Goldcrest Dreams 2
Refering to Imre's recent remark that prices will be between 600 & 700 psft by December 2008. I would like to know what has he based this estimated figures on ? The level of progress is so poor and infrastructure so inadequate, I wonder whether this is just wishful thinking or real scenario.
Has there been any resale transactions at the 550-600 level or is it just the new builds being offered at this rate? Besides, has he considered that there is at least a ONE year delay interms of building work? SO no tenants will move in before mid 2011 at the earliest, assuming that all infrastructure (water, gas & Electricity) , roads , shopping mall (for basic foodstuffs and essentials) is in place by then!
IS there a website where one can track real market prices on a regular basis? Especially for resale transactions that might be occuring right now?
But keep it up IMRE for the wonderful effort and photgraphs you are inputting in this forum.
Progress
Strange, I find over all progress in EC pretty good, of course I do not compare it to any place else than the UAE. Also: it is a rule that no project in the UAE is on time, so a delay of 12 months is pretty good. I compare this project to JLT in Dubai. Look at JLT in 2004 and look at it now. Some towers are up and running, others, which were promised to be ready by now have just come out of the ground. When I was told on signature, that GCD 2 would be finished at the beginning of 2010 I added immediately a minimum of 12 months. Unfortunately this is what one has to do when one ventures into this market. They are building a new city, and if you want to do this right, it just takes time. I am pretty sure, that GCD 1 and 2 will be long done before the mall. In the mean time people have to shop elsewhere, as they do in many parts of Dubai, where the retail is way behind the residential.
emirate city completion
Hi Josau,
you got nice attitude, this is the way business is done in UAE and I think one has to have similar attittude to avoid disappointment. There is market for developers and they know they can sell their product very quickly and there is no clear cut laws between investors and themselves, and that forces investors to lay back, trust them, and partly because we are convinced that their product is good and that there is money to make if one waits and be patient.
Progress - but SLOW
Thats the point I am making. So is there any reason to be as optimistic as IMRE suggests? In terms of price rises? I have my doubts for the fact that no proper & real resell market exists at the moment.
Anyone can throw more light n the stat of infrastructure situation? Which i think is the crux issue.
prices of EC
This was just my estimation about the prices.
I have already seen some resales around 550-600 dhs/sqft but the market is slow now because of the summer.I think we will see better progress after the Ramadan.
I spoke with my friend , he got a really offer for his 1 B/r of Goldcrest Dreams, 560 dhs/sqft.
construction costs (cement, concrete,diesel etc..) still going up, thats why the 600-700 price is realistic end of this year.
Would be nice - though.
:) Spoke to Giga Office and they said resale prices would be between 450 & 480 AED. So your estimate perhaps a bit optimisitic. And without any positive news on infrastructure upgrades, I dont see how this may happen.
Appreciate your input. Any more Photos on construction updates (GCD2) ?
Thanks
delay
It seems they are working on infrastructure since febuary to now , so 6 months nothing !!
and 6 months delay is ok no more due to their contracts
i think prices are between 430-480 no more