Thread Status:
Not open for further replies.

Renting Out Property in JLT

Discussion in 'Dubai property' started by mazi, Mar 29, 2008.

  1. mazi

    mazi New Member

    Hello All,

    I am thinking of a buy-to-let in JLT - the property i'm looking at should finish by late 08 - but i wasnt sure of the rentinng market in JLT - would many people be willing to rent & live in JLT around that time or with all the construction work going on you think the renting market would be poor around that time?

    Many Thanks for any info ;)
     
  2. Roshan

    Roshan New Member

    Mazi,

    JLT will be the first free zone to come into the market. 50% of the buildings there are commercial and the rest 50% are residential and mixed use. I have invested in JLT and was there couple of weeks back. There is still construction going on, but all that place should do well once the construction is over. Don't forget here you are still talking of Sh. Zayed road.

    Regards

    Roshan
     
  3. mazi

    mazi New Member

    Thanks Roshan once again. am considering Eden Blue (D.Marina) and Al saqran (JLT). Eden Blue doesnt seem to be in a good spot within the marina (apparently next to a power station and has buildings in front of it, so obstructed view probably). Al saqran seems to be in a better place within JLT, however i am under the impression that overall, Marina is or would be a more prestigious/desirable place and perhaps would offer better return!!!

    your view would be much appreciated

    ps - i liked that frog story and forwarded it to all colleagues at work 2 :D
     
  4. Roshan

    Roshan New Member

    Mazi,

    As the saying goes of the 3 principles in real estate which is Location, Location, Location.

    Waterfront and beach front developments do well followed by Golf course located developments.

    Given a choice I would find something in Dubai Marina, Al Saqran does not hold much value considering it's location.

    JLT lake is more like a stream and does not hold much value.

    Are you in Dubai or overseas ??. If you are in Dubai, you could register for the meetings we intend having. Register under the thread " Dubai chapter of the forum "

    PS : Hey, we all liked the frog story. We all love to be leapers don't we. I have also added the average price for Dubai properties under the thread "Real estate articles and motivational thread ".

    Regards

    Roshan
     
  5. mazi

    mazi New Member

    Thanx so much Roshan,

    unfortunately, i am overseas (UK to be specific)
     
  6. jordandvdj

    jordandvdj New Member

    all new expats in my company are going in to 2 beds in JLT - mostly palladium. We are paying 120,000 AED for each one and that is a job lot rate. Still good prices there. Icon II ready soon is still 1.4m for 2 bed (only 950 sq feet however)
     
  7. mazi

    mazi New Member

    thanx jordandvdj for info
     
  8. mazi

    mazi New Member

    Dear Roshan,

    Do you think it is worth making a visit to Dubai to find a property. Do you think it would be easier to find the right property while there, e.g. by visiting local estate agents, developers etc or do you think i could do just the same from abroad (i.e. via internet, phone etc)

    Thanks
     
  9. Roshan

    Roshan New Member

    It's not worth, it should be a must in every investors dictionary. Wouldn't you want to know where the building is located and all that goes with it

    Do your initial research on the net. Talk and correspond with many before you decide. Compare prices, layouts, surroundings ( surroundings are as important as the property itself )

    Then shortlist your choicy developers whom you can meet while you are here. You need to know the full history of the project, developer and then make a trip. If the developer has delivered projects in the market, arrange for an inspection. You need to define and choose your MVP ( most valued property )

    Making a trip to Dubai and then buying is very important.

    Do not invest blindly, you need to feel the pulse.

    As in marraige you see many, but get married only to one ( atleast one at a time - LOL )

    Good luck.

    Regards

    Roshan
     
  10. mazi

    mazi New Member

    Thanks a lot Roshan ;)
     
  11. ramini

    ramini New Member

    Short question,

    those of you who already have property in JLT, how hard do you find it to get it rented out to the going rates today (2BR 140k, 1BR 110-120k, Studio, 80K)?

