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HOW MANY ON THIS FORUM WILL INVEST AGAIN IN DUBAI?

  1. Yes

    14 vote(s)
    35.0%
  2. No

    26 vote(s)
    65.0%
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Vote of investor confidence

Discussion in 'Dubai property' started by dubister, Dec 24, 2008.

  1. dubister

    dubister New Member

    I WOULD LIKE TO KNOW HOW MANY ON THIS FORUM WILL INVEST AGAIN IN DUBAI IN THE FUTURE

    Just reply YES or NO with reason.
     
  2. sap001

    sap001 New Member

    NO - because:

    a) Dubai Laws are not transparent enough for me
    b) My developer DAMAC did not complete their Lake View development on time
    c) Very disappointed with DAMAC customer service ie endless letters sent to them over past 2.5 years and no replies received iwe totally ignored
    d) Dubai rents are coming down
    e) massive increase in service charges without prior consultation
     
  3. georgihh

    georgihh New Member

    Yes – because I can earn 15% per year from rent
    I will not buy off plan, only proven property generating 15% +
     
  4. Propy

    Propy New Member

    NO

    NO (In Bold & capital letters)

    * The whole process of buying property was very stressfull
    * No residence visa
    * Law/s can change overnight
    * Majority of the ppl in public offices have stroppy (typical A***) behaviour
     
  5. TommyC

    TommyC New Member

    NO: Because of overnight changes in laws and extreme lack of transparency.
     
  6. sasherwani2

    sasherwani2 New Member

    NO!!!

    1) No transparency
    2) The developer will keep asking for more without laying a single brick on the ground (Emaar's Warsan, a billion other developers). RERA wont show any positive intrusion.
    3) The developer might run away (Al Barakah, Wind Properties etc)
    4) RERA's Overnight "re-intepretation" of laws to favor the developers and the govt (LAW#13!!)
    5) One day you are receiving 12% annual rental and the next yr (2009) your rental income would go down to 4-5% which wont even cover your mortgage payments.

    I really wonder who actually voted "Yes" :S They must have a LOT of money to play around with. Risk factor in Dubai is much more than that of a junk bond (a high yield bond). I would rather invest in those CCC- rated junk bonds. Chances of recovery and returns would be much higher.
     
    Last edited: Dec 25, 2008
  7. Datum1m

    Datum1m New Member

    Yes

    To finished property at the right price in the right location, because once liquidity comes back to the market and mortgages are back on offer, people would rather buy than rent.

    No

    To the off plan market, it is totally outrages that the system relies on the financial ability of individuals to fund multi million AED developments. The only way this market will ever recover is if the Developers themselves take on the responsibility of sorting out project finance. No Developer should need to take more than 20% from an off plan purchaser and he should not be allowed to enter into contact with a off plan purchaser unless they have a mortgage offer in place or can demonstrate they have the ability to pay for their unit 100% once it is complete.
     
  8. financier888

    financier888 New Member

    voted YES


    I voted YES

    1) RERA is working on more transparancy and investor protection. To be fair, no one anticipated the magnitude of this global crisis including Alan Greenspan - a foremost authority on global economics
    2) You will see changes in the VISA laws that will be better for buyers.. ( a plan is in the works)
    3) This market, compared to most of the global markets is positioned for a faster recovery that other markets.. (In the USA you are looking at 5 years - here in Dubai 2-3 and it's tax free...)
    4) Dubai is still a very strategic location and will remain a major banking / trading center and tourism as well as a safe haven from countries that are politically unstable or who have severe restrictions on movement of capital.
    5) RERA is also working on better protection for investors by creating more stringent laws governing developers. You need to give them some time and they are working faster than most govt's.
    6) Dubai is still small and with many projects being cancelled or scaled back - the inventory that will come to market and sold at the corrected price will be easily absorbed. This is for the better in the long term.
    7) The infrastructure projects are carrying-on which is a good sign as far as investments go. You will see new players entering this market and real estate will still be a prime asset as most investors on all levels have lost confidence in the stock markets which will take longer to come back.

    The prices are dropping because they were over inflated by speculators. Prices will come more into line as to where they should be. - like the original o.p. prices... '06-'07

    In a short term perspective - of course, it's panic. That's true all over the world currently. Prices are falling all over - most countries in fact, followed by large spikes in unemployment but in time, Dubai will rebound and be better for it.
     
  9. Stephendxb

    Stephendxb New Member

    Yes,

    Only on completed projects and if the math works for me.
     
  10. naxal

    naxal New Member

    A BIG YES for 'Extremely distressed & READY Properties' ..........................................

