If there was a property crash in Dubai..
May 15th 2007, 4:56 pm
#331
Just Joined
Joined: Mar 2007
Posts: 6
Re: If there was a property crash in Dubai..
Can't afford to live in the Burj Al Arab, go buy in the Burj Al Arabi
It is becoming a joke now - some silly announcement or the other every couple of weeks - biggest this, longest that, 'only one in the world - yeah no one else is stupid enough to build such energy inefficient buildings) palm, torch, human, dhow, sail ......
Now we have a huge 'glass man mountain/building shaped like a human in Arab dress'....
http://www.gulfnews.com/business/Rea.../10095732.html
It is becoming a joke now - some silly announcement or the other every couple of weeks - biggest this, longest that, 'only one in the world - yeah no one else is stupid enough to build such energy inefficient buildings) palm, torch, human, dhow, sail ......
Now we have a huge 'glass man mountain/building shaped like a human in Arab dress'....
http://www.gulfnews.com/business/Rea.../10095732.html
I'm thinking of buying property on the Marina this year but don't know wether it's worth the risk or not. Can anyone help me?
If so please e-mail me: [email protected]
Thanks all help is appreciated and if anyone is ever looking for info on the UK you know who to contact.
May 15th 2007, 7:32 pm
#332
Just Joined
Joined: May 2007
Posts: 8
Re: If there was a property crash in Dubai..
Thanks for all those excellent answers and the link –Gareth’s analysis rings right –and ultra-well-expressed-one of the reasons I asked was because two days ago an estate agent in Dubai advised I go straight into off-plan and I replied: (true correspondence)…………………
``Dear ( No names to protect the guilty) Off-plan fan, (estate-agent based in Dubious)
Your answer was breezy to say the least.
1) You virtually say: `Don't bother to buy-to-let with only 160K CASH’.
(Very strange for an estate agent)
2) You say off-plan leverage is the ONLY way to go.
Plain weird when you look at EVERY SINGLE market forecast all over the world about supply and demand in Dubai. If you are so confident with other people's money on off-plan, take a look at these figures:-
High-rise Building Statistics for Dubai
323 approved
319 under construction
253 completed
17 never built
14 on hold
10 proposed
(c) 5/2007 Emporis
Your off-plan reply for Dubai seems a quick way to pay long-term (like ten years + possibly) for something which you very possibly will never recuperate’’ …………..from Ourang
(Long reply from agent off-plan to say how `I must have been offended by him suggesting off-plan)
My second reply to his reply:
Dear off-plan fan,
I was not `offended’, I was referring to the content not the hit-and-run style.
If you say 2+2=5, Sir. I am not `offended’ but ………………
To say off-plan works in Dubai needs quite a lot of justifying I would have thought when I read all over the internet:
1) that buyers are now in short supply; a price-cutting downturn
has started,
2) two-year build-delays;
3) big management service hikes;
4) change of specification during builds
5) hard-to-obtain and high mortgage rates
6) hidden charges eg. NOC to sell fees
7) doubling of available Dubai units coming up in 2008-9,
promoting off-plan in Dubai right now is `blue sky thinking' surely? It needs some explaining.''' From OURANG::
But interesting is that other agents around the world don’t seem much better, one promoter sent me an incredible `Rental projection table’ that WOULD NOT PRINT OUT or copy onto a Word file. It magically disappeared! Thus I cannot send it on for a laugh. It came with this health warning below……………..
`This E-Mail message contains information from …………………. which may be confidential, proprietary, privileged or otherwise protected from disclosure. The information is intended to be used solely by the recipient(s) named above. If you are not an intended recipient, be aware that any review, disclosure, copying, distribution or use of this transmission or its contents is prohibited. If you have received this transmission in error, you may not copy or use the contents, attachments or information in any way. Please destroy it and contact the sender shown below by telephone or return E-Mail. This message is provided for informational purposes only.
Please Consider the environment. Please don't print this e-mail unless you really need to’'''
Confidence-building-we practically have to eat and swallow any emails he sends. Actually I COULDN’T print it out because they’d put in a ghost field to wipe the evidence! I had forgotten about how sensitive estate agents and developers are towards the environment ……………………. More likely consider our legal bills if our rental forecasts turn out to be hooey! Back to the drawing board. Where are the ethics? (Answer-said with a lisp- `Near Thuthex’) Incidentally, the express-train metaphor is brill.