    I'm think of getting something there, but a lot seems to be ready soon...

    /R
     
  12. Roshan

    Roshan New Member

    If the flat does not go out immediately, would that hurt your mortgage payments or cash flow.

    Right now the demand is more than supply andf nobody knows how the markets will move. But, if you buy something now, you might be able to find someone quickly as the demand is more and supply less.

    You need to take a call considering this. What price are you buying at ??. Hope the prices are reasonable.

    Regards

    Roshan
     
  13. ramini

    ramini New Member

    Hi Roshan,
    no - it's not a problem if it doesn't rent immediately. I would even consider living there myself instead of renting for a fortune as I'm doing now. It's even easier to sell without having a tenant to be considered by a potential buyer.

    I think I've done my homework. Across the road, i.e. in the Marina, sqft prices are well above 2000 dhs, even for unfinished projects. If though it's prime location, most of the buildings are standing tight and many without any view.

    In JLT on the other hand, sqft prices are around 1300-1400 for 2BRs for projects being finished right now, and 1500-1600 for 1 BRs. I think that's reasonable? Finished are going around 2000 as well, so my opinion is that there is space to grow. If Marina prices are still going up, JLT should follow right behind.

    Well, we'll see...

    /r
     
  14. Roshan

    Roshan New Member

    JLT prices have been on the AED 1600 psf for a long while. There is still some more juice left in that area.

    If you are paying rent and gifting your landlord with a cheque every month. It's time you take it seriously and jump.

    Regards

    Roshan
     
  15. ramini

    ramini New Member

    You are right and I should probably have done it looong ago.
    Now, it's just about finding a nice place to live in.

    /r
     
  16. Roshan

    Roshan New Member

    Good decision about buying to stay. With the rents going up.

    I stay in a comfortable 2 BDR which I took up 9 years ago and currently paying Dhs 40 K. The landlord is now giving this out at 100 K.

    Makes sense to buy with the intent of staying.

    Regards

    Roshan
     
  17. Fal Pat

    Fal Pat New Member

    I Br in CONCORDE Tower for sale

    Hello Mazi,

    I think it is an excellent idea of a buy to let and there could not be any great location other than JLT. The reasons are:
    1.The price per sq ft is definitely lesser in JLT than in Marina which has already reached it's worth.
    2. Once the infrastructure is in place it has a scope to increase and come closer to Marina prices
    3. It will have Metro running right from the front of it and 2 Metro stations in JLT area.

    If you are interested, I have a few 1 br in Concorde Tower in JLT for sale at aed 1220 per sq ft which includes transfer fee. These will be handed over by Nov 08 but are available for viewing currently. You can look at the construction of these apartments and then take a decision. These were released yesterday by a bulk investor. If you want to know further, I can send you the details by email. In that case please send me your email id.

    ps: you are requested to decide soon,if you find it interesting, as the rates are very good and are expected be sold off fast.
     
  18. ramini

    ramini New Member

    Fal Pat, contact me: rami at symsoft dot com, I'm interested and want to view asap!

    /r
     
  19. stel_g01

    stel_g01 Banned

    Hi

    I'm interested in the thread you mentioned - Dubai chapter of the forum " -how/where do i find it and what are the meetings you referred to?

    I've also been thinkign of JLT for the buy to let - i'm sue when it is all completed very soon the prices will jump a little -especialy as dubai mall is just opposite. What good tips do you have for this area or would you recommend the marina to be better?

    Thanks
     
  20. Roshan

    Roshan New Member

    Waterfont properties tend to do well better.

    We have a thread called " Dubai chapter of the forum ". Pls put your details in there so that you do not miss out due to human error...and also send me an email to romel@emirates.net.ae so that I can include you in the email for discussions pertaining to the meeting.

    Look forward to seeing you.

    Regards

    Roshan
     
Loading...
Thread Status:
Not open for further replies.

Share This Page