Hi all
I am new to the forum although I have been following the various discussions here with interest. I am a beginner when it comes to property investment but nevertheless has a question regarding resale of properties and how to calculate your profit.
Suppose you purchase a flat off plan for AED 1m and have paid 500k so far in instalments. The property subsequently doubles in value to AED 2m. Is your profit on resale 2m less 500k that is still owed to the developer via instalments so i.e. a profit of 1.5m?
Or is the profit 500k i.e. simply double what you have paid the developer so far?
This point has been confusing me somewhat so any help would be greatly appreciated.
Many thanks
|