New Investor - What should I buy at Cityscape?

[Safdir]

Hi

I am UK investor considering buying property in Dubai or Abu Dhabi for flipping after 3 to 6 months. Is this still still a viable way of investing?

If there are so many new projects being launched all the time at pre launch straight from the developer why would anyone choose to buy a resale property 3 or 6 months after?

Which projects or developers should I look out for at Cityscape?

Any advice would be appreciated.

Saf

[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%

[sonofthedesert]

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%

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.

[cansaw]

1. Consider something close to the water (marina's or sea) - views are ALWAYS important. People love being near water, and property close to it sell quicker.

2. Rather buy a few smaller units, than one big one (this way you reduce your risk - if one does not sell quickly, you still have the others to relay on - other than you just buying one big unit).

3. I will also recommend that you buy different units in different towers/locations and not few on the same floor or in the same tower/apartment block.

4. There are also very good re-sales available at completative prices (the towers are completed) AND you can see what you buy.

[Safdir]

Thanks for the tips guys - keep them coming!

Here in the UK there is so much uncertainty that I want to make extra sure that the UAE is the right place to invest before parting with my cash.

Saf

[cansaw]

Hi Saf
You have all my sympathy when looking at what is happening, all over the world. I trust that you have visited Dubai so see what is happening here! This might give you more clearance as to what it do - but Dubai is and will be an excellent investment for the years to come.

[Safdir]

Yeah, It's actually quite frightening what is going on here.

I have been out to Dubai a couple of times this year already but was reluctant to invest because of UK stuff.

There seems to be some concerns here as well.

Hopefully Cityscape will show us how the market is.

Saf

[cansaw]

Yes - good idea. But as mentioned before, there are good re-sales on the market, where the development has been completed, and you can see what you are buying, where it is located, what is close by, and have a tenant in place. Consider all options, before you buy.

Good luck!

[rasha1312]

hi safdir, Ill tell u one thing a bout Dubai , if the market goes down here the govermnt directly will inject money to make the prices in the same limits at least, and Sheikh Mohamed vision will not be completed until another 3-5 years from now which is making the real estate in Dubai still growing , belive me its not to late to invest and Ill advise u in only one project Mizin remraam for alot of reasons, if u want contact me on my mail and ill send u the full details about the project and y its the strongest in the market.
rasha.mashni at g mail dot com
p.s the prices i have the cheapest in the market / and I dont chrge commission

[georgihh]

Originally Posted by Safdir

Hi

I am UK investor considering buying property in Dubai or Abu Dhabi for flipping after 3 to 6 months. Is this still still a viable way of investing?

If there are so many new projects being launched all the time at pre launch straight from the developer why would anyone choose to buy a resale property 3 or 6 months after?

Which projects or developers should I look out for at Cityscape?

Any advice would be appreciated.

Saf

Apart from a piece of paper nothing else you can buy.
Well all the papers are different some will become really nice flats, some will vanish and some will make you 20 years older, but it’s a good try.
Emaar is the most expensive developer but on the other hand the most reliable.
Nakheel – you never know too many big fishes in the company and can expect everything.
Some small developers are ok, study the history of each one of them and pick the correct one.