``Dear ( No names to protect the guilty) Off-plan fan, (estate-agent based in Dubious)
Your answer was breezy to say the least.
1) You virtually say: `Don't bother to buy-to-let with only 160K CASH’.
(Very strange for an estate agent)
2) You say off-plan leverage is the ONLY way to go.
Plain weird when you look at EVERY SINGLE market forecast all over the world about supply and demand in Dubai. If you are so confident with other people's money on off-plan, take a look at these figures:-
High-rise Building Statistics for Dubai
323 approved
319 under construction
253 completed
17 never built
14 on hold
10 proposed
(c) 5/2007 Emporis
Your off-plan reply for Dubai seems a quick way to pay long-term (like ten years + possibly) for something which you very possibly will never recuperate’’ …………..from Ourang
(Long reply from agent off-plan to say how `I must have been offended by him suggesting off-plan)
My second reply to his reply:
Dear off-plan fan,
I was not `offended’, I was referring to the content not the hit-and-run style.
If you say 2+2=5, Sir. I am not `offended’ but ………………
To say off-plan works in Dubai needs quite a lot of justifying I would have thought when I read all over the internet:
1) that buyers are now in short supply; a price-cutting downturn
has started,
2) two-year build-delays;
3) big management service hikes;
4) change of specification during builds
5) hard-to-obtain and high mortgage rates
6) hidden charges eg. NOC to sell fees
7) doubling of available Dubai units coming up in 2008-9,
promoting off-plan in Dubai right now is `blue sky thinking' surely? It needs some explaining.''' From OURANG::
But interesting is that other agents around the world don’t seem much better, one promoter sent me an incredible `Rental projection table’ that WOULD NOT PRINT OUT or copy onto a Word file. It magically disappeared! Thus I cannot send it on for a laugh. It came with this health warning below……………..
`This E-Mail message contains information from …………………. which may be confidential, proprietary, privileged or otherwise protected from disclosure. The information is intended to be used solely by the recipient(s) named above. If you are not an intended recipient, be aware that any review, disclosure, copying, distribution or use of this transmission or its contents is prohibited. If you have received this transmission in error, you may not copy or use the contents, attachments or information in any way. Please destroy it and contact the sender shown below by telephone or return E-Mail. This message is provided for informational purposes only.
Please Consider the environment. Please don't print this e-mail unless you really need to’'''
Confidence-building-we practically have to eat and swallow any emails he sends. Actually I COULDN’T print it out because they’d put in a ghost field to wipe the evidence! I had forgotten about how sensitive estate agents and developers are towards the environment ……………………. More likely consider our legal bills if our rental forecasts turn out to be hooey! Back to the drawing board. Where are the ethics? (Answer-said with a lisp- `Near Thuthex’) Incidentally, the express-train metaphor is brill.
May 16th 2007, 2:10 pm
#333
Just Joined
Joined: Mar 2007
Posts: 6
Re: If there was a property crash in Dubai..
am i the only one who doesnt understand any of this? maybe its down to the fact im only 17? any ideas ppl...
x
x
Thanks for all those excellent answers and the link –Gareth’s analysis rings right –and ultra-well-expressed-one of the reasons I asked was because two days ago an estate agent in Dubai advised I go straight into off-plan and I replied: (true correspondence)…………………
``Dear ( No names to protect the guilty) Off-plan fan, (estate-agent based in Dubious)
Your answer was breezy to say the least.
1) You virtually say: `Don't bother to buy-to-let with only 160K CASH’.
(Very strange for an estate agent)
2) You say off-plan leverage is the ONLY way to go.
Plain weird when you look at EVERY SINGLE market forecast all over the world about supply and demand in Dubai. If you are so confident with other people's money on off-plan, take a look at these figures:-
High-rise Building Statistics for Dubai
323 approved
319 under construction
253 completed
17 never built
14 on hold
10 proposed
(c) 5/2007 Emporis
Your off-plan reply for Dubai seems a quick way to pay long-term (like ten years + possibly) for something which you very possibly will never recuperate’’ …………..from Ourang
(Long reply from agent off-plan to say how `I must have been offended by him suggesting off-plan)
My second reply to his reply:
Dear off-plan fan,
I was not `offended’, I was referring to the content not the hit-and-run style.
