Is Dubai evertyhing it advertises to be?

[michrgm]

I am looking into property in Dubai - but am concerned that all the advertising that you see is not a true reflection? Do you think it is?

 

[DubaiDMC]

I am looking into property in Dubai - but am concerned that all the advertising that you see is not a true reflection? Do you think it is?

i think you have to take everything with a pinch of salt. in terms of the property market, it is definentley still moving in the right direction with many more projects still to be launched and many more areas still to be developed.

what are your previous experiances relating to property investing?

thanks

 

[kashh]

Dubai right now is booming...however dubai is advertising itself it is slowly becoming a true reflection of what it potrays.

 

[maximusprime]

Dubai advertises what they want you to see. They dont lie, we have all these things, but there are other sides to the city that are not as glamorous and beautiful as the side they show in the magazines. Its just like any other city, there are good things and bad things. If you want to invest here, you need to come in person, dont trust an agency, many will sell you crap because they know you dont know any better.

 

[rossantony]

go visit..

At present in Dubai, a conference is being organised between the government and the major property builders in a bid to stop a so called speculator driven "property bubble" bursting there. It is the genuine opinion of the ruling family that property prices in Dubai are overheating, and after being a country dependent on oil, they have no wish to become a country dependent on its real estate value. In essence, they are sticking to their policy of "A diverse economy is the key to success."

The fact is that low deposits of 10% or less tend to attract speculators who have no interest in holding onto the property long term. Since the downturn in the global economy, many speculators have been caught out, and cancellations and foreclosures are at an all time high.

Las Vegas, in the USA for example is experiencing the highest foreclosure rate in the USA, mainly down to low deposit/high return speculation by developers.

So my advice for today is "Beware the low deposit/high return strategy!" and "look for genuine rental guarantees!"

Is it better to be in a market with more sensible payment plans, and less credit borrowing? I think so, it curbs speculation and tends to make the market prices more realistic.

Dubai is now one of the most important financial hubs in the world, there are millions to be made and lost there, everyday.

I hope that Dubai makes it through the tough times ahead, although I do think, like elsewhere in the world a real estate adjustment will happen in Dubai, sooner rather than later. The question on everybodys lips is when?

 

[Roshan]

Dubai advertises what they want you to see. They dont lie, we have all these things, but there are other sides to the city that are not as glamorous and beautiful as the side they show in the magazines. Its just like any other city, there are good things and bad things. If you want to invest here, you need to come in person, dont trust an agency, many will sell you crap because they know you dont know any better.

AS one member put it well in one of the posts. Would you handover your hard earned savings to a person at the railway station.

That's what we actually do when we don't research and buy.

Regards

Roshan

 

[Roshan]

At present in Dubai, a conference is being organised between the government and the major property builders in a bid to stop a so called speculator driven "property bubble" bursting there. It is the genuine opinion of the ruling family that property prices in Dubai are overheating, and after being a country dependent on oil, they have no wish to become a country dependent on its real estate value. In essence, they are sticking to their policy of "A diverse economy is the key to success."

The fact is that low deposits of 10% or less tend to attract speculators who have no interest in holding onto the property long term. Since the downturn in the global economy, many speculators have been caught out, and cancellations and foreclosures are at an all time high.

Las Vegas, in the USA for example is experiencing the highest foreclosure rate in the USA, mainly down to low deposit/high return speculation by developers.

So my advice for today is "Beware the low deposit/high return strategy!" and "look for genuine rental guarantees!"

Is it better to be in a market with more sensible payment plans, and less credit borrowing? I think so, it curbs speculation and tends to make the market prices more realistic.

Dubai is now one of the most important financial hubs in the world, there are millions to be made and lost there, everyday.

I hope that Dubai makes it through the tough times ahead, although I do think, like elsewhere in the world a real estate adjustment will happen in Dubai, sooner rather than later. The question on everybodys lips is when?

Bob Kiyosaki way of investing.

Rental guarantees are the way to go. Money coming in and nothing going out. It's like a money machine generating cash for you.

Dubai in no way is different from any other market. We don't see a crash but a correction, yes and it has to happen with the prices going over board.

Maritime city launched at Dhs 4800 psf. A 1000 sq ft ( usually 1 bedroom ) would cost Dhs 4.8 million which is outrightly ridiculous.

Good post.

Regards

Roshan