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planning to buy a studio

Discussion in 'Dubai property' started by drashwas_8, Jan 7, 2009.

  1. drashwas_8

    drashwas_8 New Member

    how can I get a studio for low payments as low as 3 - 4 k per month in IC ? what should the cost of the stodio be ? what kind of loan should i go for or do ppl sell in installments, by checks, or other means?

    sorry if im being a noob I never bought an apartment but allways was interested in entering realestate market.
     
  2. Jacque

    Jacque New Member

    Hi at the moment the only way of buying an apartment is by cash. Studio prices between 420-480K from 500-550K a month back. It is difficult to get a home loan at the moment, recently I heard from a mortgage broker that banks stopped financing IC and Discovery Gardens

    I hope this helps...
     
  3. drashwas_8

    drashwas_8 New Member

    thnx for ur reply bro

    humm how come then ppl in the forums say that ic is good place to invest in when ur limited to cash only?
     
  4. Jacque

    Jacque New Member

    IC was one of the first residential development handed over when there is a big demand for housing. People who had purchased before enjoys 15-45% rental return per annum.

    Ofcourse with the financial downturn around the world it has also affected Dubai in some ways. Banks are now stricter to give loans. Actually the best time to buy is when the market prices are low which is today. If you have the cash, owners are willing to negotiate.
     
  5. drashwas_8

    drashwas_8 New Member

    I know thats ture that this is the time to buy ... but I dont have cash I can only pay like a downpayment that is the issue ... and I never bought a property before so im hesitant and not familiar with the procedure
     
  6. eyeC

    eyeC Senior Member

    Hi im willing to make a deal with you

    it goes like this

    i sell you a studio for 50,000 AED down payment for year 1

    you pay me 50,000 a year 2,3,4,and 5

    end of year 5 you pay me total amount of 480,000

    of course you take all rental incomes from year 1 to 5
     
  7. drashwas_8

    drashwas_8 New Member

    check your pm !
     
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