dubai investment

hi,
i am considering buying a property in dubai close to the beach with the intention of flipping before completion which is q2 2010. this would be my first investment o'seas, has anyone else considered/weighed up the pro's and cons of dubai at this time?
thanks.

Dubai investments has been discussed many times on AAM. Suggest you do a search.

Assuming you make money on the deal, afaik you will have to pay CGT at 20%

thanks

If you're buying off plan from a local agent and you haven't been to Dubai then you'll certainly loose money.

If you're serious about Dubai go over there for a few days to get familiar with the place. Whatever price you are getting over here you will get cheaper over there as there will be less commission.

Talk to some people that have bought over the last couple of years and ask them did they make a profit and was it easy to sell etc etc.

I'm sure there is money to be made in Dubai but plenty of money will be lost as well. Not every investment will be a sure bet.

The more work you put in up front the better chance you have of making a profit.

Hi,

I am just back form Dubai and thre one thing I noticed is the 'overdose of property' there is out there. I t is difficult to see how it will go up in value by mnuch because there is so much Also they are building a lovely marina but instead of low level apartment blocks and villas like in Spain or Portugal it looks like New York with High Rise 40 storey blocks on top of each other. If you are going to invest you definitely have to go and see it first

Qawra said:

Hi,

I am just back form Dubai and thre one thing I noticed is the 'overdose of property' there is out there. I t is difficult to see how it will go up in value by mnuch because there is so much Also they are building a lovely marina but instead of low level apartment blocks and villas like in Spain or Portugal it looks like New York with High Rise 40 storey blocks on top of each other. If you are going to invest you definitely have to go and see it first

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Please do not look at these markets, horse betting would be safer than trying to find a property that will work there. It's built on sand and like your investment, is likely to sink.

I visited Dubai in Jan / Feb this year - Its construction mayhem! I know people who live there permanently who have done quite well in the property investment boom that has most certianly taken place, however I really fear for its future. Met an Irish prop investor who was there (for 2 days) purely to buy three appartments off plans and literally sell them this month (7 months after purchase) He was positive this method was the only real sure bet remaining in Dubai. Prices have risen exponentially as the worlds attention has been drawn to the 'desert miracle' but you really wonder how long investors will remain entertained. Its a long way to go for a holiday! The appartment rental market is kept afloat by young expats living and working there but supply has started to meet demand in this area - the young expat has choices now!
I would run a mile