This real estate market is a joke! | ExpatWoman.com
 

This real estate market is a joke!

117
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EW NEWBIE
Latest post on 11 April 2013 - 09:40

So my dear husband decided that we should consider buying a property since we are paying about 160k in rent. Sure enough we went to look what the market has to offer. In the meantime I did lots of research and found only negative things about this market as in quality of homes, etc. But I thought that things might be better now such as laws etc and we should give it a try before judging. I also know some people that bought (long time ago though) that are happy despite certain flaws.

Every single agent that I met told me about every property we viewed that he had a "cash buyer" waiting. Each and every time. But that he wanted to give us the "first" choice. Then I was told by a construction engineer that the houses we looked at were built with salt water and concrete. This mixture causes the cracks etc and that we should be prepared to "fix" those things. Ok. Still I thought that this might not be the case for all of the properties.
The biggest lie we have come across is when we saw an ad for a distress villa sale. Apparently, the price that was offered is 200K below the market price. The agent kept saying that this property will go up in value within a week. When I asked why the landlord was distressed, he told me that he can't do his mortgage payments. So why selling it low when the value is apparently rapidly increasing and so many cash buyers are waiting? That confused me.
So after all, we finally decided not to buy and look for another place to rent before the summer. (we need to move out) We just could not deal with all the lies we were constantly told when trying to buy a villa. We saw a villa in the Ranches and the agent told us that he has so many tenants waiting to rent this villa. Turns out a friend of a friend lives across it and told me that the rent sign has been there for over 2 months!!!!
I don't know what is going on and where this inflation is coming from. But it seems to me that this country has no interest in selling to long term residents that want to make this country a home. If you are not a "cash buyer", you are already being treated bad. The moment agents hear "mortgage" they change their face expression.
We plan on staying here for a long time now due to DH's work. It is just a joke how delusional and irrational these people are when it comes to prices!

