nadia007

I am just wondering if it is worth buying an apartment in the Greens now that its completed. I want to buy somewhere thats ready to move in to. But I understand the prices say for a 1 bed are quite high.
Is there anything available thats about to complete but cheaper than the Greens but also in a good location.

What kind of finance options are open to me as a non UAE resident living in the UK?

Any advice would be appreciated.

Eeyore

The Greens has been complete for years! But it's now got major rush-hour traffic issues thanks to the idiotic placement of the Salik road toll gate. I wouldn't buy *or* rent there personally, not until the traffic problems are sorted out.

Have you considered JBR (Jumeirah Beach Residence)? There's huge availability of very similar apartments, which is keeping prices competitive.

Biene zwei

JBR is a good place to be (on the inside, looking out) get a place with a nice view, beach access, nearby hotels, shopping, etc. Wish |I had bought there

nadia007

Is JBR Jumeriah beach residence?

What about Sharjah near Al Khan lake

Biene zwei

Dont know anything about sharjah
Do yu want t0o buy or rent?

Inselaffen

Sharjah is far too conservative for most europeans/N.Americans etc therefore pricies probably wont increase significantly unless they sort out the transport links to Dubai, which isnt going to happen in a hurry.

Other emirates such as Ras Al Khaimah, Umm al Qwain and Ajman are probably better bets

sinderelle

Check this out

http://www.gnads4u.com/search.html?t...FS&loc=Al+Khan

Rental prices are definately going up, next doors villa is now Dhs120 for a 3 bed, 2 living room, when it was Dhs80 3 years ago

4 bed apartments on Buheriah Corniche are Dhs120-150

nadia007

Is there alot to see and do in Sharjah though? I have heared that $4bn will be spent on AlKhan lake and a new marina will be there too

sinderelle

Not really Nadia

Dubai has the glitz and the glamour of the city and Sharjah has the laid back, easy going country type living (i'm a cornish lass, so Sharjah suits me fine)

Although we have the benefit of 3-year leases that dont rise until the 4th year and central gas

nadia007

what is reasonable for a studio (to buy) in the Greens?

Border Reiver

Can't help with a studio but the 741 sq ft one beds are going for about 1.2M Dhs.

captainflack

You don't really explain why you want to buy. You say you live in the UK but want somewhere ready to move in?

I live in the Greens myself and like much of Dubai it is declining day by day as a nice place to live. For a start, the low rise buildings are being overshadowed by ugly 30-40 story towers on all sides. The Salik 'congestion charging system' (actually, it is a tax-raising wheeze, why else keep it active at weekends and late at night when no congestion?) has forced traffic down the single lane road that runs alongside so that it is permanently jammed for several hours morning and evening. Many trucks and cars now shortcut through the Greens itself to avoid this road, causing jams and 'rat runs' through the residential streets.

It is still being touted as an investment, but there is a massive oversupply of apartments - checkout the marina, jumeirah lake towers, etc. They're desperately trying to stall the delivery of buildings to avoid the inevitable collapse in prices, which is why you see towers shoot up and then sit with the paper wrap on the facias for a year or two.

I remember Hong Kong back in the late 90s. Everyone talked it up and up after the handover, it was a boom economy, the gateway to China, etc. Unlike Dubai, it had a genuine shortage of land. Didn't stop apartments crashing in value by 70% in 2-3 years. Of course Dubai might be different. Different to the US which is crashing, and the UK which is well on the way, and Ireland, and Spain, etc. etc. But why gamble on that for 10 or 20% a year?

I got offered my apartment in the Greens to buy last year by Emaar. I declined, and put my money into gold. I'm up about 60% pure profit since then. The more the world economy declines, the better it gets. Better still, it's all safely in Switzerland and not subject to the wild-west legal system here, sudden new road or building projects as well (there is no public consultation or similar here - they decide and they do it - within weeks).

I run a company here so I don't want to appear too down on the place. But through experience I trade locally as little as possible. It ain't worth the hassle. You cannot trust people here, and contracts are meaningless, plus the legal system is arbitrary and backward. I find it much safer to deal primarily with people in the UK and US who still respect agreements.

If I was going to buy, I'd personally prefer the Marina. At least there you buy the place surrounded by towers already. In the Greens, you pay a premium for 'low rise' but day by day it feels more and more like an inner city oasis surrounded by traffic jams and skyscrapers overlooking your pool area.

More importantly, do not believe the hype - come here and talk to real people and don't trust the real estate agents huff and puff. Mrs Flack worked in real estate for a while, and she left because she did not like having to lie to people to get sales, which is just part of the job.

Just my two-cents.

Cap'n Flack

nadia007

Hi Mr Flack

i appreciate your reply. I wanted to buy something to rent most of the year and have 1 months use or so if it for myself.

I prefer low rise bulidings however I dont like the idea of the towering sky scrapers shadowing you. Can I ask how much Emaar where offering you to buy your place?

Yes people definetly get caught up in the hype of Dubai. Its like you have to buy now because prices are going up so fast. I have heared that they will stop in 2009. Does that mean the price will fall??

I appreciate your feedback

Nadia

Border Reiver

If you want to use it yourself for a month each year then you need to do short term lets which is a whole different ball game. Emaar don't technically allow it. In reality they don't really care as long as the neighbours don't complain but as some point in the future they may crack down. UP and Nakheel aren't quite so fussy.

Personally, for the reasons outlined above, I think the Greens has peaked but the Views might be worth a look.

As to when and if prices are going to crash- well, they can't keep rocketing up for ever but as has been pointed out supply is carefully controlled to keep the market going up. Emaar no longer release whole towers or hundreds of villas all at once to maintain the illusion of supply lagging behind demand. Will that be enough to keep the market rising? If I could answer questions like that I wouldn't need to work for a living, but there is no doubt there are some very smart developers and they can afford to have towers standing empty for a couple of years if it suits them.