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Any improvement in International city

Discussion in 'Dubai property' started by zan, Apr 14, 2008.

  1. zan

    zan New Member

    I am guessing most of you are international buyers as International city is a ghetto. It is considered a last resort by all expats in Dubai.

    I am wondering if Nakheel has any plans to pick the place up or are they just going to leave it to fall to pieces, not that it isn't already...

    Discovery gardens on the other hand is actually very similar on paper yet you drive in their and just wanna set up home... (its about 1000000 for a one bed now).

    Basically does anyone see a future there (considering they still have some more phases to go & the rent prices in Dubai are getting even more exorbitant)? or should one stick to something like Discovery gardens which will turn into the next "Greens"...

    How is the liquidity at the mo? and what are people expecting in rent (as most places are empty still - its like a chinese ghost town) (ie. the returns)???
  2. Lsab

    Lsab New Member

    So where have you bought Zan? Are there absolutely no expats wanting to rent in International City?
  3. zan

    zan New Member

    It is mostly inhabited by Chinese, Filipino's, etc. It is seen as a last resort for western expats, every day you read in the local paper (7days)
    [won't let input URLs, so search 7days dubai the one article is called apartment left flooded with sewage and the other is in the letters section "more complaints about international city" ]
    These are just two that were in todays paper.

    As you can see there are a lot of issues. I want to buy a place to live in till I leave here and then sell it and International city is the only one in my budget... My other option is to rent for another year, save as much as I can so I can put down a large deposit to live somewhere else, or start speculating with that money. I know of some people who are making GREAT returns. Just burns a little hole in your pocket when you have to fork out Dhs100,000 + for a one bedroomed apartment, thats why if I go for the second option (to save money) i'll look at renting a place in international city, but would prefer not to...

    I'm really liking Discovery gardens! Wow that would have been an investment... (My girly dreams of an apartment are of those) but they are now renting at 90,000 for a one bed and don't think people paid much for those in the beginning...
    I have also been told (One of my bosses owns a real estate co. Orange-property com) that Jumeriah Lake towers will be a good investment - but its out of my budget and really sad about that.

    I'd be interested to here if anyone knows of any 1 bedrooms for sale under 1 mill (decent sqft) and with 90% financing... oh, it has to be available for occupation in August.
  4. zan

    zan New Member

    If you guys want, I can take some pics of the area and post them on the internet... Just give you an idea...

    I have heard different response some people say it will get better cos they are planning on moving the sewage plant (when, don't know) and the there is still phase 2 & 3 coming... and renting is getting so ridiculous people will be forced to stay there... but either way it doesn't sound like a "want" just a "have too" now...

    but i thought maybe i'm missing something, (i haven't bought anything before...)
  5. DeanMakar

    DeanMakar New Member

    I have just rented out (subject to receiving chq) a 1 bed in K8 Greece for 54k AED. The apartment was better than I expected though the que of sewage trucks and the smell is pretty grim. From speaking to people there, there is growing pressure to either move the sewage works or improve the functioning of it. Despite this they are renting out due to closeness to Marina etc and the rental cost compared to other sites. The apartment and site is pretty basic. However, I bought as an investment and I am pleased with the rental return. Also, being an optimist, with the sewage plant improvement/move(hope) and future landscaping, I see it as a hold for several years.
  6. Howsbuya

    Howsbuya New Member

    As an Investment

    I think it's OK as an investment. I'm renting out my 1 bed apartment for 55,000 Dhs per year which is a good rate of return. You can buy now for around 60,000 Dhs and get close to 10% return which is not bad in today's climate.
    It's got a long way to go to be a community yet, but presumably this will come - it's still a very new development. I believe there are 3 schools to be built, the parks will eventually come, the lake is being landscaped and eventually the small shops will be set up. Hopefully, the sewage smell and trucks problem will also be solved before too long.
    I too see it as a hold - for about 5 years I think.
    :) Good luck to all!
  7. Lsab

    Lsab New Member

    Nice to hear a positive point of view Howsbuya. We're still in two minds as to whether to rent our studio in Greece or sell it. Hopefully picking up the keys within the next few weeks so we'll get a better idea then.
  8. JohnH

    JohnH New Member

    Who Rents In Icity

    Hi I dont agree with your post below as there are many western expats renting flats in International city even some western companies (Also Microsoft) who rent a group for staff. It is true that there are a lot of Asians in the development but it is pefect for them as if they travel from their country looking for work they dont have huge salaries. It is offensive to suggest that Asians are prepared to live where others arent as it simply is not the case. The Chinese now have more cash reserves than USA. In every country you have rich and less richer.

  9. georgihh

    georgihh New Member

    The Chinese now have more cash reserves than USA

    Yes but the Americans have the printing machine
  10. SSM

    SSM Member

    Zan, stop beating about the bush and say what you really feel about Intl City. Intl City has proved one of the best investments for novice buyers in terms of rental yield (by far better than Discovery) and percentage price increase. Last time I checked there were human beings trying to make a living in Intl City and not Chinese, Filipino's etc. Say what you like about Intl City but don't knock the people. I've invested in Intl City and Dubai Marina and out of the two, from an investment perspective, Intl City wins hands down.
  11. zan

    zan New Member

    International pity

    search and see todays article titled "International Pity". Sorry still can't post links :)

    What ever anyone else thinks of the investment, the facts are simple about the development....

    "Raw sewerage flooding the streets every 15 days or so..."

    Just to clear something else up - i'm not racist. Everyone who moves to dubai leaves behind their home and friends, ppl from the same cultural backgrounds are more likely to enjoy the same things. Its kinda like surrounding yourself with some likeness of what you left behind thats all. I hope you all can understand this.

