Scaremongers, moaners, sour grapes, idiots etc etc... grow up, what are we trying to get to here??? facts or feel good factors?? cause if ones trying to feel good then prozac would be a solution, cheap insults and name calling won't get us anywhere here. Everyone has brains and can do their own thinking and none of us can convince anyone in life to do anything, let alone sell their investments.
All i have done in these posts is given facts, in return we expect facts from the investors who are hoping for their capital to appreciate.Give us so called ''moaners'' the facts why u think it is good or excellent, In time it may or it may not be good or bad , and the thing to remember is people always make fortunes on RISKS, which IC seems like, it isn't something solid but hey, u guys maybe sitting on gold dust eh
Now for some facts your cash can earn 6.3% yearly nett if you are based offshore, can your investment beat that?? So, at the moment cash is king, with rates going to rise even further and dollar depreciate even further.
http://www.alil.co.im/offshore-fixed...nd.aspx?bhcp=1
If you are on borrowed money then you are paying about 7-9% interest alone on your borrowings. Do you get that sort of return on your rentals to cover your mortgage??hence, DISTRESSED SALES. I must state here this scenario is not only with IC ITS WITH ALL PROPERTIES IN DUBAI and its a world wide effect,anything that goes up must come down, had too much of a good time,hence ,people who didn't sell earlier are scared it might burst on their face or just too greedy?.Proof no2.
expatriates.com - Dubai - Real Estate For Sale - Cresecent tower - DISTRESS SALE (``Tina``)
expatriates.com - Dubai - Real Estate For Sale - Studio at International City - 340,000 AED (all incl) (``Tina``)
My third url would be the chart where it shows people who committed and transfered money between 2-4 years ago have lost about 20-40%,due to the depreciation of the dollars against major currencies in this case Sterling, i won't even go into comparing it with the Yuan and the Rupee, which have gained massively recently against the greenback and hence against the Dirham directly.
British Pound to UAE Dirham Exchange Rate - Yahoo! Finance India
UAE Dirham to Indian Rupee Exchange Rate - Yahoo! Finance India
Lastly, i must add that i was looking to buy and invest on 2, 1 bed apartments in the IC CITY initially,but a lil bit of research has shown i'd rather sit on the fence. reason, well its evident , any property investment now in this climate is dangerous business, ESPECIALLY IN DUBAI!!!