Dubai-Has anybody made a sale

Back to my original question.. does anybody know of anyone who has sold an aprtment in Dubai in the past year?
 
KIldare09
unfortunately when buying a property the buyer does not take account of the costs incurred by you on buying. They will simply look at what they would have to pay now for a new property, and as yours is second hand they would expect to get it significantly lower price. As others have stated, these prices are only going to drop further due to the over saturation of property in Dubai, so it may be worth your while spending a week or so in Dubai to get rid of the property.
 
Robin Banks said:
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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I like Uganda.
 
Patrick2008 said:
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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Dubai actually has very little oil. Oil accounts for approx 5% of its GDP. Construction accounted for about 25% of its GDP. Most of the money required to build these projects had to be borrowed. This dried up with the credit crunch. The credit crunch also affected buyers because are unable to borrow as much now as in the past.

A lot of the buying in Dubai was carried out by "investors" and specualtors who had no intention of living in these properties and wanted to "flip" them for a profit. These "investors" came from many countries, including Ireland, Britain and especially Asia. I have no sympathy at all for these people because they were just playing high stakes gambling on the property market in Dubai and you should only gamble what you can afford to loose.

The letting market in Dubai is only going to go one way...down. Most renters are expats who are working on construction projects. Many of these have lost or are loosing their jobs and are leaving Dubai.
 
The reason the Arabs went to so much trouble building up Dubai as a tourist destination is to compensate for the oil running out. That's what I read somewhere & it makes sense to me
 
Perplexed said:
The reason the Arabs went to so much trouble building up Dubai as a tourist destination is to compensate for the oil running out. That's what I read somewhere & it makes sense to me
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Correct - Dubai has very little oil left so it tried to build other industries (tourism, finance and trading hub) to compensate but it had to rely on borrowed money to do this.
Dubai is one of seven states in the United Arab Emirates and allegedly, it had to ask an oil rich Emirate, Abu Dhabi, to help bail it out recently.
 
Perplexed said:
The reason the Arabs went to so much trouble building up Dubai as a tourist destination is to compensate for the oil running out. That's what I read somewhere & it makes sense to me
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That is correct.

Contrary to what Patrick2008 says it is in fact the lack of oil that fuelled the property boom.

Patrick2008 - go sit in the bold corner for half an hour.
 
From what I have read on international business websites I would recommend you get out as soon as you can and at whatever discount you have to make do so. Prices in Dubai will continue to fall for the next year at least.

On the brightside if you are willing to rent it for a week in July I could be interested.
 
I work in Construction & Property myself and the dogs on the street would have told you Dubai was a poor investment 5 years ago. Remember Dubai is just aother pyramaid scheme. It all depends on when you got in. I worked in Budapest in 2002 and one Hungarian businessman asked if I knew an Irish businessman called Liam Lawlor as he was investing out there in 1997. There were other savvy business people like him. Irish people were buying apartments in Budapest for €65k plus when the average take home pay was €600/month. Once you read about imerging markets in the overseas property section of the Irish times or the Indo then you know you have missed the boat. It is just unfortunate in your case that you got in late. Investment in property is not rocket science as it goes in cycles and it should be treated as a long term investment like everything else. I just feel sorry for the idiots who spent the night queing to put a deposit on a sh*tty property outside the M50 and are now stuck with a poorly designed property in an area the do not want to live. People blame banks and developers for the property crash but I blame the stupid, ignorant people who thought they could "flip" properties and those who thought that anyone could get into property development e.g doctors, lawyers, teachers, Garda etc etc. There were also those who thought that property prices would keep on rising. How many people do you know that used "artistic license" when filling out their mortgage application? Also, I wonder how many Irish people have and are paying tax on their overseas investments? I could say alot more but I couldn't be bothered.
 
