Freehold Property Advice

KeithL

Does anyone know as to which freehold property is the best buy at the moment? I've heard people recommend Downtown Dubai but others are of the opinion that land in Mirdif or Nada is a better buy, after which you can contruct a house that meets your requirements. Any advice people?

arniegang

Keith read up in expat - it seems to be a hot topic on conversation at the mo mate

fayz

KeithL wrote: others are of the opinion that land in Mirdif or Nada is a better buy, You can buy just land?? I've never heard that, I have to look into this.

KeithL

Arnie, I cant seem to find the thread... or is the one which talks about the dirham to dollar peg? :? Fayz, any news on the freehold land btw?

fayz

KeithL wrote: Fayz, any news on the freehold land btw? The only time I've ever heard of it was when you posted above, to be honest I haven't asked around yet.

arniegang

I understand Nakheel has plots for sale, and the buyer can build to order.

KeithL

^^ Yeah those are the plots I guess. Someone told me that they sell for around 800K and construction costs works out to another 800K Good deal IMO... considering that a 2 BHK villa in the Springs costs around 2Mil atm

MaaaD

Thats what "master developers" in projects like Marina, Business Bay, Dubai Waterfront do. but ofcourse they control the height, and specs of what you can build on the land. land prices as of last september:

MaaaD

BTW to answer the original question .. buying and building is one big task unless you have the time or the resources to do it i wouldn't recommend it at all .. i seriously doubt building your own thing is cheaper than buying. Anyway the best buys (in my opinion) right now are commercial spaces in Jumeirah Lake Towers or apartments in Dubai downtown area. You will still find some good deals in Dubai Marina (which continues to be the most popular area of dubai in terms of sales) ..

KeithL

Hey MaaaD, thanks for the awesome info and the rates!! :) I was just exploring the "construct your own" route since someone mentioned some good deals in Nada. I've been leaning towards someplace in Downtown, given its proximity to the WTC and the Dubai Mall, which will no doubt be full of activity in the next few months. The only problem is cost - doesnt a small apartment sell for more than a million dirhams? :shock:

benwj

Construction costs are as high as 300 dirhams per sq ft. The cheapest is about 150 dirhams per sq ft, but it is possible to get something of Relatively good quality for about 175. Either way, if you can get a plot of land for 800k and built a 4000 sq ft villa on it, you are getting a good deal. Good Luck!

KeithL

benwj wrote: Construction costs are as high as 300 dirhams per sq ft. The cheapest is about 150 dirhams per sq ft, but it is possible to get something of Relatively good quality for about 175. Either way, if you can get a plot of land for 800k and built a 4000 sq ft villa on it, you are getting a good deal. Good Luck! thanks for the info Ben ! :D

benwj

MaaaD wrote: ... buying and building is one big task unless you have the time or the resources to do it i wouldn't recommend it at all... I forgot to mention that you probably won't get finance either. But if you have the cash, it is definately cheaper. Personally, I agree with Maaad. You will need a very thick skin. Imagine building a house in the west, a frustrating experience at the best of times, and multiply that by 20.

KeithL

Quite right Ben.... judging from the work I've seen in the Meadows, Springs, etc... Im scared to trust the workmanship here !!

KeithL

Bump Anyone know of any nice Freehold properties for sale ?

MaaaD

Keith whats your budget ? and what is the purpose of the purchase ? rent it out ? live in it ? are you looking to finance ? or buy cash ? do you want to buy something off-plan ? or finished ? after answering those questions maybe i can give you better advice :)

KeithL

Whoah !!... thats a lot of questions 1. My budget is between 1-1.5 mil....although the cheaper the better :wink: 2. I plan to live in it, rather than waste so much on rent and get nothing at the end of the day. 3. Part (10-15%) will be cash and Im hoping to finance the balance 4. Finished preferred... I know that Sports City is a good buy but its so far away. The Marina and JBR seem like concrete jungles to me Thanks for your help Maad

MaaaD

check out Discovery Gardens .. they are in Jebel Ali and close to completion and within your price range .. Jumeirah Lake Towers you might be able to get a studio there in your budget and there is alot of room for capital appreciation in that area. International city too but the interior quality is not that good and i am not sure if you wanna live that far out. Also check out some of the projects in Dubai Investment Park, dubai Silicon oasis .. but those might have further completion dates that you might like. As a ball park get the official completion date and add 1.5 years to get the actual hahaha (unless its Emaar or Nakheel) Dubai Sports city is cheap, but i doubt there is anything ready there .. is there ? and even if there is you will be living in a construction zone for another 3-4 years .. best of luck !

arniegang

in my opinion certain areas have already started to fall. Its definately a buyers market and will get better.

MaaaD

arniegang wrote: in my opinion certain areas have already started to fall. Its definately a buyers market and will get better. have you been looking at prices in business bay and burj dubai :shock: :shock: :shock: :shock:

arniegang

no mate, its 2 areas i have no interest in. In the short term most likely, but as a long term inv i would say no.

KeithL

Thanks for the advice Maad I too was hoping to find something in Downtown Dubai, especially since it was so close to the Dubai Mall and the Burj ... unfortunately the prices are insane :shock: