Any improvement in International city

[zan]

search 7days.ae and see todays article titled "International Pity". Sorry still can't post links

What ever anyone else thinks of the investment, the facts are simple about the development....

"Raw sewerage flooding the streets every 15 days or so..."

Just to clear something else up - i'm not racist. Everyone who moves to dubai leaves behind their home and friends, ppl from the same cultural backgrounds are more likely to enjoy the same things. Its kinda like surrounding yourself with some likeness of what you left behind thats all. I hope you all can understand this.

With regards to the returns i do agree that you are getting your 10% return on investment, but take a drive through the place and you'll see most places have signs up saying "For sale or rent". Their does seem to be a lot of desperation from some owners. I am happy that you have found a tenant but not everyone has been so lucky...

I am just expressing my views and I hope some others will be able to take them in objectively as I am someone who lives in dubai and has first hand experience in the market.

I will keep posting any articles i see in the local newspaper, for anyone who is interested.

[mutahirw]

Originally Posted by SSM

Zan, stop beating about the bush and say what you really feel about Intl City. Intl City has proved one of the best investments for novice buyers in terms of rental yield (by far better than Discovery) and percentage price increase. Last time I checked there were human beings trying to make a living in Intl City and not Chinese, Filipino's etc. Say what you like about Intl City but don't knock the people. I've invested in Intl City and Dubai Marina and out of the two, from an investment perspective, Intl City wins hands down.

In my opinion International City had been a very good Investment from both appreciation and Rental Yeilds perspective. I had bought my 1 bedroom for 350K 2 years back and now have offers for 650K so not bad apprecation.

The rental yeild is also much greater than other more expensive projects offer, its close to 18-20% had you bought this 2 years back and even if you purchase it now it will yeild 10%. My friend owns a great apartment in JBR, its yeilding him less than 7% and he too bought it a year back. Not to say that is a bad investment, just that you have to consider a lot of factors from an Investors perspective.

I remain buillish as well on International City. In a couple of years you should witness, higher apprecaition once schools, lakes and landscapting works are completed and hopefully the seweage plan relocated. Phase 2 and Phase 3 are lauching at even higher prices and that should push up the prices of the current ready property owners.

Dont forget there is are a couple of Malls that have been announced by Nakeel in INternational city, along with the new Lake District and Emirates Cluster...

In conclusion: Still a great investment and probably the only place in Duba where you could have an affordable living space in case you willing to live your self. The location and close proximity to all major landmarks and locations will remain this projects major Plus.

Over and out..
Mutahir.

[gerasimosk]

I am the owner of a 1 bedroom flat in IC-Greece which was recently handed over and after that rented. (I don't live in Dubai).

In my last invoice from the real estate agency I had to pay the annual IC service charges.

What is the norm in Dubai? Are those IC annual service charges paid by the owner or the tenant?

[Howsbuya]

Hi Mutahir
Yes, I agree with what you say about the potential for IC. Eventually they have to get these teething problems sorted out and beautify the place and then it will be a much more attractive place to live.
Which malls did you hear were going to come to IH? My agent told me that Choithram's were going to have a supermarket there, but I've heard nothing about the malls. That would be great!
Best wishes
HB

Originally Posted by mutahirw

In my opinion International City had been a very good Investment from both appreciation and Rental Yeilds perspective. I had bought my 1 bedroom for 350K 2 years back and now have offers for 650K so not bad apprecation.

The rental yeild is also much greater than other more expensive projects offer, its close to 18-20% had you bought this 2 years back and even if you purchase it now it will yeild 10%. My friend owns a great apartment in JBR, its yeilding him less than 7% and he too bought it a year back. Not to say that is a bad investment, just that you have to consider a lot of factors from an Investors perspective.

I remain buillish as well on International City. In a couple of years you should witness, higher apprecaition once schools, lakes and landscapting works are completed and hopefully the seweage plan relocated. Phase 2 and Phase 3 are lauching at even higher prices and that should push up the prices of the current ready property owners.

Dont forget there is are a couple of Malls that have been announced by Nakeel in INternational city, along with the new Lake District and Emirates Cluster...

