# Apartments to buy in Dubai Marina



## kalle (Oct 17, 2010)

Hi Guys;

Brand new to the forum, but very interested in buying a smaller apartment in the Marina. By looking at Dubizzle and searching for 1-bedroom apartments in that area, over 1000 apartments seems to be available for sale!! (1-bedroom)

Of course with very different price range but anyway- am I right to believe that the apartments are way overpriced because the market is just not there anymore? Do they really get what they are asking for or has it really turned over to be the buyers market?? Is 500 dhm/sqft more likely than 800 in that area?

I have just read some interesting advice here on the forum suggesting that the apartment prices will probably go down even further but in my case I am looking more for a long term investment and I am not dependent to get my money back "tomorrow"..Anyone thinks I am stupid? 

I am not going to live (nor work) there permanantely, but is it still possible to get a resident visa for 6 months if you own an apartment?

All answers highly appreciated,

Regards,
Kalle


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## Jynxgirl (Nov 27, 2009)

How long have you lived here? How much research have you done on buying a property? You do realize there are thousands and thousands of apartments empty all over, and no one to fill them. And doesnt appear like they are stopping building!!!


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## Elphaba (Jan 24, 2008)

Laws of supply & demand and their is massive over supply. Still a bad time to buy IMO.

You may get a six month residence visa with a property, but that is not the same as a work permit.
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## kalle (Oct 17, 2010)

*Prices in the Marina*

Thanks for the info-but it seems very hard to find out IF the apartments (the few that are being sold?) are sold for considerable less than the asking price..Anyone knows out there and for the Marina area especially?

Is 800 dhm/sqft still resonable or is 500 dhm/sqft more appropiate considering the oversupply?

Regards,
Kalle


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## dk75018 (Jan 1, 2010)

well, everyone's idea is right that property market in Dubai is bad. True.. and there are no hopes in near future.. as some 100000 units are ready for handover in next 18 months...

but still question remains the same and confusing, is it the right time to invest?? or should i wait for another 6 months......

Current prices in dubai apartments now entirely depends on either locations and view or how desperate "the seller" is.. there is not market price kinda thing anymore. People do get a Palm Jumeirah Villa at 300K Per annum (rent) and some wont mind paying 900K PA(rent). difference between 2 of them is first one needs a good house to live .. so a villa in second row from beach is fine with him, other one needs exclusive so he opted for beach front villa.

My personal opinion, If you get an apartment in Marina @ 650psf 0r 700psf .. count it as a good deal. as you are looking for investment and same apartment can be rented out close to 80K per annum if 2 bed.. which will give you close to 8%-10% rental income. 

Dubai rental market is down, low but not dead.. Just think as owner of the apartment.. would you sell an apartment at 500psf if you bought it at 650PSF, where as you know that for next 2 years you can continue with current rent.. like 70K-80K per annum.... you wont sell it unless you are in desperate need of money and Panic period is over long back...
60%-70% marina is well occupied and most of the buildings were handed over before recession..... so its hard to find deals below 650 PSF in Marina.. that too by luck or chance... 

Story is different in other areas i.e Executive towers, where apartments were handed over recently( early 2010), investors need to pay their balance amount, which they dun have or dun wanna pay as they booked the property at high prices like 1000+ PSF and thats the place where you can find desperate deals below OP .. but not as low as 500PSF, as OP is for 80% apartments OP is more then 1100+ psf..anything close to 700 PSF consider a good deal....

Check JLT, for apartments less then 600 PSF, I saw a few deals in early 2010 actually happened at AED 550, ready to move in apartments. Reason still being same that OP for those buildings were close to between 500-600, and those building were just handed over so those who over invested got rid of their liabilities @ whatever price they got. 

This is how i see at this market, others may have different opinions too, so consider all the available options and opinions and invest only if you have long term plans like 5+ ... otherwise forget it...

Cheers!!


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