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arniegang · Jun 03, 2006

AJB

The big players are Nakheel and Emaar. The big private dev is Damac.

ajb · Jun 03, 2006

sweet thanks - on the right track then!

dannyM · Jun 03, 2006

the_zooter wrote:If only I knew anything about buying properties - I'm going to have to pick your brains sometime Arnie and get a crash course on buying property!
I think JBR is going to look and be really good when its finished, but if and when I move to Dubai, I still think I'd prefer to get a place in the Marina - maybe its because JBR is just a huge building site at the moment, so I can't fully picture what its going to be like (thats what you get for having a number crunching mind, rather than a creative one!)

The JBR towers might not be the greatest looking buildings but the jbr walk or whatever it's called should be great. The towers themselves are starting to look better now as they get closer to completion

arniegang wrote:AJB

The big players are Nakheel and Emaar. The big private dev is Damac.

Anyone hear the latest news about damac? Apparently their sales have been going pretty badly and they're really dependant on pre-sales which is probably the reason why their projects are constantly delayed, hell ocean heights hasn't even started.
http://www.skyscrapercity.com/showthread.php?t=357355

If casinos are built in Dubai they'll be built in dubailand. The new al bawadi project looks more like du-vegas than anything so they should be there if they'll be built.

benwj · Jun 03, 2006

dannyM wrote:If casinos are built in Dubai they'll be built in dubailand. The new al bawadi project looks more like du-vegas than anything so they should be there if they'll be built.

Bawadi aka DuVegas, will have nearly 30,000 hotel rooms (nearly double Dubai's current capacity) and, is predicted to attract over 3 million tourists per year. I don't think that Bawadi will attract these numbers without casinos, but I cannot see casinos being built in a muslim country, surrounded by other muslim countries. Even if it is made a free zone, which is technically not part of the UAE etc etc.
This is not because it would be a flop, but far from it. They would have to double the size of Bawadi to cope with the demand.
However, I would still like to know where they are getting their figures from without the attraction of casinos.

benwj · Jun 03, 2006

arniegang wrote:Benj

Wrong, the launch prices in 2002 were so cheap thats why the bandwagon started.

In the case og Palm J, no-one has completed yet. Like in other recent dvelopments, because of resales, there is a major difference between someone putting down a deposit, and then having to find the balance.

Wannabe investors/developers who have little experience in a established property market, are starting to get their "fingers burnt" because thay cant raise the finance to complete.

This is evident in the new developments on the Marina that are completing right now. Developers are holding onto empty properties because the purchasers cannot complete the final payments.

The situation will continue to worsten as more developments come to completion.

Furthermore, if people have to borrow money to purchase, it doesnt mean they have the means to pay the Annual Maint Charges. For example my charge is 14k Dhs per year. I estimate the maintenance charges for the Palms to be wayyyyyyyyyyyyyyyyy in excess of that.

Watch this space my friend.

There is a big difference bewteen the Palm and the Marina/JBR. The Palm may have been cheap to you, but it has always been at the upper end of the market. When you have this much money to spend, maintenance charges and morgages are not going to be a problem.
The Marina and JBR were both affordable when you consider that you could purchase several of these apartments for the price of a villa on the Palm.

It is these that I'll be watching.

arniegang · Jun 03, 2006

Benjw

I am quite aware of the prices on the Palm JBR and the Marina i owned properties on all 3 till last year.

I do not have a mortgage on my properties and this is because i am wise. The reason i dumped off the my Palm properties was a/ the ridiculous profit i made and b/ the estimated management charges.

Dont assume just because someone can afford to buy a property where ever, it automatically is presumed they will pay anything to keep it. A property in my eyes needs to "pay its keep". If it doesnt in relation to the amount paid for it, then it goes.

I could easilly have afforded the management charges, this was never an issue. I merely wasnt prepared to pay for it.

benwj · Jun 04, 2006

arniegang wrote:Benjw

I am quite aware of the prices on the Palm JBR and the Marina i owned properties on all 3 till last year.

I do not have a mortgage on my properties and this is because i am wise. The reason i dumped off the my Palm properties was a/ the ridiculous profit i made and b/ the estimated management charges.

Dont assume just because someone can afford to buy a property where ever, it automatically is presumed they will pay anything to keep it. A property in my eyes needs to "pay its keep". If it doesnt in relation to the amount paid for it, then it goes.

I could easilly have afforded the management charges, this was never an issue. I merely wasnt prepared to pay for it.

Sorry about that Arnie. Despite, how it sounded, that wasn't meant to be personal attack.
I was talking generally. My point was that the Palm is a highly exclusive development that attracts people with a lot of spare cash. They won't mind paying extra to tell their aquaintances back home that they own/live on "The Palm". I would say that most of the investors such as yourself have offloaded their properties to people such as this.

ajb · Jun 04, 2006

It would all depend on the persons motivation i.e. investor vs owner occupier. Some wealthy owners will not mind paying higher costs as they "just have to!!" live there, some investors who don't know how to calculate their returns properly may hang tight hoping for continued captial gains (hope and hold), professional investors will reevaluate the returns being made on each property based on its current value not its hirtorical purchase price. Alot of people dont do this and falsely inflate the return they are achieving.

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