Quote:
Originally Posted by cheemz
The 'flipping in 3-6 months' days are over!
Buyers now should be prepared to pay at least 3-4 payments of 10% before selling...
There is just too much on the market for the quick flips. Furthermore direct from developer offers continue to flood the market, making it harder for the secondary market to move as quick as it used to.
My prediction is since direct from developer properties are getting much more expensive, that region of the market will see a drought... The re-sale market will begin to flourish once the imminent correction takes place and prices of certain projects fall at least 20%-30%
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Agree totally. The quick flip days are over. Too much on the market and a lot of uncertainty. Most are hoping to rent out or sell to an end user. Don't forget about the expected declines of 10-20% in Dubai. My guess it will be more like 40-50%. Abu Dhabi is probably a better buy now, but very speculative. It will probably follow price declines in Dubai anyway. Don't bother with the artificially inflated prices the developers will want at Cityscape. Look into the re-sale market now for discounts of 20-40% from what the developers are asking. Some may require a little bit more down payment than a new place, but they are substantially cheaper.