I am also in the process of going through the contract and signing very soon.
I am not used to this fixed rate over spot rates business, HiFx rep tells me it is better to fix at this stage due to the dirhams being pegged very soon with the Euro rather the the dollar, what are your thoughts on this. I realise that it comes down to how much of a risk taker you are and your perception. I am interested on other pepoles thoughts on how they have in teh past or how they will be sending the instalments ?

Depends on what currency you already keep your money in and how well it is doing

Don't forget currency dealers would try to convince you to go for the fixed rate as it would be a better deal for them, e.g. pound to aed is currenly around 7.3 on the spot rate whereas the fixed rate i was offerred was 6.7
they would try to convince you that AED would go up in the next few months (this pegging and de-pegging business) so better to fix a rate, but realistically they would'nt be offerring you the deal if they genuinely believed in that, as they would be the ones losing money

I personally decided to go for the spot rate - BUT always keep an eye on the market - it's never late to fix a rate if you felt your currency is falling against AED

Cheers Mazi, That is the impression I am getting from them and have decided to keep track of the rates and decide per installment.

Hi Sands

Pacific isn't actually an island itself. It is a project on Al Marjan island

Hope that helps

i was told a couple of weeks ago that studios in samoa were sold out. not sure about the other building which has studios.

Thanx a lot dear..I had no idea. Can you provide me details on Dana Island. Are there any small plots available on sale without premium?

No idea about Dana Island, sorry. Perhaps you could try the Dana Island thread

On the subject for forex, I dont think HiFX are taking any risk in the forward rate. They will be getting the forward rate from the market.

You are being quoted a lower exchange (6.7 I think) than the current spot (7.3) becuase of the way the forward contract works.

Without getting too technical, you are agreeing to buy AED for GBP at some time in the future. But, for that time period, you are earing interest on your GBP and the seller is earning interest on the AED. Now, it is not fair that you might make more interest than the seller, so the exchange rate is adjusted so that you both come out even.
Of course, hiFX will be making some commission for arranging the deal for you.

All this becomes interesting when you are on a 15 year payment plan, becuase the currency movements can have a big impact on what you actually pay.

Apart from the USD peg issue, which I dont think will be dropped, there are also the discussions about the single GCC currency in 2010. Do some google searches on the news to see.

Personally, I think a single currency will strenghen the region and result in more investment which would, hopefully, cause property inflation.

hi:

i have bought a few plots on dana island bruilliant location from adams estates co uk . you can try to call them or view their website. the plots are not on the website.

call adams estates on 01924 467 467 they have plots with no premium.