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Need Advice on a Emaar Property

Discussion in 'Dubai property' started by ozziem, Jan 21, 2009.

  1. ozziem

    ozziem New Member

    I have been a avid follower of this forum, and would like to applause all topnions and the candid discussions that happen on this forum , it feels like one can get information from investor’s pov beyond the hype with half glass “full” or “empty” views.
    I’m international investor in Dubai market and I have decision to make and would love to get some feedback, I bought a 2 BR Full golf course view EMAAR Tanaro property in views at 10% premium in 2007, the fundamentals were sound from the perspective of location and development of the community.

    However I’m at juncture to whether to sell the property due to commitments in US or hold on. I can rent the property when it gets ready in Fall or try my efforts selling it in next couple of months, I would rather sell it but can hold it if required. Any feedback is highly appreciated.

    Cheers
    -Ozman
     
  2. Hussein Awadh

    Hussein Awadh New Member

    My opinion is that you should hold on to it. It seems people are still waiting for a drop in prices and the re-sale market is pretty bad at the moment. Buying it at a 10% premium from Emaar sounds like a very good decision made, but a property should be viewed as a long term investment. With Mortgages harder now, people will be looking to rent. When it's ready my opinion is that you should rent it out at a good price, seeing as how rents are high up already (and dropping) think of getting a tenant in there instead of getting your money back as quick as possible.

    As for facts straight up - If you're bent on selling it, check the prices of other properties with the same description, if you bought it at a 10% premium you're likely to get your money back and at least 5% profit, because a lot of properties that were bought were bought with a larger premium and are now hard to sell.

    If you need anymore advice please do P.M me.
     
  3. ozziem

    ozziem New Member

    thanks for your feedback, much appreciated.
     
  4. financier888

    financier888 New Member

    Historically, apartments on the golf course, especially with a nice view should hold their value and appreciate - What is important as it relates to future appreciation is the 'cost per sq ft' you paid - more important a consideration than 10% over preium based on 2007 op etc... It will also come down to, if you have mortgage and how much of the projected rental income will cover? either way, you may have hold till handover to be able to realize a profit... (3Q 2009) or, if you're lucky sooner - again, based on the sq ft cost of acquisition.
     
  5. ozziem

    ozziem New Member

    thanks , my cost price was approximately AED1800
     
  6. financier888

    financier888 New Member

    thats a good price but it you really want to sell it - better to wait till march / april - better prospects,,, (hopefully) very few buyers out there presently... it's a good asset bought at a good price and worth holding if you can especially till handover..

    good luck
     
  7. ozziem

    ozziem New Member

    thanks for advice, do you have recommendation for property agents and information on how much they charge to sell a property.
    thanks
    -Oz
     
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