Quote:
Originally Posted by Mohamed
Dear All,
Hope some of you guys can shed some light on studios apartments that I have purchased on the Desert Rose development in Jumeirah Village South.
Details of the apartments are as follows:
Development: Desert Rose
Developer: Desert Home
Master Developer: Limitless
Location: Jumeirah Village South
The questions I have are as follows:
1) Can anybody tell me if they have heard of Desert Home and if so, what sort of reputation they have (I belive they have one other development in Dubai which they have completed)
2) I purchased the studios (424 sqft) at approximately 350,000 AED each. Does that sound like a good investment for this development/area ?
3) I have recently been told by the developer that the project was due to be completed by March 2008, but shoring had only started in March 07 and that they believed the project would be completed by June 08. Does this sound like usual developer talk or is this feasible (anybody with any recent news on progress at Jumeirah village south!) ?
4) Realistically, what sort of price could I expect from this sort of apartments now, and when fully complete (based on similar developments in the village) ?
Anybody able to answer any of the above questions will help me allay some of my fears as I live in London!
Thanks...
Mohamed.
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1) Not heard of Desert home. Developments in Jumairah village are freehold but the attached report has something else to say. I have attached a report which I downloaded, please read " request for long term lease " in the report. Pls clarify this with the developer. The development is done by Mirak group who are into agriculture. Mirak lettuce and strawberries are quite popular in Dubai.
2) As per yesterday's gulf news the prices in the secondary market is between 650 to 750 dhs psf.
3) It would require a developer atleast 2 years to complete a project. June 2008 does not sound realistic.
4)As per the current rates, you could rent out for atleast Dhs 60,000 -70,000. When more supply comes into the market, there will be corrections on that but hopefully should not drop below Dhs 50,000.
Have you taken mortage or are you self financing. As long as you are on positive cash flow, you should not worry as money is coming in and not going out.
Only time will tell who is good or bad in Dubai. Most of them are developing their first projects in Dubai. On which yard stick will you judge these people.
Do not panic, you have taken a decision to buy, now you should try and find ways of making it work.
Jumairah village will be a good place for community living. It could prove good in the long run.