deemi786

Have been renting for about 6 months now and am considering buying but what with all the construction being put on hold and stopped am not sure..

Does anyone know what the following are like or have any info regarding them...

2 bed apartment - Phase 1 Dubai Lagoon
3 bed villa - Las Casas located at Jumeira Village South Townhouses

Im going to go and take a look at both but wanted some expert advice..

Blue Cat

thought the lagoons was on hold?

Tooterelli

Don't buy. Not expert advice just common sense.

deemi786

not to sound silly but is there a reason why?

Blue Cat

these words spring to mind

property market and collapse

Tooterelli

Are you winding us up or are you on another planet?!


Suggest you have a look on house price crash website and global house price crash website for a gist of things (as it seems you haven't noticed what's going on in the world). There are a couple of threads on the massive burstling bubble called Dubai.

TGFKASE

TBH, this post doent sound silly, its the original post that is more than enough evidence.....

deemi786

i just thought it may be a good time to buy seeing as though prices have considerably gone down, im renting wasting good money when i could use it toward a mortgage. I dont think thats stupid is it?

shiva

feel free to buy in the lagoons, i'm sure the developer would love to take your money and give you **** all in the return.


this is why property markets suddenly surge upwards then crash spectacularly.......there are enough idiots in the world who willingly throw away their money

deemi786

well thats why i posted so i could get an idea if the work is on hold or not...gosh you lot are f*****g harsh.....

Desert Rat

Have you found a bank thats got money to lend, non of them are giving mortgages. Even if you have the cash do you want to risk buying a property that you couldnt live in or sell if you got made redundant.

shiva

it might be harsh but that doesnt make it any less true. you must have seen the hundreds of posts about the great return to normality, so why on earth would you think now is a good time to by in Dubai. The place is in meltdown.

ShabbyDhabi

To be fair Dubai will remain, for better or worse, the commercial hub of the region for the next 5-10 years. Everywhere else is lacking the requisite commercial infrastructure to replace it at the moment (the construction rush in Abu Dhabi and Doha notwithstanding). Property prices in Dubai on a square foot basis now can be, in some cases, pretty attractive by global standards. If you take the view that we're close to hitting the bottom of this slump then it may well be the time to buy.

Having said that, buying in the Lagoons or JVS is a crack-smoking idea. There are plenty of distressed sellers holding completed properties that would be happy for you buy them out. There are places in the Springs / Meadows that could be a good bet if you're looking for a villa, as are some buildings in JLT / Marina.

I think there's probably a fair bit of pain to go through yet on the property front though. I'd hold on for another 9-12 months if I were you.

Tooterelli

Robbies

None? Really? Strange, I know that they have tightened their lending requirements, but HSBC will still give you up to 60% as a mortgage. Banks in Abu Dhabi are giving up to 85% lending.

http://www.gulfbase.com/site/interfa...s.aspx?n=78089

Interest rates are still high (8-9%), but in a few more months the rates will drop a bit again (7-8%), but I think the lending requirements and ratio will remain tight for some time to come.

Pick your area/development well and IMHO buying now could be a great investment - some people who are selling are desperate to sell, others are not so desperate. Find the right seller and a good deal can be achieved.

Prices at the moment are around where they were 12-15 months ago. Some people are more desperate and are selling at prices even lower. Most of the distress sales are off-plan or incomplete properties, which I would stay away from as they are likely to be delayed significantly or if not started, never get completed.

Also, there was a u-turn on the visas for property owners. A 6 month (renewable) visa has been approved for property owners, so if you were made redundant and could afford the payments (somehow) you would still be able to live in your property.

http://www.gulfnews.com/business/Rea.../10274211.html

For info, never ask a question on this forum re buying property in Dubai; you will just get hammered for it. Best to get over to skyscrapercity forums for a more balanced view.