If you say 2+2=5, Sir. I am not `offended’ but ………………
To say off-plan works in Dubai needs quite a lot of justifying I would have thought when I read all over the internet:
1) that buyers are now in short supply; a price-cutting downturn
has started,
2) two-year build-delays;
3) big management service hikes;
4) change of specification during builds
5) hard-to-obtain and high mortgage rates
6) hidden charges eg. NOC to sell fees
7) doubling of available Dubai units coming up in 2008-9,
promoting off-plan in Dubai right now is `blue sky thinking' surely? It needs some explaining.''' From OURANG::
But interesting is that other agents around the world don’t seem much better, one promoter sent me an incredible `Rental projection table’ that WOULD NOT PRINT OUT or copy onto a Word file. It magically disappeared! Thus I cannot send it on for a laugh. It came with this health warning below……………..
`This E-Mail message contains information from …………………. which may be confidential, proprietary, privileged or otherwise protected from disclosure. The information is intended to be used solely by the recipient(s) named above. If you are not an intended recipient, be aware that any review, disclosure, copying, distribution or use of this transmission or its contents is prohibited. If you have received this transmission in error, you may not copy or use the contents, attachments or information in any way. Please destroy it and contact the sender shown below by telephone or return E-Mail. This message is provided for informational purposes only.
Please Consider the environment. Please don't print this e-mail unless you really need to’'''
Confidence-building-we practically have to eat and swallow any emails he sends. Actually I COULDN’T print it out because they’d put in a ghost field to wipe the evidence! I had forgotten about how sensitive estate agents and developers are towards the environment ……………………. More likely consider our legal bills if our rental forecasts turn out to be hooey! Back to the drawing board. Where are the ethics? (Answer-said with a lisp- `Near Thuthex’) Incidentally, the express-train metaphor is brill.
``Dear ( No names to protect the guilty) Off-plan fan, (estate-agent based in Dubious)
Your answer was breezy to say the least.
1) You virtually say: `Don't bother to buy-to-let with only 160K CASH’.
(Very strange for an estate agent)
2) You say off-plan leverage is the ONLY way to go.
Plain weird when you look at EVERY SINGLE market forecast all over the world about supply and demand in Dubai. If you are so confident with other people's money on off-plan, take a look at these figures:-
High-rise Building Statistics for Dubai
323 approved
319 under construction
253 completed
17 never built
14 on hold
10 proposed
(c) 5/2007 Emporis
Your off-plan reply for Dubai seems a quick way to pay long-term (like ten years + possibly) for something which you very possibly will never recuperate’’ …………..from Ourang
(Long reply from agent off-plan to say how `I must have been offended by him suggesting off-plan)
My second reply to his reply:
Dear off-plan fan,
I was not `offended’, I was referring to the content not the hit-and-run style.
If you say 2+2=5, Sir. I am not `offended’ but ………………
To say off-plan works in Dubai needs quite a lot of justifying I would have thought when I read all over the internet:
1) that buyers are now in short supply; a price-cutting downturn
has started,
2) two-year build-delays;
3) big management service hikes;
4) change of specification during builds
5) hard-to-obtain and high mortgage rates
6) hidden charges eg. NOC to sell fees
7) doubling of available Dubai units coming up in 2008-9,
promoting off-plan in Dubai right now is `blue sky thinking' surely? It needs some explaining.''' From OURANG::
But interesting is that other agents around the world don’t seem much better, one promoter sent me an incredible `Rental projection table’ that WOULD NOT PRINT OUT or copy onto a Word file. It magically disappeared! Thus I cannot send it on for a laugh. It came with this health warning below……………..
`This E-Mail message contains information from …………………. which may be confidential, proprietary, privileged or otherwise protected from disclosure. The information is intended to be used solely by the recipient(s) named above. If you are not an intended recipient, be aware that any review, disclosure, copying, distribution or use of this transmission or its contents is prohibited. If you have received this transmission in error, you may not copy or use the contents, attachments or information in any way. Please destroy it and contact the sender shown below by telephone or return E-Mail. This message is provided for informational purposes only.
