Quote:
Originally Posted by Investoman_uae
Today was the first day of Cityscape in Abu Dhabi.
Any of you guys went? Any comments? observations? Thoughts? Experiences? Please share them here.
I went this morning, long drive from Sharjah to Abu Dhabi.... it was pretty busy at the hall...and people had to queue up for registration for atleast half an hour. Once you go in, its like theres a billion people there.
The big developers had very few sales persons around, so you got to be the luckiest person on earth to be able to chat to one of them. None of them had prices... one of them said "You have to wait for the CEO to arrive, he has the prices with him".... yeah right... hes doin deals in his office with his big abu dhabi mates before we lil fish get the prices.
I went to a stall which had alot of people around, so I managed to get to the front just to see what the big fuss is about. Well, they were selling one beders for 1900/sqft.... and people there were literally throwin cheques at the poor sales woman... she was really embarassed and didnt know how to deal with them.... but things didnt get any better when she said " I have 2 units left, which one of you wants it".... I just thought, great move lady! Just great!
Anyway, its really stupid to see people signing cheques and dont even know what view the apartment they are buying has, or which floor its on, or where the hell it is on Al Reem Island... what developments are nearby... its slightly cheaper than market for a reason.
Market was at around 2000/sq.ft today. The better developments like Tameer's were at 2400/sq.ft.
Anyways, who was there today? Whats your views??
Did you notice the number of cuties there? My god!... it was worth the a 3 hr trip from Sharjah  While those loosers were tryin to grab some deals, throwin their cheques around...... I was chattin up some cute businesswomen....so there!.... LOOSERSSSS.
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I liked the cuties part
Good one on the cuties. Every Cityscape in Dubai, I take a 3 day off to cover the stalls and of course the cuties.
Dhs 1900 psf is a price which does not make sense. Just put these prices on the "Easy to use mortgage calculator " which I have posted and see how much you are on negative cash flow. Any investment you want to analyse, the best is to put it on the mortgage calculator, it works out the figures for you.
I did an analysis on a 1BDR ( 1000 sq ft ) at 1800 dhs psf. Fed in all the numbers and the result was a negative cash flow of Dhs 76,000, if you are renting out at Dhs 96,000 per year which is a realistic rent for a 1 BDR in Abudhabi.
Developers are increasing the prices. Investors are going mad...are these classic signs of overheat
If people do not work numbers, then you have people throwing cheques as what you said.
I could be wrong. Hope things work out for them.
Regards
Roshan