Eagle Heights, Dubai, : - Promoted by Larionovo

[VT1]

Hey all,

got two letters / brochures in the post on this in last two days. Larionovo are promoting same. just wondering what peoples views on Dubai are the moment (and this development if anybody has looked into it). Is there a Bulgaria type scenario going on over there with massive overdevelopment or does the rental market that is proclaimed exist? Are prices being qouted here real prices or is there a paddy factor? What is the sell on market if any?

This particular scheme only requires 50% payment with the remainder paid off over 8 years which sound a bit unusual. why would the developer do that? Also, the usual guranteed rental income for 3 years. Being promoted as golf tourism development (in sports city)

Think theres an exhibition in Jurys next weekend on it

Thanks

VT

Think theres

 

[auto320]

Re: Eagle Heights, Dubai

Rental market doesn't exist to the extent of all the property being built. Tourism market there is almost all high-end hotel stuff, as is more typical of long-haul destinations. The only real market for apartment rental is the bottom end, service workers from poorer countries who run the show in Dubai.

The entire market in Dubai is based mostly on the "vision" of one or two members of the royal family who have buckets of oil money to play with. They wouldn't get away with what they are doing there in any kind of a democracy -- the artificial islands are enormous and are being built from sand sucked from the bottom of the sea with no heed on environmental or other issues. There is no sense of planned sustainable development, just a rash of building projects drive in the most part by meglomania.

Watch out for flooding (it happens), shaky title (would be counted as flawed by our standards), and the usual "rental guarantee" which is added in to the price. Not a great long-term bet as investment.

However it is difficult not to be impressed by what can be achieved in a benign dictatorship! I was open-mouthed for about two days looking at it all. Easy to see how an innocent buyer could get carried away with it.