Foreign real estate
Discussion
.Don't get me started on this...
Tis all a bit hairy really, while some villas etc are making money we seem to have turned the corner with regards to value and some of the more iffy developments are already being auctioned off.
It is nothing like as transparent or protected as the UK and if you are really thinking of doing this then at least talk to people who understand how little protection the buyer has here.
The palm 1 is a year behind schedule and has almost doubled in density since it was first sold, so the people who bought looking at plans that said the next house was 10meters away are finding their neighbours are half that distance or less, there is no compensation for this or any recourse except to walk away.
Building standards are very variable with some downright shoddy, again no recourse.
Palm 2 has trebled in size, so if you bought a sea view on the first release which promised open sea views you now have an island or hotel strip view, again no compensation.
The major issue all round at the moment is that most of these properties are sold as freehold when the law that would even make this possible has not yet been passed and may never make it in the form that you or I would understand as freehold. At the moment you own the house but not the land, couple that with a build quality and suspected life of 25 years and this is not a great deal.
Charges especially on the palms will be horrific, already the apartments in the marina have seen charges treble to where you can be paying 3 or 4 thousand quid per year in charges for a decent sized flat.
That being said I am buying here and am waiting for my place to be finished but that is a villa, I wouldn't touch the apartments with a bargepole. You really need to pick your developer and development to even get something worth having.
>> Edited by willmcc on Saturday 26th November 17:00
Tis all a bit hairy really, while some villas etc are making money we seem to have turned the corner with regards to value and some of the more iffy developments are already being auctioned off.
It is nothing like as transparent or protected as the UK and if you are really thinking of doing this then at least talk to people who understand how little protection the buyer has here.
The palm 1 is a year behind schedule and has almost doubled in density since it was first sold, so the people who bought looking at plans that said the next house was 10meters away are finding their neighbours are half that distance or less, there is no compensation for this or any recourse except to walk away.
Building standards are very variable with some downright shoddy, again no recourse.
Palm 2 has trebled in size, so if you bought a sea view on the first release which promised open sea views you now have an island or hotel strip view, again no compensation.
The major issue all round at the moment is that most of these properties are sold as freehold when the law that would even make this possible has not yet been passed and may never make it in the form that you or I would understand as freehold. At the moment you own the house but not the land, couple that with a build quality and suspected life of 25 years and this is not a great deal.
Charges especially on the palms will be horrific, already the apartments in the marina have seen charges treble to where you can be paying 3 or 4 thousand quid per year in charges for a decent sized flat.
That being said I am buying here and am waiting for my place to be finished but that is a villa, I wouldn't touch the apartments with a bargepole. You really need to pick your developer and development to even get something worth having.
>> Edited by willmcc on Saturday 26th November 17:00
speedychrissie said:
with regard to "the world" islands. how big is each small island. what i want to know is:
is it possible to have the address:
Me
the house
england
dubai
but yes, i agree that it is being built with a certian type of customer in mind.
chris
The island are variable sizes but are up to a couple of hundred yards across and some are grouped together to form bigger clumps.
It is all very unclear how many of these have been sold, the only plans that we have seen publicly are for Australia but while there are rumours of all sorts of stars buying there is precious little fact. The Oz ones in fact were just another high desity housing area with the horror that your commute would take hours and cost a bloody fortune.
Trouble with these islands is that all services will have to be imported including power water and sewage systems, there are no roads to the places and more worryingly no infrastructure on land yet to support these islands.
I can see them from our current place and to be honest it looks as if work has slowed to a crawl on these with the barrier wall not even completed and only very low levels of work going on pumping sand.
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