whatname

Having lurked on this site for months and valueing the the opinions of a lot of posters I'm now registered because I need to ask your advice.

If you had a buyer for your property in Dubai, would you sell now or wait and hope the market improves. I've been offered 30% below the peak price but way more than I paid for it. I'm 99% sure I'll take the offer. I need to make a quick decision and any advice would be appreciated. Thanks

highlander393

take it before they change their minds

diablo

... what was the peak for your property in dhs/sqft?

Cham128

i'd take it... rent for a few months and buy something bigger for the same amount afterwards

Ronnie Biggs

Sounds excellent - the £ has moved 25% against the Dirham so you've lost virtually nothing. I think your buyer is making the huge mistake, not you!

whatname

Diablo, the peak was about 1345 psf and I have an offer of 891. I paid 327 psf. I want to accept as that way I don't have to worry about it dropping further and could clear the mortgage back home and still be laughing all the way to the bank. Just worried that there will be some miraculous recovery in the market and I'll be sorry I sold. Is that greed or just looking out for the welfare of my family.??

Morecambe Mindy

Reckon you'll be kicking yourself if you wait and miss out. If you are making a profit grab it quick.

Eva

No brainer,close the deal now.

admon

I would have renamed the thread 'Could you sell now'.

You have a buyer on the hook in this market, you'd have to be a diablo to say no.

I love some peoples optimism in this market.
These are the same people that would be on the Titannic and say, don't worry, it's only a small iceberg..

Blue Cat

I agree! take their hands off!

SheikhG

I think you should sell...you have made a decent profit.

diablo

I paid originally AED 407/sqft and had an offer at 1300/sqft a few months back. I did not sell. Maybe I should have; time will tell. However, if you at any time think you may be sorry because you did not sell it - you better sell it now because the times will be worse before they get better.

Also, looking at your buying price - you can always rent it at AED 33/sqft which means it will always give you the money to pay the loan (providing that this is your only debt) which again means it will always pay itself. Why sell then.

If you are going for a profit - sell it (you made it); if you are going for an investment to pay some of your retirement costs in the future leave it and continue paying your investment. I am investing for my retirement.

whatname

Done deal and deposit cheque in hand. Nervously laughing all the way to the bank. No mortgage here and cash deal. Sweet Thanks for all your replies. Sending a virtual 'pint' to everybody in the house.

diablo

grapefruit

Only 30% off peak? Remember that the 50%-100% price rises last year were driven by speculators. They've gone so I think it's safe to assume we'll see a reversal of that at least - a drop of 25%-50%.