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EW EXPLORER
Latest post on 13 April 2013 - 18:03
Need to apologize..... Not all agents are bandits, liars or crooks. I really do know that. Unfortunately every single agent we've ever dealt with is lazy or sneaky. I detest that. I have so many stories which I won't get into but so far they have been sneaky, lazy and liars. As for dealing directly with owners I would not hesitate. As long as you have a rental agreement and the paperwork is filed it wouldn't be a problem. I've had agents give me an address, not show up and then call asking if I wanted to lease the property and they collect 10,000 aed for doing what? It's a scam!! Also, they like to claim that they'll hook up your dewa. Dealing with dewa is a piece of cake! <em>edited by dogcatcher on 13/04/2013</em>
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EW GURU
Latest post on 13 April 2013 - 00:11
Ladies who work for real estate can you share your contact details? I'm looking to move at the minute Thanks
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EW NEWBIE
Latest post on 12 April 2013 - 22:50
The agents here are lazy bandits! Prices are inflated, they do zero work and lie. We hear this all the time from friends who have bought or are looking to rent. We are also in the same boat and have yet to meet an agent who is honest or is hardworking or who will return a call. I really wish the owners who are leasing properties would realize that this agent game is a scam. Perhaps we all need to advertise when we're looking to relocate that we deal with owners only and put these real estate sharks out of business. Phew! Unfortunately I am one of those lazy bandits. You are quite right when you say that there are some people that are unethical in the Real Estate industry, however there are also agents out there that work tirelessly for their clients. I work between 60 to 70 hours per week and I'm extremely ethical and take my relationship with clients very seriously. You do need to trust your instincts when looking for a good agent and if you are not happy with the service you are receiving, I can assure you that there are plenty of hardworking agents out there that would welcome your business.
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EW NEWBIE
Latest post on 12 April 2013 - 22:39
The agents here are lazy bandits! Prices are inflated, they do zero work and lie. We hear this all the time from friends who have bought or are looking to rent. We are also in the same boat and have yet to meet an agent who is honest or is hardworking or who will return a call. I really wish the owners who are leasing properties would realize that this agent game is a scam. Perhaps we all need to advertise when we're looking to relocate that we deal with owners only and put these real estate sharks out of business. Phew! I am an agent albeit new one but have lived here for a long time and you are sooo right about agents ... and landlords unfortunately do inflate their prices which is ridiculous .. I work very hard and always return calls and so do my 2 colleagues so if we can help at all feel free to contact me
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EW NEWBIE
Latest post on 12 April 2013 - 13:45
You can remove email Lincoln, emlsnre's link the same as
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EW EXPERT
Latest post on 12 April 2013 - 13:23
http://www.emaar.com/uae/reem/mira/index.html
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EW NEWBIE
Latest post on 12 April 2013 - 13:19
Lincolnimp, received an email from Emaar about it, they will be sold off plan tomorrow morning from 7am at emaar hq downtown, no doubt they will go like hot cakes, but it makes al waha and arabian ranches 3 beds very expensive unless they will be flipped and flipped to reach similar prices, either way it's insane. Will be located on bypass road opposite layan/al waha in front of SHeikh Hamdan swimming complex Thanks keeper. Could u forward me the email. Or the link where the info is is there's one on your email? Springsuae at hotmail dot co dot uk. Thanks
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EW EXPERT
Latest post on 12 April 2013 - 13:17
http://www.emirates247.com/reem-villas-for-less-than-dh1m-2013-04-08-1.501806 seems like people are already queing.... http://www.emirates247.com/news/emirates/hundreds-queue-up-at-emaar-office-since-thursday-for-dubai-villa-launch-on-saturday-2013-04-12-1.502326 <em>edited by Asti on 12/04/2013</em>
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EW NEWBIE
Latest post on 12 April 2013 - 13:09
Lincolnimp, received an email from Emaar about it, they will be sold off plan tomorrow morning from 7am at emaar hq downtown, no doubt they will go like hot cakes, but it makes al waha and arabian ranches 3 beds very expensive unless they will be flipped and flipped to reach similar prices, either way it's insane. Will be located on bypass road opposite layan/al waha in front of SHeikh Hamdan swimming complex
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EW NEWBIE
Latest post on 12 April 2013 - 12:58
Indeed the market is unregulated which means anything goes on prices; the new emaar 3 bed townhouses for sale this week end are at less than a million, where does that put existing surrounding properties,? Way overpriced?! In the uk there is a standard price within 5-10% per square foot per area, whether on or off plan? Not double or triple the price for the same square footage, and don't give the excuse of established/not established because that makes no sense once everything is built. or are emaar relying on flippers again? This market is crazy and will shoot itself in the foot again unless it adheres to sensible standards; Where are there new emaar 3 beds for sale for less than I million?? I looked on their site but can't dine them where should I be looking..?
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EW MASTER
Latest post on 12 April 2013 - 11:43
'the owners are abroad and are some super wealthy Afghanis that put their money there after the US announced its withdrawal from that country'. ... something i hinted at couple of months back; "Investors" from Afghanistan, Iran, Russia, Egypt etc form a large number of cash buyers, and apparently in some countries no one bats an eyelid if a person with an official salary of 10,000$ can amass hundreds of millions of $ in a few years Yes,isnt that strange....in other countries those types of people would be investigated however here everyone just turns a blind eye and looks the other way.
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EW GURU
Latest post on 12 April 2013 - 11:39
No one I know has had an allowance or wage increase. It will come crashing down again. Yet most agents we dealt with said people are getting large salary raises which is one reason rents are going up.
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EW GURU
Latest post on 12 April 2013 - 11:38
'the owners are abroad and are some super wealthy Afghanis that put their money there after the US announced its withdrawal from that country'. ... something i hinted at couple of months back; "Investors" from Afghanistan, Iran, Russia, Egypt etc form a large number of cash buyers, and apparently in some countries no one bats an eyelid if a person with an official salary of 10,000$ can amass hundreds of millions of $ in a few years
