niddy

Hi all

Has anyone on here purchased anything on Reem Island direct from Profile Group or from Sorouh? Sorouh are selling newly released apartments in Sky Tower and the Profile Group have some apartments for sale in Marina Heights I.

I'm interested in a 3 bedroom and would do a mortgage through Abu Dhabi Finance.

Anyone have any experience especially as these cost between AED 2,500,000 and 3,000,000? Its a lot of money but the deposit is 15% of the price with ADF. I personally think that rental prices are not going to drop drastically and the most they would drop for a good 3 bed several years from now in my humble opinion is to around 200K.

Would love to hear constructive thoughts of everyone.

Cheers and thanks.

lionheart

DON'T DO IT...

The Dean

Let me be polite - you're out of your tiny mind.

The only people who think property in the UAE is a good investment are property developers, or owners who wish they had got out about three years ago.

soukie

I suppose it depends what your reason is for buying. Are you planning on living there or renting it out? Don't forget the dreaded service charges that can be increased year by year etc and all the extras that will no doubt emerge as expat ownership increases. Also you need to consider how secure your job is given the current economic climate. I wonder who will rent all these places that will be on the market when Abu Dhabi development is finished? IMO Abu Dhabi isn't a holiday destination even though the authorities try and sell it as one. I know someone who purchased on Reem (I think it's the Gate development) and the construction start was severely delayed so he wasn't happy and it took several legal letters to get a response from the developer. Personally I would not buy anything here but then again we have always been in the Middle East on the basis of everything supplied so we can get on the next plane with a couple of suitcases.

soukie

If you are going to spend £500,000 why not buy something in UK, rent it out and that will pay your rent in Abu Dhabi. Less hassle that buying here and no problems when you eventually leave the UAE.

spart

Ahhahahahahahahhahahaha......

Thats about as constructive as you will get. Its just a bad idea. Khallas.

Arcadia

Wouldn't even think about it..It's still a huge building site, the apartments might be finished, but thats about it.and dont believe the hype about the rents, lots of properties are standing empty in AD. Al Reef came on the rental market at 150,000 for a 2 bed, now they are 120,000 and still not getting rented.

With the money your thinking of spending, buy elsewhere, anywhere but here.

Millhouse

Why do you think 3 bed rents will bottom out at 200k AED? They are pretty much that already and that is before the reem units come on line, let alone all the stuff they are building on the corniche.

Brains1983

I paid 100,000, single cheque.

Millhouse

I hear that break even for these is around 90k (some i know has one). You have done well, but he is still in the money.

I rented a house in the UK - my kind landlord subsidised me by 150quid a month!

Birdeez

I wouldn't touch it with a barge pole - especially the Sorough one, I have a friend working there who says there's huge issues with the financing of the completion of Sun and Sky Towers.