Advise required - looking to purchase

[Pazza]

Hi All,

First post, so please bear with me!

We are a family living in Dubai for 3 years. We have been renting till date and are now looking to buy. We are looking at Arabian Ranches. Have been offered a few Sahell properties between 3.5 - 4 million AED. I haev a few questions and was hoping some of you could advise.

1 - Is this a good price? The have come down recently but do you think they will come down significantly more? We have to move out of our rented villa in May 2009

2- We are curently looking at mortgages. We have 1 millon to put down, the rest will be finaced. We are being quoted interest rates of 8.5%. This is really high I feel. Again can anyone advise on the future outlook?

Appreciate your help in advance.

 

[naxal]

How many beds is the Sahel Villa ?

 

[Pazza]

Hi,

Sorry should hav said. Its 3 bed with maids. I think it is approx 3216 sq ft.

 

[SKY]

Hi, I been leaving saheel past 2 years and price of 3.5/4m is fair price as these villas were hitting 5.5m in july.

However few ppl may want sell so should try push the 3.5 or 3.3m. These villa's can easily be rented for 250k plus, i think current rent is abt 350k, im giving u worse case 250k.

Saheel is considered the best area in ranches, next to exit. Shops and golf club walking distance and lots of trees etc.

Finally ranches is a self sufficient community and has a good set of expat mix, whom most are in high end jobs.

So go for it as your an end user.

 

[eyeC]

welcome to the forum Pazza

check what you can buy in Melbourne for 3.5 to 4 mil and then ask is it cheap or expensive Arabian ranches

 

[naxal]

Hi, I been leaving saheel past 2 years and price of 3.5/4m is fair price as these villas were hitting 5.5m in july.

However few ppl may want sell so should try push the 3.5 or 3.3m. These villa's can easily be rented for 250k plus, i think current rent is abt 350k, im giving u worse case 250k.

Saheel is considered the best area in ranches, next to exit. Shops and golf club walking distance and lots of trees etc.

Finally ranches is a self sufficient community and has a good set of expat mix, whom most are in high end jobs.

So go for it as your an end user.

Hey SKY ,
Dont mind me but just out of curiousty >>>>> Is Gazelle in Arabian Ranches also considered a 'good' part of the Ranches ???

 

[SKY]

i say all of ranches in general are good areas, just saheel was one of the first and its seems less crowded. There are 4000 houses at the ranches so when props are near to the facilities then that is very handy.

 

[Djjunior]

Hey

If you were to buy a villa in Arabian Ranches, your annual mortgage would be roughly $80,000/year (estimate). I honestly feel you should wait atleast untill a few weeks before your lease expires, or rent for another year as you could probably pick up a better bargain. Plus by then rents and prices will most likely be cheaper than what they are now..

Even if you were to rent for another year and pay $50,000 annual for the rent, you could probably save by waiting for another year or so and getting a good deal... Plus 1M DHS is a good reserve/ back up even if you dont need it, in case if things do get worse.

 

[Daniel Ryan]

Hi Pazza,

Contact Andrew Mac Gregor on 050-5576963

He is a specialist on the Arabian Ranches, and also lives there....

Best Regards,
Daniel