hi,
i work as a freelance property consultant. the rental for IC Eng is 50-55k, with 1,2,3,4 checks...the selling price is 550-560k, you would only need to pay 1% commission to me, the rest will be bourne by the buyer... i can arrange all this for you, if you are interested then either send me an email alongwith the first page of the contract or call me on my sell phone 0097150-4526729

Regards,
Imtiaz

I have a studio in the same building as you - top floor. Not sure whether to rent or sell. Did you find a buyer for yours - if so how much? Have you heard anything about handover date yet?

hi,
in my opinion it will be sold for around 610k net to you plus the other charges...since this is a 937sq ft apartment, it is spacious compared to the other 1b/r apts, it should get you 55-60k rent... if you want to rent it for short term then i suggest u furnish it, this way u will make more money...if u want to rent it annually my advise dont furnish it.
any further details u want i will try to help u..
regards,
imtiaz 00971504526729

IC prices are cheap

I have bought a studio 2005 mid for 237000 DHS
At the end I have paid total of 258000 inclusive of all the charges from building owners
Government and agents
OK 260000DHS
With 10% interest per year that’s makes it 300000DHS.
Today if you get net 340000DHS its OK
So 40000DHS profit – not bad but not much
The rent is almost 42000DHS at the moment.
So if I don’t get 420000DHS net I won’t sell.
And even for that price I still get 10% out of the selling price
And this is the only place in Dubai with that much return

Conclusion – The prices for a studio will pass 400000DHS in a very short time.
Do you agree?

Georgi, u made me come back to these forums.

I have no knowledge of where you are based , but u certainly don't sound you are living in Dubai, but i will give you a perspetive of the gain you talk of is actually a loss.
You bought into IC in 2005 and you or anyone else out there got your hand over in 2007, thats 2 years into completion. Now, assuming i bought the studio for 267k and i live in the UK and 2 years ago £1=5,5 dhs ,today its 7.5dhs, thats a depreciation of 40% of the dirham in value to the pound!!!!!only on currency fluctuations.Not to mention people who paid in full on borrowed money lost out on mortgage or loan repayments of i'd say 5.5% per annum roughly or people who didn't borrow lost interest, so on 267k dhs appx 28-30k dhs lost.
Studios are flooded in the market and if you are lucky to get an annual rent of 40k dhs, have you taken into account , maintenence charges,furnishing the property, taxation in the country where you live(if not living in Dubai), mortgage repayments which have gone up 20% at an average,agents fee,traveling to and from to dubai...etc etc.
So, the 10% return you speak of is just what the agents show you as a dream, relistically you will be lucky to get 5-6% nett.

The capital appreciation is done, your apartment jumped from 267k to 360k today, that is only a gain of 34 %,with morgages hard to get and hard to maintain i expect a great crash rather than a gain.
I made a contribution to this forum earlier when times were much better and things still looked rosier, and back then i said cut and run.....i suggest again you still have time CUT AND RUNNNNNNNNNN!!!

The cash you get from selling your property deposit it into a bank and get 6,8% interest on it and wait for the markets to collapse and buy once again.

__________________


BE HUMBLE OR YOU'LL STUMBLE

Until the market collapses lets say 2 years from now I will loose 10% from transfer charges and 20% percent from rent
On top of that if the $ gets stronger against the Euro I can loose another 10-15% from the rate exchange.
And I don’t think the market will collapse before 2012 at the earliest that’s 5 years from now.
I am predicting 2012 as by that time the market will be really saturated with buildings and there will be not enough people to occupy even 50% of them.
I will sell my flat 2009 year for 420000net and will have 110000Dhs in my pocket from 3 years rent.
That’s almost 100 % profit in $ for less than 4 years.
Than I deposit the money in the bank and wait until the EURO starts loosing against the $.

I seriously like ur optimism. You certainly have a crystal ball through which you see nothing but PROFIT. Well, my friend, from here the dollar can only go down, that is the reason why china with 255billion dollars surplus is buying assets in other countries and spending its dollars, similarly Warren Buffet is buying the Brazilian reals, the best performing currency, the way for the dollar is down, with Fed Looking to cut interest rates, Saudi also thinking of losing the dollar peg.
The next cut in rates by the fed will give the morgage payers in Dubai a respite, and give rise to a smaller boom, but that would be the ticket to sell, after that you are looking at $1,65=1 euro and $2.25=£1.
This is US being clever to be honest, its slowly wiping out its debt by devaluing its currency by 30-50 % in 5 years, but USA is clever why is UAE holding on to the dollar, its devaluing its currency, properties and giving rise to inflation. My best wishes to all those brave hearts out there.

__________________


BE HUMBLE OR YOU'LL STUMBLE

The USD is going to retrieve.
What goes down goes up again.
In a year time if the Euro remains at 1.50 to the dollar and the pound above 2.00 to the dollar the things will change.
My point is - take your time, wait for 2 years (maybe 3) and you will be awarded.
On the other hand, The local authorities need to make the market attractive until at least 50% of their building are sold out.
They have the money to back up the property business.
If people are not happy Dubai is over and will never pick up again.
In 2012 when most of the properties will be sold out they might start cashing up but
until that time nothing will happen.
For example in IC they haven’t sold half of the china cluster the whole Russia cluster and
most of Greece and France .
This is a game which doesn’t apply to any other country.
At the moment 70 % of Dubai Marina, JBR, Palm, World and other ready prestige developments are empty, Why?
Because they have the money to manipulate the market and they can keep them empty for another 5 years.
Discovery gardens most of the building are ready but nothing delivered.
IC - all the delays are because Nakheel trays to manipulate the market.
Ok Dubai is not the best place to invest but if you are clever you can still benefit.
At one stage this place will blow but when nobody knows.
My suggestion is 2012

Thanks
Georgi

georgi, u spoke too soon, the fed cut the rates yesterday and i really didn't expect them to be cut so soon. This means the dollar has dipped even further taking the dirham with it. Today £1= $2.0789 AND HEADING TOWARDS THE PREDICTED 2.1 BARRIER AND FURTHER.
What will this mean for Dubai's market, well the mortgages are becoming cheaper slightly but ur investment has devalued considerably as the dollar has slid. This also means US ECONOMY is in a very bad shape and they don't want to admit it but i say its in reccession, this means bad news for the world.
Has anyone checked what $100k can buy you in florida? well, a four bed detached house with a swimming pool, now would you buy a studio in Dubai or a 4 bed new built house with a pool?.....still time...CUT AND RUN.

__________________


BE HUMBLE OR YOU'LL STUMBLE

Hi,

Nice chatting to you
All of your comments make sense
But
If I sell now I might regret after some time
The same scenario happen to me in South Africa
I bought a flat and the prices didn’t change for 5 years
I was lucky I didn’t sell the flat during that period. Unexpectedly the price tripled in a period of 3 years and I sold the flat, paid my bond and end up with a lot of cash.
After that I bought in Dubai.
What I want now is to double my money and I am not far way.
My total spending for the studio exclusive of the service charges for the first year is 252000 DHS I have bought the flat July 2005
I am getting a rent since April 2007 - 38000.00 DHS
If I sell the flat for 420000.00 net august 2009 I will exactly double my money and I will
End up with 500000.00 DHS.

PS. The rent from April- July 2009 will cover all the service charges and extras


As a summery I will double my money in 4 years and than cut and run

What do you think should I sell now or stick to the plan?

Please don’t calculate the rate exchange and the interest rates as I had $ cash