To sell or not to sell

[khindson]

Hi All

I own a 1 bedroom apartment in The Point on Dubai Marina. The apartment is 780sq ft and is due for completion at the end of March 2009.

I am trying to decide whether to sell the property on completion or let it out for a few years.

To help me make this decision can anyone tell me first of all how much roughly the property would be worth if I were to sell and what I could expect to receive in annual rental if I was to hold on to it.

Also, if the property is complete and ready to go at the end of March how long can I expect to wait to find a tenant/buyer?

Any help and advice with this would be much appreciated?

Thanks

 

[georgihh]

Hi All

I own a 1 bedroom apartment in The Point on Dubai Marina. The apartment is 780sq ft and is due for completion at the end of March 2009.

I am trying to decide whether to sell the property on completion or let it out for a few years.

To help me make this decision can anyone tell me first of all how much roughly the property would be worth if I were to sell and what I could expect to receive in annual rental if I was to hold on to it.

Also, if the property is complete and ready to go at the end of March how long can I expect to wait to find a tenant/buyer?

Any help and advice with this would be much appreciated?

Thanks

At the moment you can ask for 1500 per sqft but in March you can end up with as much as 2000 and as little as 1000.
But if you want to rent it out you can make some descent money for the next 2-3 years.
Most probably next year will be bad to sell but good to rent out

 

[Roshan]

Hi All

I own a 1 bedroom apartment in The Point on Dubai Marina. The apartment is 780sq ft and is due for completion at the end of March 2009.

I am trying to decide whether to sell the property on completion or let it out for a few years.

To help me make this decision can anyone tell me first of all how much roughly the property would be worth if I were to sell and what I could expect to receive in annual rental if I was to hold on to it.

Also, if the property is complete and ready to go at the end of March how long can I expect to wait to find a tenant/buyer?

Any help and advice with this would be much appreciated?

Thanks

My suggestion would be to rent. Markets are a bit uncertain and are experiencing testing times.

As long as you get positive cash flow which covers your EMI, why bother selling. Ride the current uncertainity by renting and then decide what you want to do.

Marina properties are sought after and you should fing a good tenant.

Regards

Roshan

 

[Wannaberich]

I would def hang onto it for a few years at least.In a few years when the marina is finished and the world economy is in better shape,it should be worth alot.In the meantime you will also earn alot through rent.

 

[khindson]

Thanks for all of your advice it has helped make my mind up and I will be holding on to it for the time being.

I suppose my next question would be if the property is complete in March how long can I expect it to take roughly to find a tenant?

We have recently bought a property on the Pacific development on Al Marjan Island in Rak and could do with the rent from the marina property ASAP to help finance this purchase.

Thanks

Kerry

 

[Wannaberich]

Depends how much rent you want,what view the unit has,the buildings position etc.
If you want to rent it out quick then ask less than the going rate.

 

[jags]

Thanks for all of your advice it has helped make my mind up and I will be holding on to it for the time being.

I suppose my next question would be if the property is complete in March how long can I expect it to take roughly to find a tenant?

We have recently bought a property on the Pacific development on Al Marjan Island in Rak and could do with the rent from the marina property ASAP to help finance this purchase.

Thanks

Kerry

i rented out 1br for 95000 in March.the going rate at the moment seems to be 105000- 115000.it will go as quick as in 2 weeks at the right price.i could rent it out in 10 days through Landmark properties in Marina.