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Resale market really dead?

Discussion in 'Dubai property' started by pisandre, Dec 7, 2008.

  1. pisandre

    pisandre New Member

    Hi all,

    I know it is a tough story to resale properties. Specially off-plan. Still. Since 1 month, i don't stop reading only negative news. However, when I look at the Freehold magazine, I hardly see good bargains. I would like to know if some of you were able to resale recently off-plan properties with 0 or negative premium. If so, which area, which price?

    Thanks all

  2. FrancoB

    FrancoB New Member

    nobody is buying

    sorry to say but people who have money are waiting for prices to fall and those without cant get a mortgage as banks are making it very difficult.
  3. TommyC

    TommyC New Member

    No haven't been able to sell even one of my two apartments during the last 3 months. Even have it out on offer "15% installment for free" (100% loss, which I'm facing anyway since it's not possible to get a mortgage, and if you had assets in the stockmarket...not much to say, it s****s!) to simply not give the money to the developer, but NO takers and NO interest from anyone. I guess some people who doesn't need to sell right now (= no threatened to lose all) offers their apartments for whatever price, the more the better, but as time flies by even those prices will start going down.
  4. pisandre

    pisandre New Member

    TommyC. Why are you not able to get any mortgage? Because of the reduction of the LTV? Because your property is not financed by a bank?
  5. TommyC

    TommyC New Member

    Reduction of LTV, and also, since I bought early the developer didn't have the deal signed with the bank at the time. I was "promised" (typical sales-promise, no writing) 90% and when they had everything ready to apply, LTV was down to 75%, shortly after that 60% and now stopped (for Schon Properties, according to a mortgage broker). This at the same time as the stockmarket came crashing down was/is a really bad combination in terms of liquidity...
  6. Fran

    Fran New Member

    How about late charges? Usually 1% or 1.5%. Most developers can tolerate payment delays up to 4 or 6 months.

    Or pay a portion of the installment and postpone the rest.
    Last edited: Dec 7, 2008
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