Dubai

gazzerthelanky

Hi all,

Has anyone bought a property off-plan in Dubai? I went for a Studio apartment last year and once I've paid for it my outgoings will have been around £57k. I had a look before everything went t* up and Studio's in Dubai Sports City (where I've bought) were double in value.

Just wondering what the situation is now and if anyone else is in a similar boat. Is it still a good rental market or should I sell?

All replies welcome, although please could it be restricted to those who have had or are in a similar position?

Premier_2

One heck of a daily commuting fare to the UK though, eh?

2520years

gazzerthelanky wrote: »

Hi all,

Has anyone bought a property off-plan in Dubai? I went for a Studio apartment last year and once I've paid for it my outgoings will have been around £57k. I had a look before everything went t* up and Studio's in Dubai Sports City (where I've bought) were double in value.

Just wondering what the situation is now and if anyone else is in a similar boat. Is it still a good rental market or should I sell?

All replies welcome, although please could it be restricted to those who have had or are in a similar position?

I can't pretend to be an expert, but we looked into it about two years ago. We even went over there for a week.

We concluded that the place was expanding too fast. Something like 20% of all the cranes in the world were there so you can imagine how much building work was going on. There was no way enough people would want to move in.

For what it's worth, I'd sell if there's enough money in it. The building work has only just started, so the over-supply will continue for a long time yet.

Hope this helps, if you're just looking for some feedback.

gazzerthelanky

2520years wrote: »

I can't pretend to be an expert, but we looked into it about two years ago. We even went over there for a week.

We concluded that the place was expanding too fast. Something like 20% of all the cranes in the world were there so you can imagine how much building work was going on. There was no way enough people would want to move in.

For what it's worth, I'd sell if there's enough money in it. The building work has only just started, so the over-supply will continue for a long time yet.

Hope this helps, if you're just looking for some feedback.

Thanks for responding. I agree with the danger of oversupply but isn't all the development controlled by the king or ruler - meaning surely he'd restrict what actually goes on the market and that the developments in place are to satisfy demand, not exceed. I'm hoping anyway.

As for selling, I'm really considering this but would like a few more responses before making my final decision.

dekh

You might get some "local" answers from one of the expat forums like https://www.expatfocus.com

Don't think there'll be much knowledge of Dubai here. Mind you, have you seen the concept drawings for the Anara Tower? Wow!

2520years

gazzerthelanky wrote: »

Thanks for responding. I agree with the danger of oversupply but isn't all the development controlled by the king or ruler - meaning surely he'd restrict what actually goes on the market and that the developments in place are to satisfy demand, not exceed. I'm hoping anyway.

You'd think so wouldn't you...:rolleyes:

hearts

gazzerthelanky wrote: »

Thanks for responding. I agree with the danger of oversupply but isn't all the development controlled by the king or ruler - meaning surely he'd restrict what actually goes on the market and that the developments in place are to satisfy demand, not exceed. I'm hoping anyway.

As for selling, I'm really considering this but would like a few more responses before making my final decision.

Yeah like the rulers everywhere else have eh ;-)

Jonbvn

It is clearly a case of massive oversupply. Given the outlook for the whole world, why would anyone consider buying now?