AJB
The big players are Nakheel and Emaar. The big private dev is Damac.
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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!)
arniegang wrote:AJB
The big players are Nakheel and Emaar. The big private dev is Damac.
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.
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.
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.