deemi786

Ok what with all the talk about property prices sinking.....was considering buying but have been told to wait until next year, June ish time..

Does anyone have any recommendations when and where to buy, just dont want to pay another 40k (British pounds) on rental when i could use it to go towards a mortgagte.

Hello.Kitty

I think it'll depend more *if* you can get a mortgage!

deemi786

Is it that bad? I had heard that HSBC werent giving mortgages any more but i thought that was just crud...

Hello.Kitty

well, I don't know if they've stopped altogether - that may be hype - but they're certainly asking for heftier deposits. Very few are lending to even 85% of the value now.

Just like in GB, it's the deposit that's the problem.

deemi786

Worth taking a loan out though surely if a bargain comes up, im just not sure what a decent price is...been here for 2 months and am looking for something next year when my lease on this place runs out........

Blue Cat

be careful what you buy, there is an over supply of apartments and you may end up not being able to sell it when you do move.

deemi786

Well to be honest i dont want to sell it, would like to pay off the mortgage by the time i leave here (if i do) in 5 years and then use it for a holiday home.....

Im not really into making money...if it comes it comes, would justlike a decent villa and/or apartment for a decent price thats near my kids school in Al Barsha South... seen flags up for Jumeirah Villiages near there, might take a look at them......

Also seen some apartments in Dubai Marina, JLT which will be nice'ish by next year, live in JLT at the moment and the one way system is a pain in the a$$ but by next year should be nice...

Any other ideas, advice?

Or should i wait till begininning of next year......

Blue Cat

honestly I would definately wait, I think everything is going to come down in price dramatically. I like the houses that they have built on the edge of the Lakes, brand new. Not sure if there are any of those up for resale yet but I think they would be worth a look. A villa is a better bet than an apartment for sure. Wait til the turn of the year at least before even thinking about putting money down.

deemi786

thanks blue

pauldxb

Agreed !

Ive always bought & sold villas there are too many apts, but it depends if you find the right apt & its going too be your home then go for it " next year "

shiva

this is how we all ended up in this ****ing mess, borrowing to increase your borrowing........utter madness

deemi786

Would like some advice on areas that are up and coming though, read plans for JLT seems to be very nice, even better the areas near Ibn Battuta where they are building the new Hospital and worlds tallest building.....heard that only 40% of the villa's have been sold , this time last year apparently they would have all gone......

Inshallah will find a nice home for the wife and kids, cannot simply pay another 40k on rental, that madness

Hello.Kitty

the thing is that it's really difficult to tell what's actually going to be built, so a nice-looking project that's just about on site (or already getting the infrastructure laid down) could well be shelved in the next few months - hence why people are saying "wait".

The developments here are based on glossy brochures and hype. They may well be flogging the accommodation cheap off-plan and then suddenly not build half of it... or not build the public spaces, hospitals or shops that they said they would.

You mention the new hospital and world's tallest building (Tall Tower or something, no?! lol!) near Ibn Battuta... I don't know if the former is being built, but would certainly suggest that the latter isn't going to start anytime soon. Waterfront City has been put on hold in the last month, ex-Satwa is put on hold... we'll possibly see the finer points like landscaping being put on hold in projects under construction too...

In the same breath, you may well find that by the time you renew your rental, it would have gone down... I'd say paying the rent is a safer bet than buying somewhere on an "up-and-coming" development at the moment.

deemi786

I think ill wait or choose somewhere thats already been built but hasnt been sold........

Thanks for the advice people, much appreciated.

I just hate the thought of giving some greedy landlord a wad of money i could use for a mortgage.

Blue Cat

take a look at the Green community, pricey but very nice!