[wayneis]

eyeC It depends what your expectations are and definition of Profitable.

It also depends on many variables , if you are the buyer or the seller or the developer or the Real Estate Agent, each will have there own view.

I am in the process of selling have held the property for over 2 and a half years and as an investment for Capital gain its been a fizzer. Nakheel have a lot to answer for.

Compared to other projects in Dubai marketed at the same time International City has been an out right lemon. For example property by Emaar at the Greens was selling for much the same sq ft price only a little higher now a 1 bedroom will sell for between 900k and 1mill K AED same with the Development at The Springs they have shown a 300 % gain. Mine will be around 30% over the same period so do the math.

Thats not to say its a bad investment. If you had purchased in the past 12 months or less you would be realizing the same profit as I am and it would have been a good investment as a short term investment. Remember that there has not been one project yet that on completion has not esculated in value. International City is still a building Zone and construction site. When this is completed (who knows when the exact time frame) the same will happen. I was not comfortable waiting any longer given that other projects will be comming on line in 18 months that will offer a different perspective and be competing with IC.

If you are now in a position to rent and are achieving Rents of 40k to 45K for a studio and 50k to 60k for a 1 bedroom these are great returns around 15%

What has left a sour taste with most investors in theirs project has been the way Nakheelhas treated investors (do not want to deal with you as you are not the building owner) When in fact a big deal was made of IC being a Nakheel Project. The hidden costs have escalated. Maintenance Fees are set far to high for the product being presented.

The Location of the development next to the sewerage plant was not advertised, no schools or post offices or shopping complexes or forbidden city as promoted yet open,the list goes on and on. To me this is another sign that things are not as they should have been.

The ongoing delays in presenting apartments to investors and owner occupiers is not unique to International City, it is a problem Dubai wide, however the manner in which this has been addressed and handled is extremely poor. Nakheel have no idea at all how to treat customers.

As with every Real Estate market you will need to judge the correct timing, given the continued shortage of Rental Accomadation and that projects are never deliverd on time then your investment will continue to grow at International City. Continued projections and predictions from "Real Esate Experts" last year on a over supply of apartments and Property crash in Dubai did not eventuate. As allways position,location and availability and demand are key factors.

My self I would rather take a small profit now rather than the gamble that things will improve at a latter date and invest my money else where in Dubai.

It all depends on your persepective and comfort zone.