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[Howsbuya]

Nakheel offers over 6500 residential units in International City for leasing

Annual rent starts at AED 31,000 in bid to supply housing to medium income bracket

Nakheel has announced that it is offering some of its International City units for lease. The project, which started construction in 2003, has been handing over buildings to owners since October 2006, with residents moving into allocated units.

The management of International City is offering 115 buildings with over 6500 units for leasing in phases. The first phase will comprise of more then 600 residential units for immediate leasing. The annual rent will start at AED 31,000. Nakheel’s Call Centre is currently accepting lease bookings at +971 4 390 3333.
Hi Guys,
Where have all these units come from? It's definitely going to drag the rents lower. It doesn't seem very fair to the average investor to unload such vast numbers at such a cheap rate.
Any thoughts?

[wayneis]

Howsbuya Nakheel said from the start that they would keep 15 % of the apartments to rent out.

What you need to do is re read the press release as Nakheel are only putting up 600 apartments and will be providing 6,500 leases in phases as this is only Phase 1 Phase 2 and 3 are yet to be completed.

I do not agree with your comment about under cutting the market as There are just no Apartment's available from Nakheel to rent.

Its still supply and demand here in Dubai. Even though the rent cap is in place no restrictions are placed on new apartments so what you are now seeing in International City is that Land Lords have built in a price rise of 14 % or more to cover the Law which says no increase can be made in the first year's.

So getting back to Nakheel Offer. As a renter it sounds too good to be true....and it is

Nakheel will take your name you will be placed on a waiting list.
I have not been called back so you do not need to worry at this stage of Nakheel Undercutting the Market.

I think it has more to do with some one able to say look look we are offering affordable rent

dig a little deeper and you will find you can not get an apartment.

Nakheel were quoting
Small Studio size 430 to 483 sq ft Rent price 32,000 AED
Large Studio size 613 to 634 sq ft Rent price 36,000 AED
Small 1 Bedroom 699 to 742 sq ft Rent price 42,000 AED
Large 1 bedroom 823 to 1043 sq ft Rent price 46,000 AED

Great deal if you can get one from Nakheel but at this stage you just can not get an apartment from Nakheel.

I believe market price for Studio is from 40 to 45,000 AED
And one bedroom 50,000 to 60,000 My Agent says that studios at 40 and 1 bedrooms at 50K get snapped up pretty much straight away.

What the adds in the paper will not say is that the apartment is not ready. Thats just Dubai for you.

So lets look at what is being advertised in todays (Jan 25th) Paper the Gulf News

International City (China) - studio & 1 B/R available for rent. Ready possession. Dhs 38,000/- & 50,000/-.--------------------------------------------------------------------------------

International City (Persia): 1 B/R hall flat, with 1-1/2 baths and balcony. Rent Dhs 45K P.A. (3 cheques + Dhs 5,000/- commission + Dhs 1,000/- security deposit).
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International City - studio or 1 B/R hall, available with all the facilities, for rent. Dhs 55,000/- and 60,000/-. --------------------------------------------------------------------------------

International City Apartment Available for RENT in International City, different clusters. Studio starting from Dhs 38,000 to 40,000 p.a. 1 B/R starting from Dhs 55,000 p.a. --------------------------------------------------------------------------------

International City in "CBD" area, 2 B/R hall, very spacious, with all facilities. Ready possession. Rent: Dhs 75K. --------------------------------------------------------------------------------

International City Studio Rent AED 38,000/- 1 B/R rent starting from AED 48,000/- to AED 55,000/- Shops @ AED 120/- sq.ft. Greens Flats available for rent at competitive prices Ready to move.
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International City Studio @ 38K and 1 B/R @ 50K Available for rent ( Ref. ID: 6171130 )
--------------------------------------------------------------------------------

International City ? studios & 1 bedroom apartment available for rent from 1 Feb onwards.
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International City, 1 B/R hall with 1-1/2 baths, C.A/C, available for rent in "China Cluster". Immediate possession.
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International City, 3 B/R, brand new apts., with s/pool, gym, sauna, steam, 24 hrs. security & maintenance free. Rent 75K per annum.-----------------------------------------------------------

International City, Persia - 1 B/R & studio flat, furnished & unfurnished, on monthly & yearly basis, for rent. Shops also available.
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International City: 1 bedroom + big hall + 1-1/2 baths, swimming pool, parking, chiller free. Rent Dhs 67,000/-. --------------------------------------------------------------------------

I can help you rent the apartment, it is going unfurinshed at the momment and the going rates are for Studio is AED 36K To 40K 1 bed 48K to 52K per year. Welcome to Home4Uintl.com

[zombie]

Hi,

Am new to this discussion forum, AS per my latest information, Nakheel has scrapped the forbidden city sector, they are now selling the land for private developers to construct on the same lines as central business district. So it will stay a desert for a long time.

[jwayne592]

Can I ask where you discovered that Forbidden City has been scrapped? I've just been on the International City website and it still says it's in the planning stages. This could be very bad for investors as it was to be a big asset to the IC venture. Maybe they could replace it with a large swimming complex so we can have the swimming pool promised by the agent when I purchased the apartment.

[DubaiDan]

Originally Posted by wayneis

Howsbuya Nakheel said from the start that they would keep 15 % of the apartments to rent out.

