Dubai-Has anybody made a sale

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kildare09

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hello ,

We are trying to sell an apartment in Discovery Gardens Dubai with little succes, has anyone here made a sale in Dubai in the past year or is it really just a pyramid scheme as seems to be the word on the street- we have gone down every avenue trying to sell it and are now in a lot of debt because of it? Any help would be appreciated.

Thanks
 
One of my friends are trying to sell their 1bed apartment in Dubai since June 08... no luck yet... Recession is the main culprit... heard apartment/house prices in dubai Jumeirah were dropped to 1/3rd of original prices.... I guess u have to wait...
 
I think that the only way that you will shift this is by dropping the price substantially because the property market in Dubai has now crashed.

There is a big oversupply of property in Dubai at the moment. The developers are shelving projects, expats are loosing their jobs and returning home. The property bubble in Dubai has burst. HSBC has issued a report that shows the property prices have fallen by 23% in December alone. Shuaa Capital which is a local Dubai bank has issued a report saying that the property market in Dubai has now crashed and prices could fall a further 60% in the next 6 months.

The following articles will give you a good idea of what is happening:

http://www.shelteroffshore.com/index.php/property/more/property-dubai-for-sale-discounted-prices-10280/

http://www.gulf-daily-news.com/Story.asp?Article=241574&Sn=BUSI&IssueID=31316

http://www.homesoverseas.co.uk/news/Dubai_property_values_could_crash_60_in_2009/7465-1002

http://www.thenational.ae/article/20090125/BUSINESS/403766671/-1/OPINION

The following link will give you a list of construction projects that are either on hold or cancelled in Dubai:

http://britishexpats.com/forum/showthread.php?t=588677

 
How hard have you tried to sell it have you got it listed with plenty of agents portals etc out there,is your current pricing realistic given the current down turn, is renting it out a possibility to help cover payments and running costs untill market improves ?
 
Renting might be an option, but if you can get shut of it now before the market is wiped out altogether you would be better off. Dubai is the biggest bubble on the planet, with more than 2000% oversupply coming on stream over the next year or two.
Against all odds though, there is still a trickle of sales at full price on off-plan stuff out there. I'm not sure who is buying, but I have heard from industry sources of estate agents who abandoned the UK and who are making a living in Dubai.
If I was stuck with a couple of these lemons I would get on a plane and spend a week hustling. There are bound to be some buyers floating around out there; hijack them! Try to find someone who is buying from one of the big agencies and offer them your place at a heavy discount.
The alternative is to watch your money go down the drain.
 
We have it with profile who have advertised with several agenicies for us ... we are willing it to sell it for 410,000 aed the price we paid for it two- three years ago ... I have contacted several agencies and haven't got much feedback ... We want to sell and be done with it but are having v little joy ... we have told that renbting it would lead to lots of red tape with tenants as seemingly they have more rights now than the property owner in Dubai.
 
Are you saying you are trying to offload for price you paid for it.... that hardly counts as a big discount especially with respect to posts made by folks with similar experiences.
 
We had other fees of 70,000 aed that we paid that we didn't include in this price, so it is discounted, the buyer will also benefit from these ... we are in dire finanacial straits so less of the sarcasm Gilboy!
 
kildare09 said:
We had other fees of 70,000 aed that we paid that we didn't include in this price, so it is discounted, the buyer will also benefit from these ... we are in dire finanacial straits so less of the sarcasm Gilboy!
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If your in dire financial straits then you need to discount it more and advertise it as such. That would attract more buyers. You'll find if you dont now in 6 months or a year you'll probably find its valued at the price you were going to discount it for now (assuming 20-25%)
 
kildare09 said:
We had other fees of 70,000 aed that we paid that we didn't include in this price, so it is discounted, the buyer will also benefit from these ... we are in dire finanacial straits so less of the sarcasm Gilboy!
Click to expand...

I know its painful but if you are in dire straits, you need to dump it immediately at whatever price you can get for it. Property prices virtually everywhere will be deflating for years to come. In some locations, they will sell for pennies on the dollar (though I don't know the mkt in Dubai).

If you are in a bad trade, then 'stop loss' is essential. Don't delay.
 
I am sorry but I have no sympathy for someone who paid over $410k for a property in Dubai plus fees on top of that. Let me guess. you never visited the region and just bought off plans, you never looked at the UAE economy, wages, employment etc. I suppose you never stopped to think what was fuelling the property boom in Dubai. I'll give you a hint. The next time you are filling up your car with fuel at a petrol station ask yourself where the fuel comes from.
 
By the way. You should have thought about tenant rights etc before you bought he property. Can I ask what you work as?
 
We had other fees of 70,000 aed that we paid that we didn't include in this price, so it is discounted, the buyer will also benefit from these ... we are in dire finanacial straits so less of the sarcasm Gilboy!
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Apologies if you think I was been sarcastic, was not the intention. I responded to your thread cause I found myself in a similar predicament 2 yrs ago with a spanish property. I offloaded the property at a serious discount for the purposes of sanity etc.

Today the same property would simply not sell. So from my experience, I would take a serious hit and bail out altogether
 
Patrick2008 said:
I am sorry but I have no sympathy for someone who paid over $410k for a property in Dubai plus fees on top of that. Let me guess. you never visited the region and just bought off plans, you never looked at the UAE economy, wages, employment etc. I suppose you never stopped to think what was fuelling the property boom in Dubai. I'll give you a hint. The next time you are filling up your car with fuel at a petrol station ask yourself where the fuel comes from.
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I find this post a bit eccentric Patrick! 2-3 years ago dubai properties were flipping 12 times over before they were complete, rising at a crazy pace, so to slag the guy off for buying then isnt really fair. Most likely if he had sold it a year or less after buying he would have made a handsome profit, such was the trend in dubai until the last 12-18 months.
If the OP had asked himself whats fuelling this boom and realised it was oil would it not have made sense back then to invest because of this? With the massive growth in china and india the demand for oil was going up.

Did you predict a global meltdown with massive rises and falls in the price of oil 2-3 years ago?
 
brazen_dude said:
One of my friends are trying to sell their 1bed apartment in Dubai since June 08... no luck yet... Recession is the main culprit... heard apartment/house prices in dubai Jumeirah were dropped to 1/3rd of original prices.... I guess u have to wait...
Click to expand...

Um, am I assume you mean to wait until the price goes back up to the "original" price again - that, rise 200%?

Do you honestly think that even if this does happen, it was happen in the next 20 years?
 
Foghorn, i meant to wait till it get some buyers depends on the price ... not for prices to come up...
 
Many Thanks for your advice Gilboy, It looks like I am going to sell it at a big discount if any buyer comes my way,

Patrick, I lived in Dubai about 4-5 years ago and felt this was a good investment so there is no need to be so presumptious that I had never even visited the region and also so nosey as to what field I work in
 
OP has stated they are in dire financial circumstances. Neither the fees of 70K nor the purchase price are relevant if you need to sell. What you need to do is find a buyer in a seller market (or a non existant market) The only way to do this is to reduce it to below what current similar property is selling for not what current asking prices are.
 
Another dodgy overseas property get-rich-quick pyramid scheme gone wallop. I'm shocked.

Where to next lads, how's Cape Verde lookin? Sardinia?

I don't want to miss the boat !!
 
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