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The BOOM in DUBAI is over

Discussion in 'Buy-to-Sell Property' started by docmood, Sep 27, 2008.

  1. docmood

    docmood New Member

    I've been buying and selling property in Dubai since 2002 when they initially launched a number fo semi gov companies and projects including EMAAR's developments at the Greens, Dubai Marina, Springs and Meadows. I bought townhouses and apartments mainly due to my experience in this type of investment. Smaller and cheaper (although good quality) properties are always easier to buy ( less capital ) and easier to sell for the same reason plus it enabled me to spread my portfolio out into the various developments. I sold most of my properties in 20005 and 2006 at around 2 to 3 times the price paid plus i had been making on average 10-12% on rental return for a couple of years. Up until last year, I had 2 apartments remaining and I decided that that was the time to exit the market due.

    It's taken me over a year to sell just one of them and I still have one remaining which it looks like I'll have to keep as there are literally THOUSANDS of desperate investors who are trying to dump their properties.

    These are people who were lured in by the after-hype to keep the bubble from bursting 2-3 years ago and put down 5% or 10% deposits and then were convinced by the agents that they should pay just ONE MORE installment and are now in a situation where they cannot afford the property they bought adn are trying to dump it before they lose their deposits even if that means they take a hit.

    Analysts are now admitting that Dubai will see a SLIGHT CORRECTION over the next couple of years....NOW THATS AN UNDERSTATEMENT !!

    If you still have proeprty there, good luck trying to sell it...just take the first offer you get....if your are THINKING ABOUT BUYING - FOR GODS SAKE DON'T !!!!
    And don't do the Ajman , Ras Al KHaimah, Al-Ain, Bahrain, Jordan thing either. Just keep hold of your cash...cash is king for the next few years!!!
     
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