The central focus of this thread revolves around the question of a member who asked for advice on selling or holding on to his property at Jumeirah Beach Residence in Dubai Marina District. Different viewpoints have been given by some members about this.
Some members opted to hold on to the property since the location is a popular beach destination and other attractions near it pose as an excellent place for short-term rentals. However, they also mentioned that the ideal time to rent out the place would be between 1-3 years since prices are unstable because construction is yet to be completed. Aside from this, during the waiting period, a good assessment of trends in the property market can be done.
On the other hand, some members felt that selling the property at this time is a good option. This is based on observations regarding the demand and supply of properties within the Marina District.
There is a possibility that the supply may exceed the current need for properties by the year 2010. This, in turn, can result in a so-called “market bubble” bursting. Thus, other members have agreed that selling the real estate while its popular is ideal, but it still poses no guarantees.
Due to the great influx of villas and apartments located along the Dubai Marina District, questions regarding the strength of the local property market have been posted. It may seem that these properties are elegant and attractive in their own unique way, but more than how much the market can only absorb should be considered.
With numerous structures on the rise within the region, this may tip the scale to an oversupply. With this escalating circumstance, investors are then thinking twice about their transactions and commitments with the said projects.
Although the recent demand has caused more construction, the demarcation line between supply and demand still indicates the last say about Dubai Marina’s present situation and its future stand as an emerging market.