Any Investors in Dubai, Or views on same?

[steveatpipex]

Have a chance to invest in Dubai and certainly when you read the blurb on the various sites it seems wonderful - in fact bordering on the too good to be true

So, anybody familiar with the place or already invested?

Any pitfalls to beware of such as the Spanish issue of the Local Authority taking your land etc?

I'm trying to get a feeling for the place and risks before taking the plunge, and you are such an informed lot..................

 

[DITTRICH]

I assume you mean an apartment?
Making substantial investments in property in countries which you only may visit a few times a year and where you have no-one local - trusted to keep an eye on things for you - is not really a good idea. Mind, zillions of people will tell me that I'm being over cautious - people buy property in loads of different countries. Secondly, property is, while saleable, not immediately realiseable for cash and this may be important for you. Resaleability is a key point and maybe better to look at the resale market to see if it is active. If you really want to buy for investment, the UK would be safer as you alreay know how things work and what the risks are.
Finally, if these apartments are so brilliant, why haven't the locals all taken them themselves? Overseas marketing is in my opinion merely confirmation that the local market is oversaturated as there are no local buyers left.
Rgds
Les