Good News for City of Arabia - Wadi Tower

[jordandvdj]

Just got a call from my real estate agent. The price of a 2 bed in Wadi is now 2.5million AED. Galadari have just upped the price.

This is great for me as I bought mine for 1.5m 2 weeks ago.

Was on site last week - work is going on so hopefully a bit more than sand and pile caps to look at soon.

[jordandvdj]

Oh - also the ready date is now december 2009. I live in dubai so if you want an update let me know. My company has started on Universal Studios also - we are preparing all the temporary areas for the developer. 5 minutes from city of arabia.

[DAYFox]

Originally Posted by jordandvdj

Just got a call from my real estate agent. The price of a 2 bed in Wadi is now 2.5million AED. Galadari have just upped the price.

This is great for me as I bought mine for 1.5m 2 weeks ago.

Was on site last week - work is going on so hopefully a bit more than sand and pile caps to look at soon.

Hmm, are you sure this is true??? 1million in 2weeks is to good to be true...
I invested in Wadi Tower in 2006 already and now completed 75% of the total payment -only the last 25% installment has to be paid by me upon completion. I am planning to sell my unit (25th floor), so if someone is interested please let me know!
An update of the site would be great... Maybe you can step by after work or so thx

[jordandvdj]

i know. I bought through go wealthy directly from Galadari. They had not changed the price since december. Go wealthy called today as galadari had an exhibition for city of arabia in the burjaman centre and the price had changed. my realtor called galadari today to confirm and they said 2.5m for 2 bed.

Just got lucky I guess. I told my realtor if anyone was prepared to pay in excess of 2m let me know.

I was on site last week as it is only 10 mins for where I live. Mostly sand and hoarding with many pile caps. not much to see. Galadari also changed the handover date for wadi to December 2009 2 weeks ago. Will take a few snaps.

3 bed in wadi is now 3.5m AED. Can find them at gowealthy dot com

[Roshan]

Originally Posted by jordandvdj

Just got a call from my real estate agent. The price of a 2 bed in Wadi is now 2.5million AED. Galadari have just upped the price.

This is great for me as I bought mine for 1.5m 2 weeks ago.

Was on site last week - work is going on so hopefully a bit more than sand and pile caps to look at soon.

I don't mean to discourage you. On paper everything looks good.

The real value and test comes when a caller actually pays a down payment. Then you really know what the actual price is.

In the US I am told you can actually check what the properties were sold weeks back or years back. Why ?, because the market has gone through many cycles and a record of every sale is kept. People know the level of prices which existed a week back or for that matter a year back. Nobody knows what the actual prices in Dubai are. By raising the price overnight does not mean the property is worth so much.

When somebody asked me what appreciation I have got on my investments. I rightly say " On paper, it's so much ".

A developer raising the prices is not an indication. He might just be wanting to create a publicity - OR - dangle a carrot for the next investor.

But if you have made a million in 2 weeks, I am happy for you.

Look forward to the next million.

Regards

Roshan

[mpat]

This type of price hike is crazy and gives a dull impression of developer.
This is the first time I heard such a huge increase in prices.This may be like what roshan said , only to create a news amongst investors and keep them calm over the delays.
Anyway,its good that you are happy.
Wish you all the best.

[savais]

Hi there, sorry to be a pessimist, but I don't believe that the price of a 2bdrm in Wadi Tower is 2.5m. That is the price of a 2bdrm in Wadi Walk. You will find that the 2 beds in wadi and metro tower are all sold out, so why would the developer increase the price if there are no more units to sell? I would call galadari brothers directly and confirm.
I bought a 2bdrm in metro tower and all the units are sold out there as well, and the price has still remained around the 1.5 mark. I don't think we will see an increase until next year because it is still 2 years away from completion.

[savais]

I am waiting for the sales rep of galadari to call me back. I did check the gowealthy sire, and you are right, the prices have shot up. So that is good news indeed. However, as Roshan said, we should be cautious as this price is just on paper. I think once it is ready, it will be a good investment, but as it stands right now, with the price the same as a 3bdrm villa in the springs, it is a bit hard to believe people will buy at that price. Still, good news all the same. Thanks for that! Made my day brighter already.

[jordandvdj]

Prices are crazy. I was thinking of going to JBR. I rang on a wednesday and the girl at Dubai properties told me 1.4m. I went down to their offices on Sunday and they were 1.8m??? Go figure. Priced out in 4 days!!

Wadi might sell well once there is something concrete there. Prices here tend to inflate once it can be seen coming out of the ground.

Rental is terrible too. I am looking for a place until wadi is ready and have 20,000 pounds, 40,000 us dollars to put down rent up front and I cannot get a 2 bed in the marina because my company wants their name on the lease. They do not have to bite your hand off. Demand is so high waving cash at them does not help unless it is on their terms.

One of the reasons why I bought - the greed of the landlords is disgraceful but hey - if you can make a quick buck.

Think they want your name on it as companies fight rent increases - individuals are not well placed.

[Roshan]

Originally Posted by savais

Hi there, sorry to be a pessimist, but I don't believe that the price of a 2bdrm in Wadi Tower is 2.5m. That is the price of a 2bdrm in Wadi Walk. You will find that the 2 beds in wadi and metro tower are all sold out, so why would the developer increase the price if there are no more units to sell? I would call galadari brothers directly and confirm.
I bought a 2bdrm in metro tower and all the units are sold out there as well, and the price has still remained around the 1.5 mark. I don't think we will see an increase until next year because it is still 2 years away from completion.

Prices in these areas will build rapidly on close to completion.

Regards

Roshan