Obviously the Dubai Comedy Festival was not the smash hit anticipated by some:
 
Patrick2008 said:
I work in Construction & Property myself and the dogs on the street would have told you Dubai was a poor investment 5 years ago. .
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What are you a tiler? Your talking crap. Start of 2007 Dubai was on the downslide for investment. Between 04 and 07 investors were making a fortune, and I have a number of friends and clients who flipped properties out there and made 100's of thousands in a short space of time, or even held them for 2-3 years and sold on for a handsome profit
Its funny you mention the stupid, ignorant people who flip properties, because that is how many of the savvy investors made there money in the overseas markets.
To say property is a long term investment like anything else is a pretty wild statement. Every individual investment one makes in any market has its own timeframe for when to get in and when to get out.
Didnt george soros come out of retirement to pull 5bn out of currencies in the space of a week recently?


You do have a point that the average punter, garda or whatever who thinks he can flip something on the say so of an eager agent is misguided. If your investing in property to flip and resell then you would want to be a serious investor who has done his own research and is an expert on the market and where its going.
 

The original poster's point is that with a market like Dubai, it was based on pure luck. Like any pyramid scheme, it's great until the whole thing collapses.

Are you claiming that none of your friends and clients will lose money there, and that they all got out in time?

Oh, and if you're on this website representing a business - which I presume you are by including a URL - you might want to keep the classist abuse and mispellings to a minimum; it doesn't look professional.
 

I don't think its based on pure luck at all. There's a multitude of factors involved in investing overseas...or at least there was.

I'm not claiming by any means people won't loose money there. The savvy investor would have got out in time. Nevertheless even saying that, it can be hard to see a crash coming and even some seasoned players will loose and have lost. That's a risk that comes with every investment.
My point is that in Dubai many investors made a fortune, so patricks statement that the dog in the street would tell you not to invest there 5 years ago simply doesn't make sense to me considering all the people I know who made money in that time

No offense meant to any tilers out there, bad time for sarcasm! Fog, what spelling are you talking about?
 
I'd like to introduce a worldwide ban on the verb to "loose" until people learn how to spell "lose".
 
I love your website GDE. I work as a Chartered Quantity Surveyor for a large International Property Developer as a matter of fact. What does your company do exactly? Your website says you are "a real estate development corporation which facilitates and manages the development of luxury residential developments". Does that mean you are Real Estate agents? We have developed properties in UK, Romania, & Hungary and we use CBRE, Cushman & Wakefield & DTZ who are internationally recognised Real Estate Advisors. Do you offer the same service? Are you a member of the RICS or a similar international professional body? Your website doesn't seem to give team profiles? Do you offer the same service as Larionovo? How is your company regulated? I am just curious as I may be interested in buying a property in the Philipines.
 

We're not a real estate agent, we are currently constructing a residential resort development on Boracay Island to compliment our existing hotel Pearl of the Pacific. We also provide an in house management and leasing service. We are regulated by the Securities and Exchange Commission here, reg number CS200825033.
 
So you are a Developer/Main Contractor? I have never heard of you before. Your brochure & website seems very flashy and vague and it is very similar to other companies/websites out there that claim to be in property development. Why don't you have a list of directors on the web page? If I go onto any of the international property developers or Construction firms websites it gives a brief profile of each member of the Board of Directors and Senior Management. If anything, this should instill confidence in potential buyers looking at your website. As you can appreciate alot of Irish people have been ripped off by the likes of Michael Lynn and others so I feel there should be more transparency out there.
 

We are a developer. I understand your concerns, but if you look a bit closer you'll see the one of the partners is The Swedish Investment Group, and their site is listed. It also mentions the existing hotel on the site that has been there for 20 years that was built by the Chairman. Unfortunately we had a problem with our website developer just after christmas and the site came down, so this one was put up in a hurry and will be fleshed out a bit more over the coming weeks
 
Yes, but by posting inflammatory or aggressive posts, you do your business no favours.
Remember, your link is doing a few things:

Driving traffic to your site from here.
Using this sites high PageRank to boost your lower PageRank through backlinks.
Bringing up your posts on this site for Google searches involving "sansonanddunne".

So for example, if someone were to google "sansonanddunne issues" or scam, or any other phrase not on your site, this sites PageRank is higher, and the searches will bring up your posts here, of which this last one was aggressive and inflammatory.

And no, technically spellcheck won't mark "loose" as a misspelling of "lose"...

For what its worth, I'm sure the company is very respectable, I merely point this out as best practice for posting online from a business POV.
 
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