & Radio studios and communications office tower

Size: Two basements, ground, mezzanine and 23 storey tower. Total built up area of 47,100sqm

Status: Winner of limited design competition

Atkins was invited to participate in a design competition for the new Emirates Media Headquarters to be located in the prestigious Dubai Internet City/Media City, a technology based business park, 15 km from central Dubai.

The site is located on the edge of this development in a landscaped environment with extensive views of the Arabian Gulf.

The complex nature of the brief demanded the integration of a secure and restricted TV and radio studio facility with public and commercial office spaces. The brief also required a landmark iconic building that portrayed the image and aspiration of a progressive Abu Dhabi based communications network.

The design comprises a 23-storey tower and a five storey podium connected by a four storey public atrium which splits the composition into two distinct elements.

The atrium level is located two storeys above ground allowing the studio facilities to connect underneath. This offers public views from the atrium to the studios below, thus creating an awareness and transparency of the workings of the network without breaching its security. The atrium also accommodates coffee shops and small retail outlets to service the building.

The tower comprises office space for other media-related businesses. The uppermost three floors are exclusive VIP levels for Emirates Media executives and directors.

The focal point of the composition is the bronze-clad sphere suspended from the 23rd floor, which accommodates the Chairman's office and private theatre.

The palette of external materials includes bronze cladding with acid-etched Arabian patterns that are juxtaposed with the modern stainless steel cladding and black and grey reflective glazing.

The communications mast is located at the rear of the tower culminating at a height of 150m.

[Chad]

[b]Oasis Towers :

Location : Dubai, United Arab Emirates



Client: Mosabih Rashid Al Rashid
Facility: Mixed - Hotel and Residential

Size: Two towers with common podium and hotel foyer. The 30 floor hotel and serviced apartment tower has 154 guest rooms and 140 apartments. The 40 storey residential tower has 210 apartments of one-, two-, three- and four- bedrooms. Total built up area is 122,204sqm

Oasis Towers was designed for the Client to be built on the Dubai Marina and comprises two towers standing 30 storeys and 40 storeys high.

The common triple volume foyer of the hotel links both the towers. The lower floors accommodate restaurants, shops, conference rooms, auditorium, a lounge bar etc.

The 30-storey hotel and serviced apartment tower has a total of 154 rooms and serviced floors of one, two, three and four apartments. The two towers have separate entrances with the hotel tower being linked to the existing Oasis Beach Hotel via a pedestrian bridge.

The 40-storey residential tower has 210 unfurnished apartments of one-, two-, three- and four-bedrooms. The third floor accommodates the pool deck, gymnasium and squash courts.

The service areas are in the basement along with parking bays for 900 cars.

[dazz]

Originally Posted by Chad

New tower from Atkins website.

Marina Tower I:

60 Storey, 330 meters

that tower moved to Sharjah
http://skyscrapercity.com/showthread.php?t=148852

[Krazy]

Saudi's investors confident in Dubai projects

24 March 2005

DUBAI — Saudi investors and businessmen are confident in Dubai's ambitious multi-million dollar real-estate and other infrastructure development projects, according to Khalid A bin Sulayem, Director General of Dubai Department of Tourism and Commerce Marketing (DTCM).

Addressing reception-cum-presentation ceremony in Riyadh, organised by the DTCM's Overseas Representation office for Saudi Arabia, bin Sulayem said the year-on-year growth in Saudi guests to Dubai hotels strong reflects the growing bonds between the two AGCC member-states.

The ceremony was attended among others by the UAE Ambassador, Saied Al Nakbi, Yemen Ambassador, Khalid Ismail, Bahrain Ambassador, Rashid Al Dossary, Qatar Ambassador, Ali Abdullah Al Humud, and Egyptian Ambassador, Mohamed Qassem.

Dubai hotels recorded 7 per cent growth in Saudi guests last year. There was a 9.2 per cent increase in the number of Saudi passengers utilising the Dubai International Airport with over 800,000 passing through.

[mc]

Originally Posted by Snatch

Hey all,

I am thinking of purchasing an apartment in Dubai but with a certain budget limit. I am still thinking about if its better for someone to rent it out or if i should live there if i can find some sort of job. I was hoping for your advice, do you think if i buy it in the next year or so, would it go up in price and can be sold for a nice little profit in say a few years time maybe 5-10 even. Also what is the best and cheapest areas to purchase an apartment/house.

Il be greatful for your advice and also what are the chances of someone from the UK who is from a pakistani background of getting a job over in Dubai with a decent wage which will last me. I am 18 years old and have got qualifications at say high school level and maybe soon to be college level.

Cheers

Snatch,

I can't advise u much about work in Dubai, simply don't know the job mkt there..... but as far as real estate goes, if you are thinking of investing presently in this market, imho - now it is not the time, in fact not the time at all. You are much better off renting, once u get a job - versus bying. The irrationality in the real estate market has reached its peak (and I am not talking only about US Markets here - but rather globaly) and there is no doubt that it is downturnig, and fast. If you check out the latest house-price indicators, it is now much cheaper to rent than to buy a house in many developed countries and major hub cities like NY, Paris, London, Dubai etc.
If one checks out the global house-price indicators in 2002, residential-property markets were just starting to warm up. Today they have spiked & are red hot in many countries : in half of them, prices have risen by around 10%- 20% or more in the past year.

Wait it out - don't rush it. When the US interest rates have reached 7.00% - 7.50% that will be the signal to buy. Then once u buy you hold for 8-12 years and sell for max profit.
Markets go through cycles...if you get in at the right time it will work in your favour. Gd luck.

mc

[Dubai_Steve]

mc, your logic does not apply to Dubai property. Prices are still rising steadily with no sign of a crash because rental yields are still 10%+ (and some say they are rising) so its better to buy now in the correct part of the property cycle not later. Only when rental yields fall below 6% do you need to worry about the market prices slowing. Only if yields go below 4% then a price correct is in store before the next cycle. Also it is cheaper to buy on a mortgage then sell in 10 years for 3 to 4 times the original price (tax free if handled correctly)

There is no need to live in your apartment - just rent it for a nice profit (After paying the mortgage) ie. get your tennant to pay your morgage for you and enjoy a profit also. If you get an apartment suitable for holiday rentals (eg. very near to the beach) you can expect to make a very big profit which you can use to pay off the mortgage early.

Tamweel.ae will give you a mortgage online in a few days (if over 21) on many off plan properties in Dubai for up to 25 years. Payments dont start until completion where upon you can rent it out to pay the mortgage. If you buy off plan you can also expect a 30-40% rise in price when finally constructed.

The other benefit of buying in Dubai is that it is so easy. Just sign a contract - no solicitors needed and no purchasing costs or taxes (apart from your 20% deposit)

You also need to remember that Dubai is slightly different to other markets because of its fast drive to success. With so many huge developments and investment going on (eg. DubaiLand, Palm projects, waterfront etc.) and a huge tourism drive there will always be interest and excitment in Dubai which also keeps prices up. It has only just started.