Should I Buy a Flat in Dubai Marina?
~The Year 2006 Answer
AME Info addresses this question. One important consideration,
The gist of the matter, according to the article, is that the market is not what it used to be. Pre-2005, property values were quickly rising, meaning substantial profit could be gained in re-sales. In 2005 off-plan property prices began to flatten, meaning substantially lower profits to be had via re-sale. In 2006-07 large numbers of units, especially mid to high-priced apartments, are expected to hit the market, meaning re-sales and profits of any kind will be difficult. Furthermore, premiums in rental returns will be much less than they have been up to now--for the same reasons.
The final word, "Don't buy?" No, tihs would not be a reasonable conclusion to reach for most. If one is looking for a home there is still a lot of value in the market. For those willing to view property as a long-term investment as well, values will eventually rise to perhaps double what they are now. For speculators, however, or those looking for quick profits, the glory days are over.
Hot tip for property buyers:
It used to be a laborious chore at best to locate that ideal property. There was no central clearing house that one could go to to compare what was available. At best one might scour newspaper and magazine ads and piece together a rough selection of what was out there and follow this up with calls and visits to numerous agencies. Today, there are at least 2 publicatons which come as close to being a one-stop shop as one could hope for,
These are two invaluable resources. Even those not looking to buy but simply curious about the market will find these interesting reads.
The Better Homes guide has even put together a rating, district-by-district, of the lowest, highest and average unit price available, as well as the same data on a dhs/sq. ft. basis.
The Property Finder's Guide accompanies each of its listings with not only the usual renders of what the development may eventually look like, but recent photos revealing current construction status and interior views of completed units.
Both guides use color coded maps to divide the city into sections identifying each of the numerous developements by name. These guides will almost make propery buying fun!
Go to DM Blog latest posts, Dubai Marina Communities or MAG 218 Community homepage.
...at the end of the day, a decision to buy a property is a personal thing, and the answer on whether to buy is always a matter of considering your individual circumstances.
The gist of the matter, according to the article, is that the market is not what it used to be. Pre-2005, property values were quickly rising, meaning substantial profit could be gained in re-sales. In 2005 off-plan property prices began to flatten, meaning substantially lower profits to be had via re-sale. In 2006-07 large numbers of units, especially mid to high-priced apartments, are expected to hit the market, meaning re-sales and profits of any kind will be difficult. Furthermore, premiums in rental returns will be much less than they have been up to now--for the same reasons.
The final word, "Don't buy?" No, tihs would not be a reasonable conclusion to reach for most. If one is looking for a home there is still a lot of value in the market. For those willing to view property as a long-term investment as well, values will eventually rise to perhaps double what they are now. For speculators, however, or those looking for quick profits, the glory days are over.
Hot tip for property buyers:
It used to be a laborious chore at best to locate that ideal property. There was no central clearing house that one could go to to compare what was available. At best one might scour newspaper and magazine ads and piece together a rough selection of what was out there and follow this up with calls and visits to numerous agencies. Today, there are at least 2 publicatons which come as close to being a one-stop shop as one could hope for,
These are two invaluable resources. Even those not looking to buy but simply curious about the market will find these interesting reads.
The Better Homes guide has even put together a rating, district-by-district, of the lowest, highest and average unit price available, as well as the same data on a dhs/sq. ft. basis.
The Property Finder's Guide accompanies each of its listings with not only the usual renders of what the development may eventually look like, but recent photos revealing current construction status and interior views of completed units.
Both guides use color coded maps to divide the city into sections identifying each of the numerous developements by name. These guides will almost make propery buying fun!
Go to DM Blog latest posts, Dubai Marina Communities or MAG 218 Community homepage.
posted by B.D. at
Friday, January 13, 2006
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