Please Consider the environment. Please don't print this e-mail unless you really need to’'''
Confidence-building-we practically have to eat and swallow any emails he sends. Actually I COULDN’T print it out because they’d put in a ghost field to wipe the evidence! I had forgotten about how sensitive estate agents and developers are towards the environment ……………………. More likely consider our legal bills if our rental forecasts turn out to be hooey! Back to the drawing board. Where are the ethics? (Answer-said with a lisp- `Near Thuthex’) Incidentally, the express-train metaphor is brill.
May 16th 2007, 3:38 pm
#334
Just Joined
Joined: May 2007
Posts: 8
Re: If there was a property crash in Dubai..
Yeah , you're right. bit long-winded- bin in France too long. Erase that Miss Jones. What it means is, estate agents are STILL promoting off-plan ....and giving out blanket disclaimers...............
OURANG
OURANG
May 16th 2007, 3:40 pm
#335
Just Joined
Joined: Mar 2007
Posts: 6
Re: If there was a property crash in Dubai..
May 16th 2007, 3:59 pm
#336
Just Joined
Joined: May 2007
Posts: 14
Re: If there was a property crash in Dubai..
In a word - Dubai Pearl - oh and remember - when you buy off plan - your money is being used to build the project.
None of this safely in escrow nonsense.
None of this safely in escrow nonsense.
May 16th 2007, 4:06 pm
#337
Just Joined
Joined: May 2007
Posts: 8
Re: If there was a property crash in Dubai..
Ah right...Off plan is just wishful thinking and dangerous??? UNLESS you are diabolo or Ex Pat ??? I could be wrong, you lot (and I include their very convincing arguments too) are the experts. I hadn't read the excellent `apocalypse draws closer' thread which MM suggested. BTW that thread should be published it's brilliant!
Sorry about my above dramatised version, Merlot is lethal.
Sorry about my above dramatised version, Merlot is lethal.
May 16th 2007, 6:44 pm
#338
BE Enthusiast
Joined: Oct 2006
Posts: 537
Re: If there was a property crash in Dubai..
Ah right...Off plan is just wishful thinking and dangerous??? UNLESS you are diabolo or Ex Pat ??? I could be wrong, you lot (and I include their very convincing arguments too) are the experts. I hadn't read the excellent `apocalypse draws closer' thread which MM suggested. BTW that thread should be published it's brilliant!
Sorry about my above dramatised version, Merlot is lethal.
Sorry about my above dramatised version, Merlot is lethal.
Wasnt just you that found that post a bit hard to read. Offplan is not dangerous, depends on the developer, as does just about everything.
May 16th 2007, 7:17 pm
#339
BE Forum Addict
Joined: May 2007
Location: Utopia
Posts: 1,644
Re: If there was a property crash in Dubai..
Reading all this is very interesting, but the question is..................if I were to get a job with a developer should I go for a Dubai based one or a Abu Dhabi based one considering as part of the terms they will be offering me discount purchasing deals for property.
e.g. JBR or Al Raha Beach
e.g. JBR or Al Raha Beach
May 16th 2007, 8:19 pm
#340
BE Enthusiast
Joined: Oct 2006
Posts: 537
Re: If there was a property crash in Dubai..
Reading all this is very interesting, but the question is..................if I were to get a job with a developer should I go for a Dubai based one or a Abu Dhabi based one considering as part of the terms they will be offering me discount purchasing deals for property.
e.g. JBR or Al Raha Beach
e.g. JBR or Al Raha Beach
if your planning on buying to let out I wouldnt because apartment prices are high in the short term, and there's going to be a big increase in supply once JBR and the marina etc are ready. Villas are another story
May 17th 2007, 7:25 am
#341
BE Enthusiast
Joined: Jan 2005
Location: Dubai
Posts: 888
Re: If there was a property crash in Dubai..
I don't think it matters too much if you go for AD or Dubai but remember location , location, location and throw in build quality and a developer you have heard of who won't do a runner with your money once the foundations are dug.
As I have said before, it is still a jungle out there.
As I have said before, it is still a jungle out there.