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EW EXPLORER
Latest post on 12 April 2013 - 10:54
I would NEVER ever buy property in a country where I would never be able to hold the nationality of. Plus, the prices are inflated. An average apartment/townhouse in Dubai will set you back approx. AED 2,5 million. For way less money you'd be able to buy something very decent in Europe, where the quality is much, much higher. I'm not a fan of the real estate market here.
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EW GURU
Latest post on 12 April 2013 - 10:30
I wold not buy..not an advice just the way I feel...we were continually being pressured back in the 2007 and 2008 with same arguments..till the whole thing blew up...we didn't relent. To me this whole situation feels like deja vu of the 2008. another bubble. edited by Goose on 11/04/2013 Nothing like 2008 and no more bubbles. It cannot happen. I assume you're being sarcastic, because it most certainly can and will
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EW MASTER
Latest post on 12 April 2013 - 08:50
Personally I wish we could live in RAK. Beautiful villas or flats on the sea and boy are they cheap!! Buy mine, buy mine! :D
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EW EXPLORER
Latest post on 12 April 2013 - 01:20
Personally I wish we could live in RAK. Beautiful villas or flats on the sea and boy are they cheap!! RAK is great living! You can rent a 4bedroom with garden on 4chqs for 60k :) The commute to Dubai on the 611 which quite a few of the RAK residents do, takes just over an hour. Worth thinking about??
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EW GURU
Latest post on 11 April 2013 - 23:30
'the owners are abroad and are some super wealthy Afghanis that put their money there after the US announced its withdrawal from that country'. Dubai is not for the likes of us.....
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EW EXPERT
Latest post on 11 April 2013 - 22:17
I wold not buy..not an advice just the way I feel...we were continually being pressured back in the 2007 and 2008 with same arguments..till the whole thing blew up...we didn't relent. To me this whole situation feels like deja vu of the 2008. another bubble. edited by Goose on 11/04/2013 Nothing like 2008 and no more bubbles. It cannot happen. It's a complete bubble again. People didn't learn their lesson the first time round unfortunately. We've had to urgently move out of our 3M villa, we are currently paying 110k the cheapest 3M we found was 160k in one cheque! Rest are going for 175-200k landlords aren't willing to negotiate. Dubai Properties have put up their Shorooq villas in Mirdif from 135k-175k. Their 3 bed apartments from 78k to 120k! No one I know has had an allowance or wage increase. It will come crashing down again.
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EW EXPLORER
Latest post on 11 April 2013 - 22:06
I see it as a bubble too. I own an apartment, and yes whilst the rents are rising, i am still going to get rid of it the minute my tenant moves out next week :) The real estate is not worth it unless i was living in it, and had the CASH spare. The interest on a mortgage plus service charges are far too high.
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EW NEWBIE
Latest post on 11 April 2013 - 22:01
Hamar - are you sure?!?! Or have you just bought a place and convincing yourself?!?!?
461
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EW EXPLORER
Latest post on 11 April 2013 - 21:33
Or you can think about it this way. People that are forced to move to Abu Dhabi who have kids will more than likely make their moves after kids finish school in June/July. They then can come back in Aug/sept to start school and be settled in their home. I think if the exodus happens it'll be in July. Interesting to watch ads on dubizzle. We are looking to lease a villa as our LL has raised our rent to a stupid amount. Our villa is so not worth what they're asking so we're out. Looking at The Villas and have been watching prices go up just in the last two months. Yet, when I drive through there these villas are empty. Personally I wish we could live in RAK. Beautiful villas or flats on the sea and boy are they cheap!!
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EW NEWBIE
Latest post on 11 April 2013 - 21:21
I suppose the real estate market will change even more come September when many expats will be moving to Abu Dhabi as per the government's new regulation. That one will be fun to watch. I wonder how this will turn out.
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EW MASTER
Latest post on 11 April 2013 - 20:51
I suppose the real estate market will change even more come September when many expats will be moving to Abu Dhabi as per the government's new regulation.
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EW NEWBIE
Latest post on 11 April 2013 - 17:43
I wold not buy..not an advice just the way I feel...we were continually being pressured back in the 2007 and 2008 with same arguments..till the whole thing blew up...we didn't relent. To me this whole situation feels like deja vu of the 2008. another bubble. edited by Goose on 11/04/2013 Nothing like 2008 and no more bubbles. It cannot happen.
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EW GURU
Latest post on 11 April 2013 - 17:38
We're thinking of buying, but its really a panic buy, as we're scared the prices will go up at previous rates again. What do you think? The Dubai property bubble was fuelled by the easy availability of cheap credit, meaning that everybody and his uncle fancied themselves as real estate speculators and thought that it was a guaranteed way to get rich quick. And for a while, it was. The easy and cheap credit necessary to create such a bubble is no longer available.
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EW NEWBIE
Latest post on 11 April 2013 - 15:59
Mmmm - I feel the same. Not really comfortable buying. Might wait a few months and see what happens.
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EW EXPLORER
Latest post on 11 April 2013 - 15:15
I wold not buy..not an advice just the way I feel...we were continually being pressured back in the 2007 and 2008 with same arguments..till the whole thing blew up...we didn't relent. To me this whole situation feels like deja vu of the 2008. another bubble. <em>edited by Goose on 11/04/2013</em>
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EW NEWBIE
Latest post on 11 April 2013 - 14:41
Be very careful surrey sue and it depends on where and what, we are waiting to see what happens over the summer. A friend of ours who recently bought in a very sought after 'established area' saw 2 identical apartments, same view, same size, just 2 floors difference in a very well know high tower, one was for sale 50% more than the other, one of several similar stories I have heard of recently, good luck!
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EW NEWBIE
Latest post on 11 April 2013 - 14:13
We're thinking of buying, but its really a panic buy, as we're scared the prices will go up at previous rates again. What do you think?
 
 

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