help appreciated with price per sq.ft on an apartment in Jumeirah Village South

[Smiley]

I would really appreciate it if anyone knows the price per sq. ft on a one bed apartment which will be handed over shortly by Damac. Its Tuscan Residences . I also wanted to know what would be the sale procedure if i could sell the apartment in the one month period before the final instalment is paid at handover. it makes no sense to transfer money to pay the the final instalment when i plan to sell it as I would lose money in rate of exchange.

Your help is much appreciated.
Smiley

 

[eyeC]

handed over shortly means you are selling off plan and it will be greatly discounted when you sell ,my guess it will take a lot longer to handover than planned....
also damc charge high yearly fees for their properties reducing ones income having said this the good news at least you have something for your money.

good luck with your property

:thrasher:

 

[Smiley]

Thank you eyeC for your quick reply. What I meant was that once I receive notice that the apartment is ready for handover which means that the apartment is completed and ready to move into I would like to sell it at that point rather than transfer the money for final payment to Dubai then sell it. I have a one month period in which to pay the final instalment and I wanted to sell it in that period.
Would you know what I might expect to sell it for? It is a one bed apartment , 1026 sq.ft with two balconies overlooking the pool. i am willing to sell it for 35-40% less than the purchase price. Your help is much appreciated.
Smiley

 

[eyeC]

well to be honest with you i would not buy off plan even if is facing the red sea and not a swimming pool.

just to clarify that usually developers take all their money way before they complete the actual property (in most cases ) unless you are one of the lucky ones which your contract leaves 20% or so till handover. anyway some properties in JVS are delayed because of utility connections and some get delayed by master developer on purpose to avoid market oversupply (you cant prove this ) but unless you can receive your property on time and soon you are in good situation .


just try to make feasibility study for the best option to sell off plan ,sell when ready with possible further market drop ,or sell after more waiting till the area improves and becomes fully developed

anyway speak to your financial adviser for best advise to your specific case

good luck

 

[eyeC]

to get best guess for what your property is worth just find what yearly rent it can fetch multiply it by x10 and see if you can sell at that price.

is this a fair market price for your property NO ,what is fair is X10 times NET yearly rental income and since DAMAC charges more than normal so it should be discounted more.

different people expect different yield from their investment so the above is rough estimate which is better than no estimate.

market sentiment and future expectations of rental income will also effect your property price but since everything is declining including rent its not in your favor to sell at premium

from the above fair price estimate.

good luck

 

[eyeC]

check Dubizzle.com in Dubai | The best place to Buy a Property, Sell a Car, Find a Job & Much More in Dubai

and

http://www.gnads4u.com/properties


for rent where your property is located ,hope this helps


:smokin:

 

[eyeC]

Vak i dont see the market paying more for DAMAC logo on the property ,why should the market pay more ,DAMAC maintenance charge is higher than average ,completed projects by DAMAC is not of any special quality ,they dont do their part of proper maintenance , i live in a DAMAC property and i have been waiting for 6 months now for them to fix the swimming pool ,and till date im still waiting.


just very poor property management