    With regards to the returns i do agree that you are getting your 10% return on investment, but take a drive through the place and you'll see most places have signs up saying "For sale or rent". Their does seem to be a lot of desperation from some owners. I am happy that you have found a tenant but not everyone has been so lucky...

    I am just expressing my views and I hope some others will be able to take them in objectively as I am someone who lives in dubai and has first hand experience in the market.

    I will keep posting any articles i see in the local newspaper, for anyone who is interested.
  12. mutahirw

    mutahirw New Member

    International City - Greece

    In my opinion International City had been a very good Investment from both appreciation and Rental Yeilds perspective. I had bought my 1 bedroom for 350K 2 years back and now have offers for 650K so not bad apprecation.

    The rental yeild is also much greater than other more expensive projects offer, its close to 18-20% had you bought this 2 years back and even if you purchase it now it will yeild 10%. My friend owns a great apartment in JBR, its yeilding him less than 7% and he too bought it a year back. Not to say that is a bad investment, just that you have to consider a lot of factors from an Investors perspective.

    I remain buillish as well on International City. In a couple of years you should witness, higher apprecaition once schools, lakes and landscapting works are completed and hopefully the seweage plan relocated. Phase 2 and Phase 3 are lauching at even higher prices and that should push up the prices of the current ready property owners.

    Dont forget there is are a couple of Malls that have been announced by Nakeel in INternational city, along with the new Lake District and Emirates Cluster...

    In conclusion: Still a great investment and probably the only place in Duba where you could have an affordable living space in case you willing to live your self. The location and close proximity to all major landmarks and locations will remain this projects major Plus.

    Over and out..
  13. gerasimosk

    gerasimosk New Member

    I am the owner of a 1 bedroom flat in IC-Greece which was recently handed over and after that rented. (I don't live in Dubai).

    In my last invoice from the real estate agency I had to pay the annual IC service charges.

    What is the norm in Dubai? Are those IC annual service charges paid by the owner or the tenant?
  14. Howsbuya

    Howsbuya New Member


    Hi Mutahir
    Yes, I agree with what you say about the potential for IC. Eventually they have to get these teething problems sorted out and beautify the place and then it will be a much more attractive place to live.
    Which malls did you hear were going to come to IH? My agent told me that Choithram's were going to have a supermarket there, but I've heard nothing about the malls. That would be great!
    Best wishes

  15. Lsab

    Lsab New Member

    Last week, and for the first time, we went from Bahrain to Dubai for the day to pick up the keys for our studio in K7. After all the negativity from some people about IC, we were almost dreading what we'd find. In fact we were pleasantly surprised. Yes it was quiet but we felt that instead of being like a ghost town it's more of a new town just starting out. We thought that it was clean and well planned - there's space between the buildings and we didn't feel hemmed in. The roads were good and everywhere looked ready for planting. Close to K7 I saw a banner across several shop fronts announcing a new supermarket coming soon (not a superstore I might add!). The buiding itself was also a pleasant surprise - clean and well finished - as was our studio. Also, maybe it's present at different times of the day, but there was absolutely no smell.
    For the money we paid 3 years ago, we didn't find anything to complain about. Maybe people that visit the area regularly have a different story but that was ours!!
  16. zan

    zan New Member

    Thanks Mutahir, I do understand what you are saying, especially after Satwa (Another area in Dubai offering cheap rentals) is being demolished to build a new "city". That will definitely push the rentals up and their will be a lot greater uptake of apartments.
  17. mutahirw

    mutahirw New Member

    Hi HB,

    They seem to have some really ambitious MALL projects planned..

    unable to post URL.. simply google "Nakheel" "MALL"

    Check the link "Nakheel Retail Shopping Malls division to become the largest..."

    It briefly mentions one for IC is called "Great Mall Dubai" "3 in1" Mall concept.. What ever that means! :)

  18. Cluster King

    Cluster King New Member

    Muthahir : I am posting this link on your behalf for other members convenience.

    Nakheel Retail Shopping Malls division to become the largest...

  19. Chessmaster

    Chessmaster Guest

    I finally got my posssesion of my 1 bed in one of the L buildings in Greece sector from the appalingly bad and deceitful agents ( the Building Owner ) - ( ps. if you ever want to avoid a real estate company there is one based in a mid 20's level floor in the Emirates Office tower !!! - avoid like the plague if you you can !!! )...
    Anyway, got possesion 2 weeks ago , went there as I was in Dubai anyway to have a look and frankly horrified by the quality of workmanship. But then considering the peanuts they are paying the ethnic minority workers, Im not surprised.
    Anyway, handed over the keys to a much more reputable PM company who have rented it out ( subject to snagging rectification, and the snagging list runs to 45 points at last count this morning!) for 55,000 to a Sales Manager individual.
    My summary - rubbish quality to my western eyes, a desolate landscape ( where's the thriving community??), a decietful developer (11.72AED per sqft service charge when we were quoted 3 or 4 AED, the cheapest quality materials imaginable in the apts ...etc ), and even more deceitful real estate company, and being an architect, I can see that the building lifecycle is limited possibly 5 years or so before it starts falling apart......
    I intend to rent for a few years then sell within 4 or 5 years. Average investment at best for the money paid....

    Conclusion ..... I have 2 further apts bought in Phase 2 , another 'thriving Nakheel community' ...... plan is to take possesion, rent for a few years then get out into better quality investments ...........bring on the fun!!!!!!!!

    Keep smiling... at least theres no tax .......oh I forgot the adhoc 'service' and 'admin' fees charged by anyone who needs to sign a piece of paper ......
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