Use the search function been a couple of threads on this all ready.Changed my view on this development since my first postings on the subject, mainly due to the location and piggy backing on the Sports City Project. You really need to chose a quality developer. If you purchase from one of the better developers you should do ok.
Read recent magazine articles and press articles in the gulf newspaper on possible property correction in Dubai Markets 2009, Yes I know doom and gloom has been forecast on a yearly basis and people still making money hand over fist however gone are the days when there were conga lines with people throwing money to get a purchase.
Do be careful if your purchasing an apartment for short term rental as the government are making noises about a law which will control in this sector.
Article to read here Interesting that only 20% of residences were handed over so still a huge shortfall. One common theme is that year after year so far projected hand overs or targets have not been met.In part the article says
Quote:
EFG-Hermes bases its forecast on an anticipated 25,000 new housing units hitting the market in 2007, 64,000 more homes in 2008 and a further 68,000 units in 2009. On the demand side, it predicts a need for 45,000 to 50,000 units per year.
"Supply in the residential property market is and will continue to be constrained in 2007. We predict that the peak year for supply will now be 2009, meaning that the market is unlikely to see a price decline before this occurs," said Sana Kapadia, analyst at EFG-Hermes.
Kapadia said the company expects average prices to rise 10-15 per cent in 2007 and 5-10 per cent in 2008, before entering negative territory.
"Following a peak in the second half of 2008 as more supply hits the market, prices will start to decline again in 2009, with a cumulative decline of 15-20 per cent by 2011," she said.
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