Any improvement in International city

[zan]

I am guessing most of you are international buyers as International city is a ghetto. It is considered a last resort by all expats in Dubai.

I am wondering if Nakheel has any plans to pick the place up or are they just going to leave it to fall to pieces, not that it isn't already...

Discovery gardens on the other hand is actually very similar on paper yet you drive in their and just wanna set up home... (its about 1000000 for a one bed now).

Basically does anyone see a future there (considering they still have some more phases to go & the rent prices in Dubai are getting even more exorbitant)? or should one stick to something like Discovery gardens which will turn into the next "Greens"...

How is the liquidity at the mo? and what are people expecting in rent (as most places are empty still - its like a chinese ghost town) (ie. the returns)???

[Lsab]

So where have you bought Zan? Are there absolutely no expats wanting to rent in International City?

[zan]

It is mostly inhabited by Chinese, Filipino's, etc. It is seen as a last resort for western expats, every day you read in the local paper (7days)
[won't let input URLs, so search 7days dubai the one article is called apartment left flooded with sewage and the other is in the letters section "more complaints about international city" ]
These are just two that were in todays paper.

As you can see there are a lot of issues. I want to buy a place to live in till I leave here and then sell it and International city is the only one in my budget... My other option is to rent for another year, save as much as I can so I can put down a large deposit to live somewhere else, or start speculating with that money. I know of some people who are making GREAT returns. Just burns a little hole in your pocket when you have to fork out Dhs100,000 + for a one bedroomed apartment, thats why if I go for the second option (to save money) i'll look at renting a place in international city, but would prefer not to...

I'm really liking Discovery gardens! Wow that would have been an investment... (My girly dreams of an apartment are of those) but they are now renting at 90,000 for a one bed and don't think people paid much for those in the beginning...
I have also been told (One of my bosses owns a real estate co. Orange-property com) that Jumeriah Lake towers will be a good investment - but its out of my budget and really sad about that.

I'd be interested to here if anyone knows of any 1 bedrooms for sale under 1 mill (decent sqft) and with 90% financing... oh, it has to be available for occupation in August.

[zan]

If you guys want, I can take some pics of the area and post them on the internet... Just give you an idea...

I have heard different response some people say it will get better cos they are planning on moving the sewage plant (when, don't know) and the there is still phase 2 & 3 coming... and renting is getting so ridiculous people will be forced to stay there... but either way it doesn't sound like a "want" just a "have too" now...

but i thought maybe i'm missing something, (i haven't bought anything before...)

[DeanMakar]

I have just rented out (subject to receiving chq) a 1 bed in K8 Greece for 54k AED. The apartment was better than I expected though the que of sewage trucks and the smell is pretty grim. From speaking to people there, there is growing pressure to either move the sewage works or improve the functioning of it. Despite this they are renting out due to closeness to Marina etc and the rental cost compared to other sites. The apartment and site is pretty basic. However, I bought as an investment and I am pleased with the rental return. Also, being an optimist, with the sewage plant improvement/move(hope) and future landscaping, I see it as a hold for several years.

[Howsbuya]

I think it's OK as an investment. I'm renting out my 1 bed apartment for 55,000 Dhs per year which is a good rate of return. You can buy now for around 60,000 Dhs and get close to 10% return which is not bad in today's climate.
It's got a long way to go to be a community yet, but presumably this will come - it's still a very new development. I believe there are 3 schools to be built, the parks will eventually come, the lake is being landscaped and eventually the small shops will be set up. Hopefully, the sewage smell and trucks problem will also be solved before too long.
I too see it as a hold - for about 5 years I think.
Good luck to all!
HB

[Lsab]

Nice to hear a positive point of view Howsbuya. We're still in two minds as to whether to rent our studio in Greece or sell it. Hopefully picking up the keys within the next few weeks so we'll get a better idea then.

[JohnH]

Hi I dont agree with your post below as there are many western expats renting flats in International city even some western companies (Also Microsoft) who rent a group for staff. It is true that there are a lot of Asians in the development but it is pefect for them as if they travel from their country looking for work they dont have huge salaries. It is offensive to suggest that Asians are prepared to live where others arent as it simply is not the case. The Chinese now have more cash reserves than USA. In every country you have rich and less richer.

Originally Posted by zan

It is mostly inhabited by Chinese, Filipino's, etc. It is seen as a last resort for western expats, every day you read in the local paper (7days)
[won't let input URLs, so search 7days dubai the one article is called apartment left flooded with sewage and the other is in the letters section "more complaints about international city" ]
These are just two that were in todays paper.

As you can see there are a lot of issues. I want to buy a place to live in till I leave here and then sell it and International city is the only one in my budget... My other option is to rent for another year, save as much as I can so I can put down a large deposit to live somewhere else, or start speculating with that money. I know of some people who are making GREAT returns. Just burns a little hole in your pocket when you have to fork out Dhs100,000 + for a one bedroomed apartment, thats why if I go for the second option (to save money) i'll look at renting a place in international city, but would prefer not to...

I'm really liking Discovery gardens! Wow that would have been an investment... (My girly dreams of an apartment are of those) but they are now renting at 90,000 for a one bed and don't think people paid much for those in the beginning...
I have also been told (One of my bosses owns a real estate co. Orange-property com) that Jumeriah Lake towers will be a good investment - but its out of my budget and really sad about that.

I'd be interested to here if anyone knows of any 1 bedrooms for sale under 1 mill (decent sqft) and with 90% financing... oh, it has to be available for occupation in August.

[georgihh]

Originally Posted by JohnH

Hi I dont agree with your post below as there are many western expats renting flats in International city even some western companies (Also Microsoft) who rent a group for staff. It is true that there are a lot of Asians in the development but it is pefect for them as if they travel from their country looking for work they dont have huge salaries. It is offensive to suggest that Asians are prepared to live where others arent as it simply is not the case. The Chinese now have more cash reserves than USA. In every country you have rich and less richer.

The Chinese now have more cash reserves than USA

Yes but the Americans have the printing machine

[SSM]

Zan, stop beating about the bush and say what you really feel about Intl City. Intl City has proved one of the best investments for novice buyers in terms of rental yield (by far better than Discovery) and percentage price increase. Last time I checked there were human beings trying to make a living in Intl City and not Chinese, Filipino's etc. Say what you like about Intl City but don't knock the people. I've invested in Intl City and Dubai Marina and out of the two, from an investment perspective, Intl City wins hands down.