    A BIG NO < NEEEEEEEEEVVVVVEEEEERRRRRR to off-plan properties .I learnt a terrible lesson from Schon AND I would reiterate what many others said about Rera >>>>>>> Its nothing more than a smokescreen !!
     
  11. Loser69

    Loser69 New Member

    No no no no no not ever

    Never

    The lucky ones got to ride the wave. The end users get screwed.

    1 - Outrageous service charges
    2 - Visa rules changed at a whim
    3 - Crap banks who change interest rates at their convenience

    The whole thing is CRAP.

    The locals really could not organise a piss up in a brewery.

    The arabs are like africans - corrupt, sneaky, cheating con men.

    When you argue your case (to banks, developers etc) you are ignored as they have no justification and simply blame yoou for thier total, total screw up.

    Also, dubai is dull as f*** and full of crooks and whores.
     
  12. Investoman_uae

    Investoman_uae New Member

    Oh mate, you are indeed a loser. Your reaction is uncalled for. I may have lost alot of money in this market, but I am still alive and kicking. I have good health and am still smiling.

    You gota be strong man.... pull urself togather dam it. Stop the racism, and the hatred.

    Inv.
     
  13. TommyC

    TommyC New Member

    Don't forget to mention the quality of construction. The buildings are basically starting to fall apart the moment they are finished. To give an idea:

    Gulf News, 27 October 2007: "Major contracting companies are frantically trying to hire as many labourers from South Asia, especially India, within the shortest possible time, to deliver the pending projects in time and bid for the new ones. The immediate estimated requirement for total unskilled and semi-skilled workers in the UAE would range between 100,000 to 150,000."

    A rough estimate of what semi-skilled or unskilled means: "Unskilled work is simple job duties that are learned in a short period of time. They require very little to no judgement. An example would be loading trucks or removing pieces from a machine. A person can usually learn these types of jobs in 30 days or less. One does not gain work skills from doing this type of employment.

    Semi-skilled work that requires some skills but not complex duties. A person in this type of work may require attention and some degree of alertness. Coordination and dexterity may be required. An example of this type of work would be one who tends to a machine, inspects, or tests and guards against defect, damage or injury. These jobs are less complex than skilled but more complex than unskilled"

    Everything is rushed to such a degree that there is a serious lack of quality, and in the somewhat harsh weather conditions here in Dubai, buildings detoriates even faster. Might be worth considering when investing your money.
     
  14. Arno Salzl

    Arno Salzl New Member

    Yes.
    But definitely not now.
    1. The market has to come down to realistic price per sqft, in accordance with the construction costs and the location. Means about 75% from July 08 prices. Since the stock market is generally 6 month ahead, it could already happen by mid 2009.
    2. A clearer view is needed over the revised plans of the Dubai rulers: economic and social development, visa policy for retirees. Also the rulers in Abu Dhabi have to be clear about their acceptance of a multicultural society.
    3. It will be a villa. Developpers have neglected this market because of the lower margin, but if Dubai recovers, the demand for villas will be higher. Once the hype is over, Dubai could be more attractive for families as for singles, like it was before 2004.


    -
     
  15. zombie

    zombie New Member

    Hmmmm, so you think villas are the investment of the future!!! Personally I think they got it right, there will always be more demand & better return on the smaller units. But who knows for sure.
     
  16. Wannaberich

    Wannaberich New Member

    Of course Yes.
    Property prices in Dubai will match those of New York and London in a few years when many of the amazing projects are completed.
    If I had some spare cash I'd get a bargain today and wait for prices to shoot up in a year or two.
     
  17. naxal

    naxal New Member

    What's the guarantee that prices will shoot up in future ?
    What if there is further decline OR no appreciation for many years to come ........... As I can see much of UAE population shrinking as compared to the people arriving in here !
     
  18. Wannaberich

    Wannaberich New Member

    Over time price in all countries will go back up,Dubai will be no different.
    The more Dubai builds,it will become a far more desirable place to live.Therefore more and more people will move there and prices will go up.
    Guaranteed.
     
  19. zombie

    zombie New Member

    Let us face it, we are at the wrong end of the cycle, after a period of intense activity, there must come a longer period of lethargy, only then can one truly be ready for the next time it comes around. It depends on how long one is able/willing to wait.

    Meanwhile HAPPY NEW YEAR, hope the next year is better!!!
     
  20. sasherwani2

    sasherwani2 New Member

    hahah.."Guaranteed!!!"...which real estate company do you work for? I bet you work solely on commission now. Good luck!
     
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