Palm Project - an investment?
Thread Starter
Join Date: Sep 1999
Location: Planet Earth
Posts: 433
Likes: 0
Received 0 Likes
on
0 Posts
Palm Project - an investment?
Question for a kind gentleman(or woman for that matter) living out in DXB if I may:
Just stumbled across an interesting article on http://www.getyourmoneyworking.com/2...020602561.html
re buying property out there. Anyone care to comment on the article? Would be looking at it purely from an investment perspective.
Just stumbled across an interesting article on http://www.getyourmoneyworking.com/2...020602561.html
re buying property out there. Anyone care to comment on the article? Would be looking at it purely from an investment perspective.
Join Date: Aug 1999
Location: Under a date palm.
Posts: 72
Likes: 0
Received 0 Likes
on
0 Posts
I may get shot down but here is 1 opinion.
Personally I am one of the 'no' people for several reasons.
1. There appears to be no legal input from the buyers side. You go to the show room, eventually decide what you like and put your name to the paperwork. There are no solicitors to check it for you, so where do you stand if Emaar decide to change specs or other details?
2. Allegedly, this happened recently. Several people who had put money down for Palm deposits with a 25 year mortgage were told that they now had to have 15 year mortgages. Since they couldn't afford that, they lost their deposits. Can't confirm this as I haven't spoken to anyone directly involved.
3. I personally am not convinced that the build quality is as good as it could be.
4. Since literally thousands of propertys are being built, there are concerns that the present ones are overpriced.
5. There is no history to the market, so you are taking a bigger gamble than normal.
6. There is no free market to sell your property at the moment. I understand you have to sell through Emaar. This is probably to do with the resident visa you get with your purchase.
However, there are plenty of people who are buying. See if anyone will give you some info on the above.
Cheers
Personally I am one of the 'no' people for several reasons.
1. There appears to be no legal input from the buyers side. You go to the show room, eventually decide what you like and put your name to the paperwork. There are no solicitors to check it for you, so where do you stand if Emaar decide to change specs or other details?
2. Allegedly, this happened recently. Several people who had put money down for Palm deposits with a 25 year mortgage were told that they now had to have 15 year mortgages. Since they couldn't afford that, they lost their deposits. Can't confirm this as I haven't spoken to anyone directly involved.
3. I personally am not convinced that the build quality is as good as it could be.
4. Since literally thousands of propertys are being built, there are concerns that the present ones are overpriced.
5. There is no history to the market, so you are taking a bigger gamble than normal.
6. There is no free market to sell your property at the moment. I understand you have to sell through Emaar. This is probably to do with the resident visa you get with your purchase.
However, there are plenty of people who are buying. See if anyone will give you some info on the above.
Cheers
Join Date: Nov 2002
Location: middle east
Posts: 101
Likes: 0
Received 0 Likes
on
0 Posts
Stormcloud is right on the money.
These properties can in no way be considered an investment. At best they fall well in the speculator zone.
They may well increase in price, but at this stage there are far too many negatives and unknowns to make it attractive for a pure investor.
If you are well heeled and can afford to throw a million or two dirhams at a speculator, then it is probably worth having a look. If you are looking for a secure investment that will help you through to retirement, then i would look to put my money elsewhere at present.
There are rumours that the property market here is going to open up further (which seems likely IMHO). Should this happen, then maybe the high prices being asked can be ratified by a free market and it might then be worth having a look. At present the prices are set by one company and non negotiable. That can't be a good thing.
Cop u later
The Rev
These properties can in no way be considered an investment. At best they fall well in the speculator zone.
They may well increase in price, but at this stage there are far too many negatives and unknowns to make it attractive for a pure investor.
If you are well heeled and can afford to throw a million or two dirhams at a speculator, then it is probably worth having a look. If you are looking for a secure investment that will help you through to retirement, then i would look to put my money elsewhere at present.
There are rumours that the property market here is going to open up further (which seems likely IMHO). Should this happen, then maybe the high prices being asked can be ratified by a free market and it might then be worth having a look. At present the prices are set by one company and non negotiable. That can't be a good thing.
Cop u later
The Rev
Join Date: Apr 2003
Location: UAE
Posts: 1,026
Likes: 0
Received 0 Likes
on
0 Posts
I think Palm Island, although very impressive, is very expensive. However, there are lots of other developments that could be worth a look (Marina, Emirates Lakes, Arabian Ranches etc.) For my money (from a pure investment point of view) I'd prefer to wait and see how the property market in Dubai settles down over the next few years. Those 15 year mortgages could really restirct it.
I thought I wouldn't order a Personal Title to help offset the many thousands of pounds a month it costs to run PPRuNe. Nah... I'll just sit here and moan about it.
Join Date: Apr 2003
Location: In-front of the keyboard
Posts: 25
Likes: 0
Received 0 Likes
on
0 Posts
Hello Brakes, we use to work with each other for the shipping company. I now live right next to the Palm and from all the negative vibes around the place at the moment>>TOO RISKY. Thats of course only my opinion, there are a huge amount of legal variables that you wouldn't like as stated above. Dubai sounds very attracive but give it 10 years and you may make a killing, HUGE GAMBLE though. Even those living here on the beach are wary of their purchases as they don't know quite what the deal is? Leave it a while, or take a HUGE risk, your rights here aren't what they are back home.
Best of luck with your decision.
Best of luck with your decision.
Thread Starter
Join Date: Sep 1999
Location: Planet Earth
Posts: 433
Likes: 0
Received 0 Likes
on
0 Posts
Gentlemen , many thanks for your lucid and considered thoughts.It's a breath of fresh air to read your posts regarding this non flying related topic and read some sensible postings , unlike some of the vitriol on other fora about easyJet resignations and such like.
Go Direct , I think I know who you are. I heard you were out there. When I was out there on holiday just over 2 years ago who did I see on the beach on the first day but none other than our former Pilot Resource Manager at the said shipping line. I still haven't been able to find out if he was offered the job!!
Hope all is going well for you and your family. I've considered applying myself but just feel it's a step too far really.
Go Direct , I think I know who you are. I heard you were out there. When I was out there on holiday just over 2 years ago who did I see on the beach on the first day but none other than our former Pilot Resource Manager at the said shipping line. I still haven't been able to find out if he was offered the job!!
Hope all is going well for you and your family. I've considered applying myself but just feel it's a step too far really.
Join Date: Jun 1999
Posts: 37
Likes: 0
Received 0 Likes
on
0 Posts
I THINK YOU'LL FIND THAT THE PALM PROJECT ( JUMEIRAH/ JEBEL ALI AND JUMEIRAH ISLANDS) HAVE NOTHING TO DO WITH EMAAR.
PEOPLE ARE CURRENTLY SELLING THEIR RESERVATIONS ON THE PALM JUMEIRAH FOR A SIGNIFICANT PROFIT TO NEW BUYERS.
PEOPLE ARE CURRENTLY SELLING THEIR RESERVATIONS ON THE PALM JUMEIRAH FOR A SIGNIFICANT PROFIT TO NEW BUYERS.
