sinderelle

Well you should be - especially as your special home needs electricity to make your home that little bit more speical than the rest of our homes

When my g/f moved into her nice new Ajman apartment, she had running water for a while, but at least when Deb had no water for a day she could come over for a shower, if you have no electric for a day you won't be able to do anything, you might even get locked into your 'special' home

Investoman_uae

Maybe its just your tower that has a problem with water?? Have you complained to the landlord? Or property management company?

As far as am concerned, investing in Ajman is a long term investment and not a short one like in Dubai or Abu Dhabi. The price is much lower anyway... installments are as low as 10,000 every month... sometimes the developer is flexible and allows me to pay it every 3 months.

So whats the risk?? Rents are high in Dubai. Sharjah is fully occupied and the Shiekh has stopped developments for the next 5 years. Now, Ajman on the other hand is considerably cheaper in rent and with rent prices rising in Dubai... I think people will not have a choice but to move noth-east.

Who can afford 100,000 for a one bed... when they cost as little as 40K in Ajman. Thats what it costs now,... so by the time the apartment is complete in couple of years... the rent will be much higher... and thats a good return on a one bed + study with lake view which costs me 450K. Do the maths.

I know there is a risk of power, etc.../ but every investment has its risk... look at the dubai investors... they are strugglin to pay their installments and wanted to flip etc.... I can pay my ajman installments since they are low.

I also bought an apartment in Abu Dhabi... Al Reem Island.... now thats another story altogather. But we will talk about Ajman for now.

Inv.

Blue Cat

who will rent your apartment when it is finished? Ajman isn't exactly well known for it's industry?

Investoman_uae

Those who cant afford Dubai rents And since 80% of the population are no where near bein able to afford Dubai Rents I am not worried. Just look at Sharjah... people are prepared to get stuck in traffic for 2 hours every morning in order to pay a lower rent. Thats just the way things are... people cant afford 100K+ a year for a one bed in Dubai.... they gota be gettin 20K a month salary in order to pay that.

I am not sayin it will rent out straight away... theres alot being built... and most likely quality will vary. Ive just done my research and thought il choose a somewhat unique apartment amongst the lot. . . with full lake view, 23rd floor, and its got an extra study room.

Inv.

Investoman_uae

Ajman I believe is like Dubai years back... when Dubai had power issues too and rents were low and demand was just growin at a slow pace. People today regretted not buying back then.

Anyways, it costs me 65,000 pounds back then. Now with the exchange rate changed, it would cost 75,000 pounds LOL. It jumped from 7dirhams to 5.8 dirhams a pound.

Inv.

W10

Apart from the other arguments already stated here (and FEWA has stated several times this year its concerns about meeting power and sewage supply for all of these projects), how do you think Ajman (an emirate with no infrastructure) will cope with the slowdown.

If prices keep falling in Dubai and people are panic selling, what makes you think they will go to Ajman?

Investoman_uae

Well right now, lets look at the situation. Too much is selling and very few are buying (if none)... people cant afford it anymore and cant raise finance for it. So this automatically has pushed people towards the lettings market.... this is why rents are not droppin as fast as prices are.... because this automatically craeted more demand for letting space. if people cant buy to live, they will have no choice but to rent.

Now since people are lookin to rent .... they will try to get the best dreal (cheapest) and with current financial crisis, they are lookin for the cheapest rent they could find.

If things continue as they are.... this will push people to consider rentin outside the borders of Dubai. My colleagues who work in real estate say they let a whole building in Sharjah in one month. why? Because one beds are 55k and 2 beds are 75K. ALOT cheaper than Dubai.

Ajman is a different market all togather.... there is no banks financing those projects and this is why the prices are low... so whoever wants to invest has to invest in CASH.

Once they are completed in 2-3..... I reckon there will be demand as it will still be cheaper than Dubai. This is all of course hypothetical.... I dont have a crystal ball.... so I am just sayin if things continue as they are... demand will shift to cheaper areas... in rent and prices.

Inv.

Blue Cat

you couldn't buy then so it is irrelevant.

Investoman_uae

I was referring to the period of 2002 when the freehold market kicked off. People in 2008 regretted not buying back then i.e 2002.

Inv.

W10

Personally speaking, I don't think many people will look beyond Sharjah unless the road infrastructure improves beyond belief

sinderelle

Not my problem - g/f's problem

Yes of course, they complained to the Management Office/Landlord/AEWA - this has been going on for nearly 12 months - all sorts of buck passing and bullsh*t going on and still no consistant water.

Not sure if it's just their tower as we don't know anyone else in Ajman - but when we lived in Sharjah for 3 years we also had water and power outages on a regular basis also.

As a renter you can say - oh well - xx months til the Lease runs out, as an Owner it's your problem

saleca

I have to add to this.

Moved into this area's so called most prestigious building 18 mths ago..to this day it has still never been cleaned ( including the windows with the view you cant see much of thru the muck)...so called Health Spa was never put in. Lived in a building site for a good few months. Rats got in the foyer ceiling and air cond at the beginning and we have smelt maggots ever since..Sharing one sewerage tank amonst two highrises (apparently) and frequent overflows in the beginning and the street akin to International City but things have improved there. But the sewerage trucks are there wining constantly and without proper traps under the kitchen sink..all the lovely aromas backflow into the apartment..not to mention the curry smells that occasionally infiltrate. Stairs dont have lights on many floor sand full of rubbish, ( not exit signs and the light switches are behind the doors) poorly finished and constructed...oh and the old lumpy village roads remain while about 20 skyscrapers spring up nearby with no capacity for road expansion..it is already a traffic disaster. Rubbish, stray cats...do I need to go on!!!
Any requests for maintenance have been met with eviction threats and then they had the temerity to put up the rent. With a shortabe of accommodation and exhorbidant rents elsewhere there was no choice to move.

Good luck with your investment.

Ps: While this year the sea looks clean..last year it was full of brown muck..dread to think what.. all these tourists at a hotel across the border were swimming in it..ugh????

Roadking

But apart from that, I have these beans I'm willing to sell really cheap. Only $100'000 each. I have three of them and they are magic. Honest. Trust me, my fadder was a guverment minster...

Investoman_uae

Saleca,

Sorry for your bad experience. Obviously there is no excuse from the landlord's part and sometimes with alot of bad luck you end up living in such conditions.

I just believe that those projects on Emirates Road have good developers (not local) with experience and who are already building in Dubai... so their standard is better. I have researched the developer I bought from... they are well established and have good projects goin on in Dubai as well.

Of course the finish is promised to be "high quality" but no one will know until its completed. I am guessing the apartments there will let anyway due to shortage of supply. All this assuming power will be available in 2-3 years when those towers are complete.

I kno there is alot of risk involved with Ajman but for now, I dont think anyone can invest in Dubai considerin the crisis and the high inflated prices.

You have the option of buying a one bed with 65,000 pounds in Ajman or 250,000 pounds in Dubai. Which one will you be able to let first? 100K+ a month? Or say 55k a month?

I dunno, all this is of course hypothetical.... anythin can happen right now.... if the government for example announces there will be no power till 2015... well, am buggered ....

Inv.

sinderelle

Oh Sh*t Saleca

I´ll tell Deb to think herself lucky with her water problem then