In these uncertain economic times, i ran into an article about the prospective rates of Ajman prices in Dec. 2008
I cannot paste the link but if you go to Emirates Business News 24/7
theres an article by Xavier Wilson which says that property prices have been appreciating in Ajman at a rate of 3-5% per MONTH!!!!!
700+dirhams/ square feet. WOW
by Dec 2008

Chapal by the way is the master developer of Emirate lake towers, and 5th Avenue by proxy

I have received an e-mail from Opensure about the property fair in London this weekend and see they are offering a £3000 discount off 1bed and 2bed apartments. Wonder if this is because they are not selling as quick as they would have liked. The offer is not available on studios. I've received all my payment proof and still very happy with Opensure although wouldn't be impresses if I'd bought a 1bed/2 bed and missed the discount.

heheh every developer i have come across is willing to give discount. i have been offered 485 dhs per sq ft and that was after tough negotiating . am sure i could get some more discount but it shows that developers are willing to sell it as low as 485 dhs when the reported price should be 700 dhs???

Hi Guys! This is my first off-plan investment too, and I'm sure glad I stumbled upon this thread, to see a few more people buying into 5th avenue. I can say that like you guys, I am impressed with Opensure. When I decided to purchase an apartment back in June, I did a lot of research, and contacted a lot of property "brokers" or agents, and many didn't bother getting back to me, or were tied up in meetings etc... it seemed they weren't bothered about landing a deal, but when I spoke to Tariq from Openshore, he was great from the start! All emails are answered promptly (he even emails back after midnight - maybe he is a part-time vampire?), and the signed docs from GSS were also received on time. He seems very professional. As for the developers, I went to Dubai in August hoping to see them as they have an office in Ajman, but ran out of time. All I know is that they are government-backed (i think), or have proven that they are of enough financial muscle to take on this sort of commitment. Opensure say they also do checks on developers before recommending their projects, and I am convinced that GSS have the credentials to give us peace of mind.
UAE is one big crazy project, with cranes in every direction you look! Every other truck on the roads carries rocks or other construction materials! You get the impression that everything is happening there in UAE. As for the Lakes Towers development, there isn't much to see as yet, but behind the large perimetered boards, you sense they are preparing for the massive projects, and it isn't just Lakes Towers - Marmooka, Al Humaid, Emirates City, Green City, they're all happening!
So as far as investments go, I am happy to back this particular horse (or should that be camel?!), rather than Bulgaria, Romania, Albania, Brazil, Tunisia, Morocco, Egypt........

Hi folks,

Got a bit of shock today.

Going to Dubai on Thirsday for a weeks holiday and trotted off to get my Dirhams from the travel agents. I checked with the bank cashier first what the rate was and couldn't believe what I was hearing. 6.08!!! I thought she was wrong until I got to the travel agents and they quoted the same.

EEK!!! - need to get the calculator out tonight to work out how much this 5th Ave baby is now costing. I hope that this goes up in a years time. I've already fixed my rate for 12 months (phew!!!)

.

The Exchange rate overall (on average) should have no effect (unless you are unlucky). The property that you have bought is worth more. If you were able to resell it, even at the price you paid, you will make a handsome profit, as you will sell it in Dirhams and then change back to a lot more £££.
Overall I think the ecxchange rate will settle around 6.5 to 6.8 in a few months.

The rate of UAE dirhams today at the travelex bureau was 5.6! Depressing to think that not so long ago it was 7 or more!
Don't know about you guys, but I think its a tad cheeky for Opensure to use the rate of 7.3 in its brochures to advertise the property prices. Even an e-brochure I received regarding GSS developers new project, the Presidential Tower, quotes prices with this exchange rate! How can they get away with it!
Also, I have seen elsewhere on the internet that Ajman government will not guarantee residential visas for property purchasers, in line with Dubai investors. Anyone know more on this? If so, then again, Opensure cannot market these properties dangling the carrot of residency visas.
SusieQ, if you're back from your hols in Dubai/UAE, what was the exchange rates at the local banks there? I found when I went in August that it was better to change sterling over there than over here. E.g. at Manchester Airport, I was getting 6.45, but at Dubai airport it was 6.6, and even 6.75 in places like RAK!
Although that was then, would the flight pay for itself if you fly over there and get a slightly better rate, when you have to meet the 3-month payments for property purchase?

Hi MaxyzK,

Yes - I think it was really cheeky of them to be advertising stuff 7 Dirhams and we queried that as we were no way going to get that rate. I think 7 was probably the highest rate it went to this year so it looked better!! I bought dirhams forward for 12 months so can sort of relax a bit.

Re the exchange rate in Dubai - can't really comment as I took lots of cash and put the rest on my credit card! Exchange rate coming through on credit card statement at 6.2 ish.

You got a Good rate there SusieQ, considering the state of affairs right now!
With the US elections only days away, traditionally, the US economy has usually picked up after an election, with a feel-good factor buzzing around the New York stock exchange. I sincerely hope this doesn't strengthen the dollar, and batter the sterling exchange rate!
I see that Emaar, one of the Dubai developers, has lost a lot of value in its shares. I can't find any info on the financial position of GSS developers. However, I read somewhere that although many investors from the UK have retreated from buying UAE properties, due in part to their own financial struggles, there are Russian and Indian investors who are continuing to plough money into these projects. Hurray!

I've just received a new online brochure from Opensure and see that they have now revalued the prices of the apartments. They have now set the exchange rate comparison to 5.7 AED to the pound. This is more realistic than 7.3AED as previously quoted. Obviously this now makes the cost of buying much more expensive with the studio that I've booked costing £11000 more to pay over the 3year period. It also values the studio at £184000 after 5 years when previously it was valued at £139000. I guess it's all relative but I'm now realising I will have to pay more. Luckily I booked my rate for the first three biggest payments so am pleased I did so back in August. Anybody else got any more info on this project?