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Discovery gardens leading the fall down

Discussion in 'Dubai property' started by georgihh, Mar 4, 2009.

  1. georgihh

    georgihh New Member

    One bedroom before 1.3 million now 550k
    Studio before 900k now 350k

    Why the prices went so much up and now collapsed by 60% - is it that bad place to invest?
     
  2. pisandre

    pisandre New Member

    Well. 290 buildings, 2500 apartments... You should get lucky to lease it or to resell it at a good price ....
     
  3. Wannaberich

    Wannaberich New Member

    I agree its because there are simply so many of them.Also the maint charges are very high.
    Are u sure there are 290 buildings?That seems way too much.
     
    Last edited by a moderator: Mar 4, 2009
  4. georgihh

    georgihh New Member

    What is the current occupancy at DG?
     
  5. pisandre

    pisandre New Member

    Not all buidings have been delivered. On top of that, even the buildings in Zen section are quite empty. I would say a few hundreds 500/2500 so maximum 20%.
     
  6. Investoman_uae

    Investoman_uae New Member

    Oh boy soon Dubai apartments will be worth the same as Ajman apartments. What a market...

    Anyway, my professional assessment shows that once a power plant gets built in Ajman, prices will rise by 70%.

    Inv.

    PS: Yes I have an apartment in Ajman... i know. . .****ing stoopid. LOL!!
     
  7. revolutionary

    revolutionary New Member

    They went up when rumours of the Nakheel Harbour tower started and they have fallen further because of the slump which then triggered the postponement and probable cancellation of the Harbour Tower.

    Double whammy for those speculators who thought they had the insider knowledge on the best place to be in Dubai.

    My guess is that if they ever do build the Harbour Tower, DG will get flattened as they will have outlived their useful purpose and will have become an eyesore.
     
  8. Wannaberich

    Wannaberich New Member

    Whats the situation with gyms and pools at DG.I dont think they have much which is another reason why they are cheap maybe.
    The place reminds me of an inner city council estate in London.
     
  9. Investoman_uae

    Investoman_uae New Member

    Isnt it a copy paste of International City without the sht smell everywhere? Same developer anyway.

    Inv.
     
  10. desert dream

    desert dream New Member

    Investors thought the prices could not go down in DG..with the metro, the mall, and nakheel tower..but truly it is one of the most pathetic developments...along with IC...like someone said without the smell...
    hold on to ur cash folks..
     
  11. PropGuy

    PropGuy New Member

    key is looking at the original price. 350k is close to the OP of the studio?
     
  12. georgihh

    georgihh New Member

    OP studio - 285k
    OP one bedroom - 485k

    Not far way
     
  13. PropGuy

    PropGuy New Member

    price can go down to 285k.
     
  14. GDS

    GDS New Member

    Current Prices

    Hi,

    Does anyone know about the current Studio and 1BR prices at Discovery Gardens?

    Thx.
     
  15. sasherwani2

    sasherwani2 New Member

    Check out my "forecasted 2009 Rental Index for DG" posted late last year. It was around AED 50-55k I remember for a one bedroom (At that time DG rentals were around 115k for a 1 bed). I remember being ridiculed and mocked by many of those "insiders" and "brokers" back then. Wow it seems like it was ages ago...:)

    DG prices went up "solely" because of the "now cancelled" Harbor Tower. At a time when Emaar is having problems finishing a 93% complete Tallest tower, noone in this world be so suicidal to even THINK about building another Tallest tower from "scratch". One ghost tower is good enough :)

    DG rentals and prices lead the fall purely because of +-300 building-count which is an obvious oversupply for a contracting market. The worst part is, they havent even released all the phases yet. Mogul and Zen are just partially released and the entire Mesoamerican and Cactus are still TO BE released. Imagine what the rentals would be like then?

    By 2010 DG rentals for a 1 bed should fall (and stabilize) at around AED 35k.
     
  16. AjmanInvestor

    AjmanInvestor Banned

    Me and many of my friends invested in Ajman

    Me and many of my friends invested in Ajman , because landlords kept increasing rents each time we renewed our flats since year 2003 began.....the trend went on and on...till 2008.

    We friends bought Garden city and also in Ajman1 for prices around 600-700 per sq ft.....imagine how badly all of us are stuck....as we have already made payments which are more than 20% of the price of the apartments.......

    ARRA is doing nothing to help investors and buyers.....
     
  17. georgihh

    georgihh New Member

    35k is a reasonable rent for one bedroom. By the end of the year we might touch that price, but not for long. Next year this place will start dancing again. Too much money are waiting to be splashed again in Dubai, remember USA are printing money 24 hours at the moment and big inflation is on the way very very soon.
    The $ will sink very quickly and the dirham to follow. But the real value of the properties will keep on going down
     
  18. PropGuy

    PropGuy New Member

    well said.
     
  19. PropGuy

    PropGuy New Member

    And UAE has pulled out of GCC currency so dhs is pegged with usd for a long time. But this will increase UAE exports, might turn out to be beneficial for job creation in UAE.
     
  20. paul1970

    paul1970 New Member

    35 K - 15-20 K for Nakheel Maintenance and 15-20K as Rents for a 1 BR.
     
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