I noticed sterling has weakened against the AED in the last week, I have an installment due very soon and was wondering what has caused this considerable drop in the space of a week. Only 2 days ago inflation figures were released in the UK , so wondering if that would have any bearing on this?

AED is "pegged" to USD (as you probably know)

The market's view of interest rates has changed so over the last few days USD is lower against GBP ie you now get about 1.87USD to 1 GBP.

Because of the peg, that means you get less AED for GBP also.

In other words, GBP/AED will move in the same way a GBP/USD.


I have a payment coming up too. I'm not sure we will see an exchange of much over 7 AED anytime soon, so I think it is a case of getting the best possible exchange over the coming week.

You can see the exchange rate trend here...

GBP to AED Share Price Chart | GBPAED=X | | Yahoo! Finance UK

I hope that helps.

Inflation in GB has risen to a 16year high.It is now almost certain that the Bank Of England will raise interest rates to help stall inflation from rising anymore.

guys,

I am looking at the Pacific development, what's the AED/sqft when you buy?

The latest is around 1400 per sqft, and is it too late to jumb on the boat now?

heheh cool am making 30,000dhs in a week which is pretty good for RAK.

benho go for it before it is too late. prices in Dubai "desert" are 1500 dhs per sq ft. Dubai "beach" projects are fetching over 1500dhs.

pay select property a visit i know its too much but if you go for their lenghty 15 year payment plan with interest it is still safe. i have gone for the 15 year payment plan just to be on the safe side and after June 2009 i will be paying 12,000dhs after every 3 months.

last i heard they have sold out the studios but i might be wrong.

Some interesting info in Select and their activities..

Select to build new £100m block in Dubai - Business - News - Manchester Evening News

Hi alexi62 who do u use for re-sales in RAK?Are there any agents you can recommend?

regds

After doing a lot of homework and looking through this thread we have taken the plunge and purchased a 2 bed on the 6th Floor of Bora-Bora, so rather than being a bloodsucking taker from this forum I now hope to be a giver I decided paying 1650 psf for a apartment in Links View DSC was to expensive - I hope that I have made the right decision

We have received our contract but I was already fully aware of the points made throughout this thread and therefore there is nothing that causes me any great angst in the conditions stated. Like others I would have liked to see some sort of penalty clause for lost rental after 18 months late completion but then again as other have stated at least there is some sort of redress I suppose.

Did any UK purchaser employ rhe services of a law firm to read the contract prior to signature and if so what did they charge and did they raise a large list of comments. My prior experience of employing the services of a law firm to review a contract for purchase in International City was that I paid £150 for them to run a quick eye over the contract and make a few noises but claim as it was not a contract under direct UK law it looked ok in principal although they were not prepared to raise any objections in writing

The only thing I cannot decide on is whether to go for the SPP or the LPP. I am tempted to go SPP. I will be paying all the instalments out of my UK mortgage facilty at a rate of 6.5% pa whereas it looks like the LPP interst rate is about 8.5% pa. I would appreciate any helpful advise on this point - what did I say earlier about giving

May I wish all other Pacicific Investors from this forum a very profitable adventure in RAK.

Regards,

Bruce

I have also purchased property from the same developer but on a different development.Contracts don't often come in your favour although I believe Select Property keep purchasers more up to date that other developers.

Reguarding payment plans I financed my purchases myself from home and did'nt takeout any payment plans,I now reget doing this.

I found it much harder to get a buyer when trying to sell.The buyer must provide all his own finance and can't enter into a plan as the developer has already been paid and won't offer any finance.To get a mortgage in Dubai the development must be complete.

Investors don't like to put out to much money up front and also could have a lot of money already spread out between different developments.For this reason I would recommend LPP as a buyer can take over from where you leave off and then only paid you the difference.

Talk..................UK..

Guys, does anyone have any updates on when the ACTUAL construction will start?