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IC is holding the price

Discussion in 'Dubai property' started by georgihh, Nov 7, 2008.

  1. georgihh

    georgihh New Member

    IC is the only development in Dubai with a steady growth.
    The place smells, cheap construction, not very nice location but the prices go up
  2. zombie

    zombie New Member

    Yes, so we all hope. But IC to date is still the most reasonable property one can buy, comparing prices per Sq. ft. Also rental demand for IC will continue to remain strong, the government is trying to ensure that with the demolition of Satwa & enforcing the 1 Family 1 Villa Rule. My price targets for 1BR in IC is around 850k & studio 600k for me to sell.
  3. MMSM

    MMSM New Member

    sorry to burst ur bubble, but IC prices have also started to take a dip.

    where asking prices for 1 beds was nearly 800k a few weeks ago, they have now dropped to 675-700k. there was a person on this forum selling IC 1 bed in emirates cluster for 560k.

    while prices here may fall, you can always be assured that demand for this area will remain strong.
  4. mskhan

    mskhan New Member

    I have a 1 bed room apart in Persia for sale - 745K. Willing to negotiate.

    The apart. is let on long term basis till Sept 2009. Current rental 45K due to restrictions on rent increase. Renewal in 2009 will attract going rate - around 54K

    Anyone interested, get in touch
  5. georgihh

    georgihh New Member

    Emirates cluster is not finished so any price is possible
    But all the units which are ready and particularly the ones not occupied are easy sellers and the price for an empty studio is 525k and 735k for one bedroom
  6. zombie

    zombie New Member

    I wish I knew for sure if they really are easy sellers for the price mentioned, what I do know is that there is a definate difference between a property that is ready & handed over rather than one which has been sold off-plan.5

    I personally think the resale market in IC has been hampered because of 2 things, the first is The Title Deed, it gives the buyer a lot of surety & the second, Established Tenants who are paying almost 60-80% less rent than market price hence giving the new buyer a lot less return on investment.

    While we can try & keep contacting Nakheel about the Title Deed, I have heard some news about Greece, Persia, Morrocco & some other clusters starting to receive them, no news yet from my building owner. Lets wait & see.

    There is nothiing we can do about the second, some people are trying & succeeding by offering tenants a lumpsum(The return of Key Money in other forms) to vacate. I don't know if the rent committee has actually agreed to help vacate the apts on the condition that the landlord / relatives will make use of the premises.

    Those with the appetite for risk will stay & others might just book their profits & place them in safe havens e.g. Bank Deposits in India are safe & also high yeilding 11% p.a. pre tax. TAKE YOUR PICK, I am yet undecided.
  7. eyeC

    eyeC Senior Member

    if everyone keeps saying steady growth or good buy

    we could see the next bubble be in IC
  8. Propy

    Propy New Member

    Dubai real estate still set for solid growth (by Gulf News)

    Dubai real estate still set for solid growth (Gulf News)

    By Suzanne Fenton, Staff Reporter
    Published: December 03, 2008, 23:36

    Dubai: The future of Dubai and UAE real estate will be more successful and solid than in previous years, due to lessons learned during the economic crash.

    Both developers and property analysts are keen to reassure investors that while days seem dark right now, next year will be bright.

    Many see last year's soaring prices and astronomical profits as symptoms of an immature market dominated by speculators chasing short-term gains.

    "Despite the excitement they generate, sky-high profits are both unsustainable and unhealthy. Ultimately, they create unrealistic expectations about future performance, especially because high prices hurt demand," Cliff Kelaita, chief executive officer and chairman of Landmark Properties, said in a memo to his clients.

    Such displays of transparent communication are signs of a maturing market, one that will be more successful in the future.

    "There are many reasons to be optimistic about Dubai's resilience during this downturn. Despite worsening economic conditions in other parts of the world, the UAE and GCC remain on track for solid growth," Kelaita said.

    6% growth

    The UAE's economy is forecast to grow around 6 per cent in 2009, far above the global average growth of 2.2 per cent, predicted by the International Monetary Fund.

    Dubai's property market, while slow at the moment, will attract long-term investors next year once the panic and negative sentiment are over. Speculators are abandoning the market, house prices are coming down leaving 2009 the year for the end-user.
    Last edited: Dec 4, 2008

    PATVAID New Member

    Hi I too have a long standing tennant in IC spain (Studio) am looking to sell if anyone intrested, excellent rental income.
  10. sajburud

    sajburud New Member

    yes iam intrested

    how big is ur apartment , price n how much rent u geting do get in touch

  11. Muhammad Khan

    Muhammad Khan New Member

    Hi Sajburud,

    I have a studio apartment in IC. It was rented out last Jan 2008 for 40k. I want to know about the rent rules in Dubai. What is the rent for Studio in Spain cluster?
  12. drashwas_8

    drashwas_8 New Member

    hi guys ive been meaning to get into the market ... can someone let me know how to get in safely, im interested in a studip property to rent out as a begining
  13. GRAccounts

    GRAccounts New Member

    Hi again drashwas,

    my apartment is being rented out the tenants are paying 38,000 per year rent I would accept 480,000 aed for my flat which is a return of nearly 8% on the purchase price

    my email address garyrandall31 at yahoo dot co dot uk
  14. investor_from_uk

    investor_from_uk New Member

    I have a studio in Spain which was rented out in Jan 08 for 44K. It has just been renewed for 44K. If the rent cap wasn't there, for instance, as is the case for a studio being rented for the time, the rent is around 50K mark.
  15. mpat

    mpat New Member

    cant get tenant for 50 now. . . today i saw ad in gulf news , in england cluster , studio is given at 40k , , , ! ! !
  16. azuhbi

    azuhbi New Member

    Enough with the Cowboys!

    To all those desperate cowboys out there,

    Stop dragging the prices of International City down with you...just because your desperate for the cash! Enough of these distress ads trying to flog your properties because of the crisis. You want to know the reality? There is no crisis in International City. The units have always been well priced and there is no need to sacrifice them. IC is turning out be just fine for the 'Average Joe' and thats exactly what Dubai needs. Go and discount your other properties in Dubai Marina or wherever else you bought. Those are the prices that are ridiculuos! Everyone should just hold out and rent your properties out...keep the value IC is a wonderful little money spinner, dont give up so easily.
  17. anwar khan

    anwar khan New Member

    you are absolutely right Azuhbi!!! ...mashallah IC is great investment
  18. aveshbachav

    aveshbachav New Member

    what is the current rent for one bedroom italian clister with balcony for one cheque? and what would be the selling price?
  19. kapzharsh

    kapzharsh New Member

    how are the prices at the moment in IC England cluster some estate agent told me bout 450k for a studio and 500k for 1 bed. Is that true?????
  20. mpat

    mpat New Member

    u can get cheaper than that.....
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