Dubai Creek Harbour is not just missing the mall and tower, it's missing the other access roads, the park, metro, and they haven't let the water in on all sides of the island. Also the coolest buildings - The Grand and Address Harbour Point are not completed yet. In the future it should be possible to walk all around the outside of the island enjoying the water and downtown views and go to the park in the middle, more shops, good access..and overall should be a nice place to live.

Because there’s literally nothing to do there. There’s a KFC and a supermarket. When shops, bars and restaurants will start to open, people will start to consider living there.

dxbpropinvestor said:

dubai creek harbour hasn't taken off

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Prices, rents rise by up to 5% in popular Abu Dhabi locations during Q1

Potential investors and buyers in search of affordable apartments have favoured freehold suburban areas like Masdar City and Al Reef, while those interested in luxury apartments have shown a preference towards Al Reem Island, the report noted.

I'm also an investor (in a studio) - I can't believe how bad Cayan's Customer Service (CCS) has been over the last 2 years since the project stood still - they didn't tell me anything and don't reply to e-mails. I live in the UK and couldn't travel due to Covid since last March. I have complained to RERA etc. I finally got an e-mail last month from CCS only really saying that they will contact me when there is any update (!!!). I think according to the Contract we can only get our money back if we sell our unit/s. Where are you, what have you done in investigations/complaints and what responses have you got ? You can reply to my message inbox because I don't think talking here may be allowed. I'm never investing in Cayan or Dubai again - the bureaucracy/paperwork/etc is always changing and extra payments are requested before you get Handover as well.

1) Burj Khalifa will be will unrestricted..in between there is no open plot and only old town whichis impossible to demolised for many years.

2) As compare to price it’s better then otherbuilding.

3) Annual rent is around 7-8%

4)Holding is best option..Dubai will b expensive in coming years

adeep said:

Hi.. I have a few questions about this property - appreciate if members can share their views.

1. Will the view of Burj Khalfa always remain unrestricted? Or is there any chance of redevelopment and another building coming up in between?
2. How would you rate the Burj view from here compared to other downtown residential buildings.. say on a scale of 1-10
3. What is the assessment of annual rent for a 2BR (~1050 Sq Ft) middle floor (~25th) Burj Khalifa view apartment?
4. Getting offers for Booking value + 10% .. Looking at the market, is it worth holding on?

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Unbelievable


“At Dh361 million for a 1 million square feet tower, the price comes to about Dh360 a square foot – that’s lower than what you get in International City.”

We just need 361 forumers to chip 1 million each and we can together be a property developer. 🤪

noir-dresses said:

Unbelievable

Hotel part of Dubai's unfinished Marina 101 skyscraper is up for auction on May 26

Property owners at 97.3% completed Marina 101 rush to find status of auction

gulfnews.com

“At Dh361 million for a 1 million square feet tower, the price comes to about Dh360 a square foot – that’s lower than what you get in International City.”

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It has now been confirmed that the 32 floors making up the hotel portion of the 101-storey structure have gone on auction and buyers can place bids until May 26. The reserve price of Dh361 million is set only for that part, owners of the residential units have been assured.

The price is for the hotel floors only (which is 32 floors only), in case if you didn't read it.

Like I said unbelievable. Those are bargain prices if true, and have good investment potential in that location.

Losh100 said:

It has now been confirmed that the 32 floors making up the hotel portion of the 101-storey structure have gone on auction and buyers can place bids until May 26. The reserve price of Dh361 million is set only for that part, owners of the residential units have been assured.

The price is for the hotel floors only (which is 32 floors only), in case if you didn't read it.

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Apparently the price was still to high. No bids at all at the auction.


This is dreadful for all buyers of the Marina 101 residential appartements. They have been waiting for over a decade now and the financial mess just gets bigger and bigger. Again another financial debacle for people who invested in Dubai. Hopefully this kickstarts a full overhaul of laws and regulations so that small investors are finally fully protected against the many rogue developers that operate in the emirate.

noir-dresses said:

Like I said unbelievable. Those are bargain prices if true, and have good investment potential in that location.

