IC is holding the price

georgihh · #1 07-11-2008, 09:16 PM

IC is the only development in Dubai with a steady growth.
The place smells, cheap construction, not very nice location but the prices go up

zombie · #2 08-11-2008, 03:29 AM

Yes, so we all hope. But IC to date is still the most reasonable property one can buy, comparing prices per Sq. ft. Also rental demand for IC will continue to remain strong, the government is trying to ensure that with the demolition of Satwa & enforcing the 1 Family 1 Villa Rule. My price targets for 1BR in IC is around 850k & studio 600k for me to sell.

MMSM · #3 08-11-2008, 05:33 AM

sorry to burst ur bubble, but IC prices have also started to take a dip.

where asking prices for 1 beds was nearly 800k a few weeks ago, they have now dropped to 675-700k. there was a person on this forum selling IC 1 bed in emirates cluster for 560k.

while prices here may fall, you can always be assured that demand for this area will remain strong.

mskhan · #4 08-11-2008, 07:15 AM

I have a 1 bed room apart in Persia for sale - 745K. Willing to negotiate.

The apart. is let on long term basis till Sept 2009. Current rental 45K due to restrictions on rent increase. Renewal in 2009 will attract going rate - around 54K

Anyone interested, get in touch

georgihh · #5 08-11-2008, 07:28 AM

Quote:

Originally Posted by MMSM

sorry to burst ur bubble, but IC prices have also started to take a dip.

where asking prices for 1 beds was nearly 800k a few weeks ago, they have now dropped to 675-700k. there was a person on this forum selling IC 1 bed in emirates cluster for 560k.

while prices here may fall, you can always be assured that demand for this area will remain strong.

Emirates cluster is not finished so any price is possible
But all the units which are ready and particularly the ones not occupied are easy sellers and the price for an empty studio is 525k and 735k for one bedroom

zombie · #6 08-11-2008, 01:29 PM

I wish I knew for sure if they really are easy sellers for the price mentioned, what I do know is that there is a definate difference between a property that is ready & handed over rather than one which has been sold off-plan.5

I personally think the resale market in IC has been hampered because of 2 things, the first is The Title Deed, it gives the buyer a lot of surety & the second, Established Tenants who are paying almost 60-80% less rent than market price hence giving the new buyer a lot less return on investment.

While we can try & keep contacting Nakheel about the Title Deed, I have heard some news about Greece, Persia, Morrocco & some other clusters starting to receive them, no news yet from my building owner. Lets wait & see.

There is nothiing we can do about the second, some people are trying & succeeding by offering tenants a lumpsum(The return of Key Money in other forms) to vacate. I don't know if the rent committee has actually agreed to help vacate the apts on the condition that the landlord / relatives will make use of the premises.

Those with the appetite for risk will stay & others might just book their profits & place them in safe havens e.g. Bank Deposits in India are safe & also high yeilding 11% p.a. pre tax. TAKE YOUR PICK, I am yet undecided.

eyeC · #7 30-11-2008, 03:00 PM

if everyone keeps saying steady growth or good buy

we could see the next bubble be in IC

Propy · #8 04-12-2008, 02:24 PM

Dubai real estate still set for solid growth (Gulf News)

By Suzanne Fenton, Staff Reporter
Published: December 03, 2008, 23:36

Dubai: The future of Dubai and UAE real estate will be more successful and solid than in previous years, due to lessons learned during the economic crash.

Both developers and property analysts are keen to reassure investors that while days seem dark right now, next year will be bright.

Many see last year's soaring prices and astronomical profits as symptoms of an immature market dominated by speculators chasing short-term gains.

"Despite the excitement they generate, sky-high profits are both unsustainable and unhealthy. Ultimately, they create unrealistic expectations about future performance, especially because high prices hurt demand," Cliff Kelaita, chief executive officer and chairman of Landmark Properties, said in a memo to his clients.

Such displays of transparent communication are signs of a maturing market, one that will be more successful in the future.

"There are many reasons to be optimistic about Dubai's resilience during this downturn. Despite worsening economic conditions in other parts of the world, the UAE and GCC remain on track for solid growth," Kelaita said.

6% growth

The UAE's economy is forecast to grow around 6 per cent in 2009, far above the global average growth of 2.2 per cent, predicted by the International Monetary Fund.

Dubai's property market, while slow at the moment, will attract long-term investors next year once the panic and negative sentiment are over. Speculators are abandoning the market, house prices are coming down leaving 2009 the year for the end-user.