Push for another discount. There are too many owners of apartments in The Pad that are offering one bedroom units for just under one million. According to some here, there was an annual 5% mandatory interest payment in the original contracts by Omniyat if apartments weren’t delivered on time. Of course that stipulation was never honoured. This project is 13 years behind schedule. So that alone should make for a hefty discount. Given the vast oversupply of similar units in the area and therefore limited rent out options, the developer should cough up something for this endlessly delayed project.

ramki007 said:

Guys Need opinion, cant make up my mind
Bought 1bd room in PAD( Business Bay, Omniyat) back in 2007 for 1.9 mil AED, paid 1million upfront, after 15yrs they have completed the project and asking me to pay the rest and take possession
right now its worth 1.2mil at the max, what would you guys do if you are in my shoes, they might throw in another 10-20% discount.
Thanks

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Found this quite informative, its the legal steps required in order to obtain a refund for any delayed/incomplete projects.

I understand that developer will not provide any discount, except the interest provision in SPA can be enforced.
If my understanding is correct, in the circumstances you have the following two alternative options:
Option 1 - If you pay 0.9 million, they hand you over 1.2 million worth of property.
Option 2 – If you decide to abandon it, I understand that you get a nill amount.
Workout to Improve upon the cost information of the two stated options by getting the missing information so that you can compare the two precisely and go for the better one..

ramki007 said:

Guys Need opinion, cant make up my mind
Bought 1bd room in PAD( Business Bay, Omniyat) back in 2007 for 1.9 mil AED, paid 1million upfront, after 15yrs they have completed the project and asking me to pay the rest and take possession
right now its worth 1.2mil at the max, what would you guys do if you are in my shoes, they might throw in another 10-20% discount.
Thanks

Click to expand...

today, a friend of mine was at the DLD office where residency for property investment is processed. He found there a lot of people from Russia and even from Ukraine making applications for residency.
Accordingly, we may anticipate an increase in demand of properties here

As rouble plunges, wealthy Russians could boost Dubai property – S&P
Dubai remains a welcoming place for Russian citizens and HNWIs, which could boost demand, the ratings agency said.
As rouble plunges, wealthy Russians could boost Dubai property – S&P (zawya.com)

Reasons why investor interest is increasing in “safe-haven” real estate
The market now offers liquidity, an inflation hedged income flow and safety in one of the world’s preeminent hard currency business hubs. This is a compelling argument for investors both in UAE and abroad.

Reasons why investor interest is increasing in “safe-haven” real estate - Arabian Business

UAE is witnessing a massive influx of investors as the best country for entrepreneurs
Scott Cairns, the managing director of Middle East-based Creation Business Consultants, shares his reactions to the Global Entrepreneurship Monitor’s ranking of the UAE as the top nation in the world for startups and entrepreneurs
UAE is witnessing a massive influx of investors as the best country for entrepreneurs (arabianbusiness.com)

Dubai’s luxury residences sold out amid demand increase
Luxury residences in Dubai sold out as demand for property reaches an all-time high (constructionweekonline.com)

Hi guys,

As i promised in 2020, I said I will come back to this thread in 2022-2024,
Dubai never disappoint, the market talks about itself, the real estate market recovered so fast. After the successful Expo and the new Dubai Visa rules announced, the best yet to come.

Dubai average housing price are considered undervalued not just as compared to other global cities, but also as compared to its historical prices. With the exception of the niche of ultra-luxury property prices that were highly simulated post covid, 2022 prices stand more or less at 2014 price point. Unlike the US housing market that went more than double since 2009 global crisis according to FRED Economic Date.

Dubai property (AED) price change per sqft in 1st Quarter over years:

Losh100 said:

Dubai never disappoint, the market talks about itself, the real estate market recovered so fast. After the successful Expo and the new Dubai Visa rules announced, the best yet to come.

Click to expand...

This is a growth period for Dubai RE and personal property investments and surprised to note no thread posts for the last 5 months.
Noise about the looming global recession is heard across tables but hopefully, Dubai gained strength/positives (post-Covid) will be of certain help in dealing with global impacts better than previous downturns.

Everyone is busy buying or selling, no time to post I guess The thing with Dubai is that it runs in certain cycles. There is always a new influx of residents who will find it affordable and those leaving after several years as they no longer see being in this place sustainable. It always depends on what do you compare to. There is a recent post on Reddit Dubai where someone posted UBS global real estate bubble index and Dubai is on 24th place as a "fair value" market. Having lived here for more than 8 years, I have personally witnessed a decrease in prices every single year until Covid came where market have faced a further sharp decrease. However in the last 2 years property prices, especially villas with pool, have seen a sharp almost 100% increase. Whether this is rational "fair value" as the rating says or irrational is yet to be seen, however I have not witnessed such prices even 8 years ago. Not to mention that from EUR perspective investor, this may not be particularly a hot time given how strong the USD is.

generalmastii said:

This is a growth period for Dubai RE and personal property investments and surprised to note no thread posts for the last 5 months.
Noise about the looming global recession is heard across tables but hopefully, Dubai gained strength/positives (post-Covid) will be of certain help in dealing with global impacts better than previous downturns.

Click to expand...

…..

The introduction of Casino's will change the total game plan, structure of growth for this part the region on positive side.
It will be significant but not easy to gauge the metrics for other Emirates and Dubai.

2023 needs close watch for Dubai RE progression
1. High-interest rates environment for mortgage holders and new entrants
2. Looming global recession fears, lowered GDP forecasts (not UAE !) , Tech meltdown etc etc

The interesting part is Dubai RE decoupled from the rest of the world economy/forecasts - All Dubai developers launching off-plan products with current market prices (check all current launches) and they are all getting sold on launch day!?

I expected and I wrote in this thread for Dubai RE to recover so fast in 2022-2023, since RE was corrected sharply over the last years before 2021.

However, with the many newly lunched projects in 2022-2023, I see the same scenario of 2014-2016 is gonna happen for Dubai RE in 2023-2025, I don't know why the government doesn't regularize the supply/demand. In addition, the interest rate hikes won't stop anytime soon, because these hikes won't affect inflation easily. Meaning, almost only cash buyers will be in the market buy-side.