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One question I feel like asking in that regard: Would such an overhaul make it difficult for the established actors in the sector to survive?

I mean, at this point I'm wondering how much of the whole real estate sector is built on a shoddy approach to regulation. It may not be in everyone's interest to take that bit away. Is the ease of being a "rogue developer" part of the reason why Dubai has such a large real estate sector? If so, the government may think that regulations would be like shooting themselves in the foot. If the rules are tightened, many actors may not consider it worthwhile to continue, and the domino effect of the real estate sector downsizing could hypothetically do the economy worse than allowing rogue developers to continue.

Tokodo said:

Hopefully this kickstarts a full overhaul of laws and regulations so that small investors are finally fully protected against the many rogue developers that operate in the emirate.

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Maybe that’s true, but given the constant negative media attention worldwide, it’s not very positive for the overall image of Dubai. The next failed project up for auction seems to be a project called The Taj Exotica Grandeur Residences. Another one in which many people were scammed and lost big sums of money.

Is that the Taj on the Palm, if yes that was on the verge of being completed back in 2014, but everything stopped.

Just yesterday I read Emaar are saying sales from January to now have risen 250 percent. I'm not sure if they're getting those statistics comparing pre Covid or during Covid?

Honestly I don't know what to think because I don't know what to believe anymore.

Another big one in trouble:

Things are much more positive for the Dubai property market compared to just a few months ago. So many people came to Dubai to escape dumb lockdowns in their own countries and many of them buy property. If you look at the prices of Emaar launches in Emaar Beachfront for example, the prices are way higher now (20%+ increase) and they sell out in days. There is record sales volume. They are still limiting new launches and supply.

So although there are still issues, the market has probably bottomed and so this thread should be more positive and less doom and gloom. I think since these projects that burned investors, rules have changed regarding escrow and payment plans tied to construction milestones etc?

Dubai laws regarding property development, construction quality control, consumer protection, property sales and property aftersales, need a complete overhaul. Yet the many PR campaigns that Dubai launched this year seem to communicate no intentions in that direction. When people outside Dubai start telling their family, friends, colleagues and others at meetings, social gatherings and on social media, that Dubai is the safest possible place to invest your savings in properties, a place where a deal is a deal, a place where promises and agreed timeframes are kept, a place where building and regulatory quality is key and where the government guards your rights to the highest international legal standards, then Dubai has the cheapest and best PR campaign it can get. Word of mouth will always beat the biggest army of clever PR executives. But Dubai is still very far away from that. Look at the enormous number of stalled projects and the thousands of victims who lost their savings because of it. It’s still a place where rogue developers and property agents can get away with their scams.

Don't believe anything!

Address Beach Resort 2 bed (small) units for sale at +4 million. The prices on the market for this project is completely skewing the market price for JBR now. Some very strange things happening with this developers stock of unsold units. The 52 42 towers still being delayed handover. I don't think it is unreasonable to assume that developers might delay handover to avoid adopting the service charges liability for the unsold stock. They always manage to show ridiculous profits YOY but if they applied true market valuations to their unsold stock, the position would be ,,,,,, not good.
On a positive, we had a lot of units on the secondary market in Dorrabay last year at silly low prices which weren't moving. Then at the beginning of this year everything was suddenly snapped up. I think investors visited The Address, heard the asking prices then decided to buy elsewhere at more reasonable rates.

All the major developers are sitting on a pile of unsold stock. I guess one day the market will bounce back and hopefully we can all reap the benefits. Unfortunately I can't see any new units achieving double digit rent returns. Those returns will be reserved for the mature properties in good locations with real views.

noir-dresses said:

Is that the Taj on the Palm, if yes that was on the verge of being completed back in 2014, but everything stopped.

Just yesterday I read Emaar are saying sales from January to now have risen 250 percent. I'm not sure if they're getting those statistics comparing pre Covid or during Covid?

Honestly I don't know what to think because I don't know what to believe anymore.

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I'll just leave this here.

Great, but can you tell us what this graph is showing?

mdomiati said:

I'll just leave this here.
View attachment 1675796

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