Bonnington Tower, Dubai

[ManfredvonRichthofen]

Hi all

I was wondering if any of you in Dubai knew anything about this place ?
http://www.bonningtontower.com/index1.htm

Would it be a desirable place to live in Dubai etc etc ?

The reason I ask is that I may be heading to Dubai in a year or two for work (as a lawyer), and I don't know the place at all. My first hand knowledge of the ME begins and ends with Bahrain.

I'm thinking about it as an investment too and just wondering whether it is worth jumping in now.

Any comments would be appreciated


sorry if this is an inappropriate post on this forum - i hope its not

[Emma Rate]

Jumeirah lakes is not bad, but the Marina is perhaps a better place to live as it is across the highway a 150 meters from the sea.
Many of the new places going up seem to offer a good quality lifestyle. Traffic is starting to be a problem though, so you should perhaps buy close to your office. If you are going to work in the Internet or Media city, again the Marina would be good. If you are going to work around the Trade Center area, the newly built 'Old City' around the new tallest building in the World would be good. Arabian Ranches would be a cheaper option a bit further away.
There is sooo much choice here now it is very difficult to say what would be the right place. It was anounced today they have not even built 10 percent of what is going to be put up. It is quite unbelievable.

Because you know so little about the market, it maybe best to buy from the two largest developers, Emaar or Nakeel.

[mr solo]

Good info from Emma Rate

What you have to decide M.V.R. is ( as with buying any property ) how much you want to spend and what type of property you want. Especially in dubai as the market is so varied for what you can buy with your money.

Jumeriah Lake towers is a very nice development, as is the Marina. The marina will be more expensive because of the name and you will find that the difference between an apartment at J.L.T and the Marina in terms of spec and facilities will differ very little, if at all.

Don't forget, what is classed as a luxury apartment here in the u.k. and other european countries is standard in Dubai.

The Jumeriah area seems to be very popular for investment and all the top developers such as Damac, Nakheel and EMMAR have projects going on in the area.

Check out their websites for the latest info.

Hope this helps

Mr Solo :cool:

[typhoonpilot]

If you are not going to be here for a year or two then wait to buy until you can see and touch the place you are buying. This market is the epitomy of property bubble and it is very near it's zenith right now. As the multitude of towers comes on-line in the next two years the prices will moderate. In the meantime the Dirham which is tied to the USD will detiorate further against the Pound and Euro. You'll see prices 20 to 30 percent cheaper in two years and your currency will be worth about 10 percent more.

TP

[ManfredvonRichthofen]

thanks all

interesting responses that kind of confirm some of my concerns.
Ho hum, maybe i'll stick it out and save up for that cupboard in West London I've had my eye on...


thanks again

[BYMONEK]

TYPHOONPILOT

Can you please tell me who will win the aintree grand national this year. With your golden ball I should make a killing. Also,while your at it,where is the UK property market heading and the price of gold around May time should help me into an early retirement! :rolleyes:

[Kamelf Hucker]

Go on BYMONExual, put all your money into the never-ending property boom then.

Wise words are wasted on some, I guess.

[BigGeordie]

I assume typhoonpilot hasn't made anything from the property boom then? Those who take the biggest risks will always get the highest rewards. Or go broke. It dpends on your attitude to risk and reward. If you want to put your money under the mattress that is up to you.

[scottwarnick]

Wise words???... I'm making a fortune in Dubai...

Those who cant see the huge amounts of money to be made here in property need thier heads testing!

You are either afraid of the commitment or you dont have the capital and are very bitter! Did you pay for your own ATPL?

You do have to speculate to accumulate!

[Kamelf Hucker]

No probs with people making shiite-loads of cash. Well done.

Just don't hang onto it too long, I hate to see people blow it. Dubai property market is a bubble if ever there was one.

I guess you\re right, I am afraid of the commitment.

And yeah I paid for my ATPL, who the hell else would????

[skyhighgirl]

As everyone keeps saying, it is a risk here, but if you dont take risks, you dont make money. I bought an apartment in Dubai Marina in December and I have just sold it today (as I couldnt get finance) for 5% profit which isnt bad since I have only had it 8 weeks!! Think you missed the boat with the Bonnington Tower, I bought a one bedroom apartment a few days ago in this development due to the buy to let scheme which sounds great but I went to the property show today and out of the 284 apartments, only 22 are left which I think are mostly 3 bedrooms, anyway the developement is not due for completion until December 2007. If you go with the larger developers such as Emaar or Damac, it is prob safer, although you will be paying more for it and the maintenance fees are higher, research is the key!!! If only all of us got on the dubai property market a couple of years ago, we would all be RICH! Good luck with the search!

