Dubai Marina

[docmood]

well, International City has it's own group on this forum and so do the Palms...what about poor old Dubai Marina ? On of the earliest of New Dubais developments.

It has to be one of the nicest places in all of Dubai and yet there seems to be no mention of it here. The beautiful Marina walk which is always buzzing with activity in the evening with it's indoor and outdoor restaurants and people walking along the Marina.

Lets get a discussion going about whether the owners in Dubai Marina are happy with the location and everything.

I'll start...I have a Studio in Marina Diamond 1.

a) Location : EXTREMELY happy with the location. property is a studio and is rented on a short term basis for approx 25% ROI. (bought it for 450k a year before it completed and been rented out ever since. Never been empty !!!

b) Developer : Diamond Investments - excellent developer, good customer after sales service and they seem to actually care about their clients. They built 6 towers in the marina and are doing another few projects soon.
Only problem ... none of the main lenders will lend for them yet so if i want to sell the unit, i need a cash buyer.

c) Value for Money : Fantastic, it's already covered it's capital value in rent (almost) and I'm not sure what it's worth these days but most of the new stuff there is selling for silly money. A similar studio in one of the newer towers is well over AED 1 million.

[Jeremy.Choong]

As far as I understand, Dubai Marina is going to be a place for people live in luxury, price there now is about AED 5,000/Sq.ft and most unacceptable fact is, it never stops going higher.

Since I work for DAMAC, leading provider of Water Front luxury properties in Dubai, I would be happy to help these people who want to know about this area one or two, just drop me an emai: hg300418 at hotmail dot com

[revolutionary]

Maybe combining the Marina with JLT will get sufficient numbers of posts to make a separate thread interesting.

I agree that the Marina Diamonds are good simple well located places and I've been one of those short-term tenants on a couple of occasions. My own place in JLT is almost ready for occupation and I'm trying to decide whether to use it myself, mortgage it and buy a bargain in the current market, or possibly swap with someone who needs something desperately now and has a Palm Jebel Ali waterhome that won't be ready for quite a few years.

[docmood]

@Revolutionary - Good point. JLT and Dubai Marina are staring at each other all day every day anyways!!

I'd still hold off on the buying a bargain for now as you will find much better bargains mid 2009. Just short term let it if you don't need it yourself.

[khindson]

I have a one bed apartment in The Point on the Marina which is due for completion in March 09.

The questions are:

Is short term or long term let better and how much can I expect to earn per annum?

Should I furnish the property and if so how much roughly will that cost me to furnish a one bed to a relatively good standard?

Thanks

Kerry

[docmood]

@Kerry - Short term is what i've been doing for the last couple of years and the return is pretty fantastic. Mind you, I bought my one a few years back when it was still relatively cheap. You have to fully furnish for short term obviously.

For a one bed in the Marina that is furnished to a good standard including telephone, internet etc, you can expect at LEAST AED 12000 per month IN YOUR HAND - after the management companies take their fees (around 20%) and you pay the bills.

The furnishings will cost you between 15 to 20k

I get around 10k per month for my studio.

[revolutionary]

Originally Posted by docmood

@Kerry - Short term is what i've been doing for the last couple of years and the return is pretty fantastic. Mind you, I bought my one a few years back when it was still relatively cheap. You have to fully furnish for short term obviously.

For a one bed in the Marina that is furnished to a good standard including telephone, internet etc, you can expect at LEAST AED 12000 per month IN YOUR HAND - after the management companies take their fees (around 20%) and you pay the bills.

The furnishings will cost you between 15 to 20k

I get around 10k per month for my studio.

Have you got the contact details for these short-term management companies. I'm just about to get the keys to my apartment in JLT but don't want to live there full time. I also don't want to get stung by letting for a year and then being stuck with the same rate and tenant for 3 years when I will want to use it myself.