The Pearl and other freehold projects were so hyped up that everyone was investing for the wrong reasons.... quick cash. I sure made me some.
This hype drove prices up... UDC, Sabban, First Qatar, The Land were selling units like there is no tomorrow. People were picking them up like hot cake. The price of the sqm was at 9000 at one point and went up to about 25000 for UDC and 15000 for other developers. This bulge in the realestate market was driven by demand... demand goes down, prices go down, companies and developers are screwed. At least a couple of developers have stopped after only piling.
Now go ask anyone who owns or sells these units, they would want to punch you in the face if you tell them that this sh** is not worth the price they are asking for. Go figure.
My advice, if you want to live there and you have cash, and you dont really care if the price swings 30 to 50%, then go for it... Good investment??? I have to pass.
The Pearl and other freehold projects were so hyped up that everyone was investing for the wrong reasons.... quick cash. I sure made me some.
This hype drove prices up... UDC, Sabban, First Qatar, The Land were selling units like there is no tomorrow. People were picking them up like hot cake. The price of the sqm was at 9000 at one point and went up to about 25000 for UDC and 15000 for other developers. This bulge in the realestate market was driven by demand... demand goes down, prices go down, companies and developers are screwed. At least a couple of developers have stopped after only piling.
Now go ask anyone who owns or sells these units, they would want to punch you in the face if you tell them that this sh** is not worth the price they are asking for. Go figure.
My advice, if you want to live there and you have cash, and you dont really care if the price swings 30 to 50%, then go for it... Good investment??? I have to pass.