[FFFlyer]

It's a bubble which will burst. I have heard quoted the figure that 80% of the sales are speculative. Apart from that consider Sharia Law (unless you set up a trust), no permanent visa and dodgy build quality, oh and the political risk.

You might also look at the medical facilities (or lack of), the driving standards and traffic.

There is also a far bit of crime -we were burgled three times last year. We found out who was behind 2 of the burglaries (not the police) but the police have refused to take any action, as we did not find out quickly enough and the case was closed. They have to burgle us again then they can take action. I ask you - it's worse than the UK police.

As somebody said, the time to make the big money was 2 years ago. You might make some now but you would have to be careful. As ever rate of return is directly proportional to the risk rating of the investment.

[Payscale]

Its easy.
Do you like the apartment...buy it.
Dont you like it...dont buy.

Only advice. Dont wait too long if you want to buy.

[BahrainLad]

Property value growth is based on demand outstripping supply. That's why prices in Chelsea are so high, everyone wants to live there and there's no more building going on. Also, people will move into old houses for exorbitant prices and do them up.

In Dubai - can you ever see demand outstrip supply? Of course not.....they'll just throw up another Palm, another Ranches, another <insert word> City.

Also, once blocks get older, their value will decrease and people will want to live in the next big thing.

Be careful.

[Payscale]

Well yes...but... Dubai is not beverly hills, nor i beverly hills dubai.
People are moving here by the thousands, and many expat of middle easterne origin want to buy property here.
The unstable environment in KSA has also brought investors over.

Its hard to say. Do what you think is right, but remember, if you dont take chances, you dont drink champagne.

I bought my second property today, so I am going for a magmum bottle, or cat food for 20 years. Time will tell!

[mr solo]

well said payscale - to everyone else, don't write off dubai property market just yet, it is still in VERY early stages, of course it is has become competitive now, thats because of 2nd and sometimes 3rd re-sales of property. When the developments are complete and people actually see what they have or would have had for their money, I think a lot of people will be surprised and some will then wish they had bought earlier.

I have a property in Jumeriah which I bought 15 months ago and have done very well out of it. Weighed up the risks, pro's and con's etc. and decided to go for it.

If you do decide to buy in dubai now you will have to look at it as a medium to long term investment to fully benefit from it financially.

In the years to come, dubai will be up there with Hong Kong, Sydney, Singapore, even London.

[donpizmeov]

Absolutley right fellas. Its not like they have to give away cars to make people buy here.

Don

[FFFlyer]

The engine that is driving Dubai is construction. When the construction stops, then so will a lot of the economic activity.

I don't see much evidence of anything taking its place. It's an expensive enviroment to work in with a largely transient expat workforce. This rules out a lot of industries relocating here.

I hear the Lakes water features have already been turned off and the water is a brown colour. Sometihng to do with not being designed properly in the first place.

[Dropp the Pilot]

There was some amusement to be had in the Gulf News Property section yesterday.

After several pages of "For Sale" ads illustrated with artist's renderings of what-your-place-might-look-like-when-it's-finished-two-years-from-now-and-it's-location-is-shifted-to-some-other-planet-where-everyone-has-two-Bentleys-and-a-polo-pony-in-the-front-yard there is a tiny ad for a Meadows villa proudly trumpeting "actual photo!".

What is depicted is something that looks like Abu Ghraib prison on a bad day with a fly-blown dust bowl for a "garden" and a pile of broken bricks and re-inforcing iron where the Bentley was supposed to be. Maybe the labourers ate the polo pony in lieu of wages but in any case, not a superb confidence builder (pun intended).

[hann]

I can understand peoples concerns, but as other posts, I think when some projects are complete a lot of people will be surprised.

Teething problems are always the case with such bold projects, so give them a chance gents.

I went with a friend of mine to view his marina apartment the other day and I have to say I was surprised - It was very smart and very impressive. The view was fantastic. It will be even better when they finish jumeriah beach residence.