In conclusion: Still a great investment and probably the only place in Duba where you could have an affordable living space in case you willing to live your self. The location and close proximity to all major landmarks and locations will remain this projects major Plus.

Over and out..
Mutahir.

[Lsab]

Last week, and for the first time, we went from Bahrain to Dubai for the day to pick up the keys for our studio in K7. After all the negativity from some people about IC, we were almost dreading what we'd find. In fact we were pleasantly surprised. Yes it was quiet but we felt that instead of being like a ghost town it's more of a new town just starting out. We thought that it was clean and well planned - there's space between the buildings and we didn't feel hemmed in. The roads were good and everywhere looked ready for planting. Close to K7 I saw a banner across several shop fronts announcing a new supermarket coming soon (not a superstore I might add!). The buiding itself was also a pleasant surprise - clean and well finished - as was our studio. Also, maybe it's present at different times of the day, but there was absolutely no smell.
For the money we paid 3 years ago, we didn't find anything to complain about. Maybe people that visit the area regularly have a different story but that was ours!!

[zan]

Thanks Mutahir, I do understand what you are saying, especially after Satwa (Another area in Dubai offering cheap rentals) is being demolished to build a new "city". That will definitely push the rentals up and their will be a lot greater uptake of apartments.

[mutahirw]

Originally Posted by Howsbuya

Hi Mutahir
Yes, I agree with what you say about the potential for IC. Eventually they have to get these teething problems sorted out and beautify the place and then it will be a much more attractive place to live.
Which malls did you hear were going to come to IH? My agent told me that Choithram's were going to have a supermarket there, but I've heard nothing about the malls. That would be great!
Best wishes
HB

Hi HB,

They seem to have some really ambitious MALL projects planned..

unable to post URL.. simply google "Nakheel" "MALL"

Check the link "Nakheel Retail Shopping Malls division to become the largest..."

It briefly mentions one for IC is called "Great Mall Dubai" "3 in1" Mall concept.. What ever that means!


Cheers,
Mutahir.

[Cluster King]

Muthahir : I am posting this link on your behalf for other members convenience.

Nakheel Retail Shopping Malls division to become the largest...

Originally Posted by mutahirw

Hi HB,

They seem to have some really ambitious MALL projects planned..

unable to post URL.. simply google "Nakheel" "MALL"

Check the link "Nakheel Retail Shopping Malls division to become the largest..."

It briefly mentions one for IC is called "Great Mall Dubai" "3 in1" Mall concept.. What ever that means!


Cheers,
Mutahir.

I finally got my posssesion of my 1 bed in one of the L buildings in Greece sector from the appalingly bad and deceitful agents ( the Building Owner ) - ( ps. if you ever want to avoid a real estate company there is one based in a mid 20's level floor in the Emirates Office tower !!! - avoid like the plague if you you can !!! )...
Anyway, got possesion 2 weeks ago , went there as I was in Dubai anyway to have a look and frankly horrified by the quality of workmanship. But then considering the peanuts they are paying the ethnic minority workers, Im not surprised.
Anyway, handed over the keys to a much more reputable PM company who have rented it out ( subject to snagging rectification, and the snagging list runs to 45 points at last count this morning!) for 55,000 to a Sales Manager individual.
My summary - rubbish quality to my western eyes, a desolate landscape ( where's the thriving community??), a decietful developer (11.72AED per sqft service charge when we were quoted 3 or 4 AED, the cheapest quality materials imaginable in the apts ...etc ), and even more deceitful real estate company, and being an architect, I can see that the building lifecycle is limited possibly 5 years or so before it starts falling apart......
I intend to rent for a few years then sell within 4 or 5 years. Average investment at best for the money paid....

Conclusion ..... I have 2 further apts bought in Phase 2 , another 'thriving Nakheel community' ...... plan is to take possesion, rent for a few years then get out into better quality investments ...........bring on the fun!!!!!!!!

Keep smiling... at least theres no tax .......oh I forgot the adhoc 'service' and 'admin' fees charged by anyone who needs to sign a piece of paper ......