Also that's exactly why the new Escrow laws have been brought in, to stop developers using investors money to build their projects, they can only release an authorised percentage.
Plus I would only ever buy from the master developer, because there are so many dodgy developers here, even the big name ones.
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There are loads of Rich people here.. Can I get some money please. I'm in a financial mess. I've no money to eat proper food, and I've so many dependents that I've to feed. My midway home is the heaven for poor travellers.. can you rich people have some good mind and donate some money please. I'll ask god for better returns to your already invested money. Remember, the more you give the more you get... may it be swearwords n shite or money to charity.
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^^^^^^^^^^
There are loads of rich people here.... I'm poor . I have loads of them dependents to feed too. Can you please donate some money to fill the stomach's of my midway home's trying travellers. I'll ask Mr.G to give you more returns on your already existing investments as return. Always remember the more you give the more you get... may it be swearwords n shit thrown at another person or money given to others in charity.
There are loads of rich people here.... I'm poor . I have loads of them dependents to feed too. Can you please donate some money to fill the stomach's of my midway home's trying travellers. I'll ask Mr.G to give you more returns on your already existing investments as return. Always remember the more you give the more you get... may it be swearwords n shit thrown at another person or money given to others in charity.
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There are loads of rich people here.... I'm a poor guy. I have loads of them dependents to feed too. Can you please donate some money to fill the stomach's of my midway home's trying travellers. I'll ask Mr.G to give you more returns on your already existing investments as return. Always remember the more you give the more you get... may it be swearwords n shit thrown at another person or money given to others in charity.
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Chocoholic wrote:Er Bonehead, no that's right, when one shareer is the owner, the other person nomrally pays more, which er in this case would make the total yearly rental evens less than was stated - hahahahaha didn't quite think that one through did you now.
Arnie, I'm offended by your comment, who says I don't have the money? Never assume!
There are loads of rich people here.... I'm a poor guy. I have loads of them dependents to feed too. Can you please donate some money to fill the stomach's of my midway home's trying travellers. I'll ask Mr.G to give you more returns on your already existing investments as return. Always remember the more you give the more you get... may it be swearwords n shit thrown at another person or money given to others in charity.
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Chocs another poor argument as per usual.U do not determine the price of an appartment based on the price for a flatshare.Its up to the owner to charge whatever and can vary greatly depending on the owner.
Going with your theory would mean his whole 2 bed would go for the same as a 1 bed at Int.City,the worst estate in dubai.
Also,this debate isnt even about are prices too high.I've already said a number of times they are so what are u on about?
If a landlord can get a certain price for his unit then why should he go for less?please explain?
Remember,it's in your interest for prices to remain high so as when your unit is released you can get as much for it as possible.Or would u prefer for prices to crash regards rental charges?
Going with your theory would mean his whole 2 bed would go for the same as a 1 bed at Int.City,the worst estate in dubai.
Also,this debate isnt even about are prices too high.I've already said a number of times they are so what are u on about?
If a landlord can get a certain price for his unit then why should he go for less?please explain?
Remember,it's in your interest for prices to remain high so as when your unit is released you can get as much for it as possible.Or would u prefer for prices to crash regards rental charges?
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Chocoholic wrote:For the very simple reason that it will make it easier to rent! Are you really so dense so as not to understand that fact. Why do you NEED a years worth upfront? Nowhere else in the world does it work that way, drag yourself into the 21st century would you.
Actually Chocs, their are plenty of places in the World that do rent in the same manner, I know of some places that demand 2 years up front.
I would say that 4 cheques per year is reasonable.
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arniegang wrote:Alex1111 wrote:Arnie thanks for emphasising what I've already established and that is that Chocs is a hypocrite.
Why do u say do not buy now?Most reports say oversupply will occur around 2011/2012 but who knows.No-one can predict how many people will move to dubai in the next few years so who can say when oversupply will occur.
I think to invest in dubai is for the long term.If u are able to ride out the inevitable price corrections then on the other side u should be ok.
Dubai needs to work hard to encourage businesses to open up there.
The fact that Business Bay is still a baby doesnt help yet when finished thousands will work there.
I think in 5 years when the metro is almost finished,alot of the construction in Dubai centre is finished,and many of the wonderful projects are opened then people will flock there.For now alot are put off by the mess.
Alex most of my opinions are posted in the other thread here in Accom. Basically though you have answered your own question. Oversupply will start to take effect if the published completion figures are correct starting in 2010. Anyone buying "off plan" now will hit the market 2010/11.
It is generally agreed the market is currently over inflated by 20%. This figure can only increase in the short term whilst everyone is trying to get on the bandwagon.
To be frank there maybe money to be made, there may not. The question you have to ask yourself is can i afford to wipe 20-30% from my investment. Its a gamble ... thats it.
I was buying stuff when they were selling 1 beds in JBR @ 500k dirhams. Then it was not so much as a risk as it is now. Also i dont have to borrow the money, so i was gamblimg with my own funds. Also dont forget then Emaar and the others were only asking 30% deposit the balance on completion. So i was only gamling with around 200k.
Its no different to a casino. If you cant afford to loose it, dont gamble it.
When i f.u.c.k up i admit it and my biggest one was not buying off plan in Arabian Ranches when they were offering 4 bed plus maids for just over 1 million Dhs. Its easier to kick yourself and say "i wish" without losing a dirham, than believe you are going to make millions and end up losing bucket loads of cash.
Ask any Brit who bought in Florida or Spain 2 years ago, how happy they are with their investment. Thats if the have not already slashed their wrists.