What you need to do is re read the press release as Nakheel are only putting up 600 apartments and will be providing 6,500 leases in phases as this is only Phase 1 Phase 2 and 3 are yet to be completed.

I do not agree with your comment about under cutting the market as There are just no Apartment's available from Nakheel to rent.

Its still supply and demand here in Dubai. Even though the rent cap is in place no restrictions are placed on new apartments so what you are now seeing in International City is that Land Lords have built in a price rise of 14 % or more to cover the Law which says no increase can be made in the first year's.

So getting back to Nakheel Offer. As a renter it sounds too good to be true....and it is

Nakheel will take your name you will be placed on a waiting list.
I have not been called back so you do not need to worry at this stage of Nakheel Undercutting the Market. dig a little deeper and you will find you can not get an apartment.

Nakheel were quoting
Small Studio size 430 to 483 sq ft Rent price 32,000 AED
Large Studio size 613 to 634 sq ft Rent price 36,000 AED
Small 1 Bedroom 699 to 742 sq ft Rent price 42,000 AED
Large 1 bedroom 823 to 1043 sq ft Rent price 46,000 AED

Great deal if you can get one from Nakheel but at this stage you just can not get an apartment from Nakheel.

I believe market price for Studio is from 40 to 45,000 AED
And one bedroom 50,000 to 60,000 My Agent says that studios at 40 and 1 bedrooms at 50K get snapped up pretty much straight away.

What the adds in the paper will not say is that the apartment is not ready. Thats just Dubai for you.

So lets look at what is being advertised in todays (Jan 25th) Paper the Gulf News

Approximately 10 days ago I registered to rent apartment from Nakheel. They took my details and within three days I received an email invite to view properties.

I viewed last Thursday and yesterday paid Dh2,000 deposit for studio in China cluster at an annual rent of Dh32,000. I pay first rent instalment on Thursday and will collect the keys as soon as DEWA registration is done.
Sorry to disagree, but Nakheel do have apartments to rent and are doing so at the moment. On the same day they had one bed apartments available in the same block for Dh42,000. They are going pretty fast, but Nakheel are opening more blocks all the time.

[wayneis]

Good news for you DubaiDan

I gave Nakheel my phone number my Mobile Phone number and email over 1 month ago and I have received no calls, just posting my experience.

[Convivencia]

Originally Posted by wayneis

Good news for you DubaiDan

I gave Nakheel my phone number my Mobile Phone number and email over 1 month ago and I have received no calls, just posting my experience.

I did exactly the same thing and had no response too. Was told at the time that there was a large demand. Might be interesting to give them another ring to see if things have changed as this will have a serious impact on acheivable rents.

[DubaiDan]

They didn't phone me back either, they emailed me a few days later with a registration number and details of flats which would be available. I had three days to visit and pay a deposit if I wanted one. The registration number on the email gives you priority. Try ringing them again, but make sure you give them an email address.

[DubaiDan]

FYI guys, Here is a copy of the email I received from Nakheel (personal details deleted for privacy).

Dear xxxxxx,
This email refers to your pre- registration for the International City apartments offered for lease. The Ref xxxxxx for your registration is
Please find below International City’s guidelines for leasing to ensure you have all the documents required to complete the leasing formalities.
1) For leases in personal name:
a) Valid passport copy with visa page; your current residency can be confirmed by an original employment letter (current dated, signed and stamped) or by original passport, work permit or identification card.
b) Contact / booking details forms to be filled
N.B. Legal tenant should be present for leasing formalities.
2) For leases in company name:
a) Confirmation letter from the Company with the authorized person’s signature & company stamp
b) Copy of valid trade license.
c) Proof of authorized signatory/ies (attached with a copy of Memorandum of Association / letter that is submitted to bank), along with passport copy with visa page.
d) Occupant’s passport copies.
e) Contact / booking details forms to be filled (?)
N.B. Lease documentation etc. should be collected by an authorized person, along with an authorization letter to do so on company letterhead.
Key Guidelines to be followed:
*Rental cheques should be issued by the legal tenant (i.e. tenancy contract holder) only.
*Tenant must pay the first installment in cash.
*DEWA Deposit must be paid at the DEWA office prior to collection of keys.
All of the above requirements are mandatory and overlooking any of them will mean the leasing formalities are incomplete.

Studio Small
40 – 45 sqm
430 - 484 sq ft
Rent Per Annum AED 32,000
Security Deposit 2,000
DEWA Deposit 1,000

1 Bedroom Small
65 – 69 sqm
699 – 742 sq ft
Rent Per Annum 42,000
Security Deposit 3,000
DEWA Deposit 1,000

· Payment must be made in 2 equal installments.
· DEWA deposit to be made directly by the Tenant.

The International City Leasing Office numbers are as follows:
· 04-3687655
· 04-3687627
· 04-3687634
· 04-3687635

Please note this invitation is only valid for three days from the date of the email received.
Please do not hesitate to contact us on 04-390 3333 for further clarification.
Yours Sincerely,
Nakheel Contact Center
Telephone: 00971 4 3903333
Email: info@nakheel.com
URL:Nakheel, Where the Vision of Dubai Gets Built