What do u think will happen with the launches at Waterfront and Arabian Canal?By that I mean if they are still launching buildings in say,18months,2 years when it seems the market will level off,who's going to buy?Most units are brought by investors, so if u know the place your going to buy isnt going to go up,why do so?Do u think these two places could be a complete disaster with billions spent to set them up but no one willing to buy?
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Alex
It is a known fact that a good percentage of the market is being bought up by investors. These "investors" are indeed making a very good investment in being able to "launder money" through the UAE property market.
Its a cheaper option for them to buy property even if there is a downturn in the market. Other options for laundering proceeds from criminal activities carry a high cost at the outset through "other channels".
I would refer you to one particular whole block in JBR that has been purchased as such
Alex, if you have a free evening (not thurs/fri) just drive around the marina/JBR, then cross over the road and cruise around the Springs finishing off the evening with a drive by in Arabian Ranches. If anyone thinks occupation levels are high they must be blind. I said it in the other thread also, take a look at Gulf News and Khaleej times property suppliments and look how many properties there are. Gulf news online property sales have 10k properties listed
This is a sellers market?? I think not.
It is a known fact that a good percentage of the market is being bought up by investors. These "investors" are indeed making a very good investment in being able to "launder money" through the UAE property market.
Its a cheaper option for them to buy property even if there is a downturn in the market. Other options for laundering proceeds from criminal activities carry a high cost at the outset through "other channels".
I would refer you to one particular whole block in JBR that has been purchased as such
Alex, if you have a free evening (not thurs/fri) just drive around the marina/JBR, then cross over the road and cruise around the Springs finishing off the evening with a drive by in Arabian Ranches. If anyone thinks occupation levels are high they must be blind. I said it in the other thread also, take a look at Gulf News and Khaleej times property suppliments and look how many properties there are. Gulf news online property sales have 10k properties listed
This is a sellers market?? I think not.
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You can't tell me all of Waterfront and Arabian Canal will be a success on the back of laundered money?
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Alex1111 wrote:You can't tell me all of Waterfront and Arabian Canal will be a success on the back of laundered money?
I am not saying that alex, i am just pointing out a fact that contributes to the current level of hype.
As with a,ll laundering, eventually the assets will be realized ie the property and this will have a huge impact once they are "dumped off" onto the open market.
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arniegang wrote:I would refer you to one particular whole block in JBR that has been purchased as such
You better get your facts right before making such allegations. What you think you know and the truth are two completely different things.
A lot less laundering goes on in this market than people think, but everyone one wants to come up with theories as to who is buying the property.
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^ian^ wrote:arniegang wrote:I would refer you to one particular whole block in JBR that has been purchased as such
You better get your facts right before making such allegations. What you think you know and the truth are two completely different things.
A lot less laundering goes on in this market than people think, but everyone one wants to come up with theories as to who is buying the property.
I know of one building re-named after John Gotti.Does that give a clue?
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^ian^ wrote:arniegang wrote:I would refer you to one particular whole block in JBR that has been purchased as such
You better get your facts right before making such allegations. What you think you know and the truth are two completely different things.
A lot less laundering goes on in this market than people think, but everyone one wants to come up with theories as to who is buying the property.
you know for a fact which block i refer too Ian - and it is a fact. Laundering is rife in Dubai because of the lack of financial controls and checks. The property purchase system in Dubai is seriously flawed. Any developer will just accept a payment directly into their account. This is illegal in the UK.
It also the reason why there is a International Laundering convention in Dubai next month
lets play a game
Q: Which block in JBR is unoccupied ??
Q: Which block in JBR has been bought has only one owner
answers on a postcard please too
Ivan
Laundering Dept 3rd Floor Room D
Russia
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arniegang wrote:^ian^ wrote:arniegang wrote:I would refer you to one particular whole block in JBR that has been purchased as such
You better get your facts right before making such allegations. What you think you know and the truth are two completely different things.
A lot less laundering goes on in this market than people think, but everyone one wants to come up with theories as to who is buying the property.
you know for a fact which block i refer too Ian - and it is a fact. Laundering is rife in Dubai because of the lack of financial controls and checks. The property purchase system in Dubai is seriously flawed. Any developer will just accept a payment directly into their account. This is illegal in the UK.
It also the reason why there is a International Laundering convention in Dubai next month
lets play a game
Q: Which block in JBR is unoccupied ??
Q: Which block in JBR has been bought has only one owner
answers on a postcard please too
Ivan
Laundering Dept 3rd Floor Room D
Russia
God knows how much a whole block cost to buy.So why unoccuppied?waiting to sell?Does dubai care where the money really comes from?
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Alex
dubai should care where the money comes from. Laundering is a direct result of crime/prostitution/drugs and terrorism.
It was known that much of the funding from 9/11 was laundered through Dubai.
Properties that have been purchased with "laundered funds" will indeed remain empty. When the asset is realised the funds dissappear to countries that have no banking codes like switzerland or the carribean or countries that have corrupt governments ie Africa. The organisations that own these properties cannot and will not allow any income from the properties to be traced via local bank accounts.
dubai should care where the money comes from. Laundering is a direct result of crime/prostitution/drugs and terrorism.
It was known that much of the funding from 9/11 was laundered through Dubai.
Properties that have been purchased with "laundered funds" will indeed remain empty. When the asset is realised the funds dissappear to countries that have no banking codes like switzerland or the carribean or countries that have corrupt governments ie Africa. The organisations that own these properties cannot and will not allow any income from the properties to be traced via local bank accounts.
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