Just got back from a property launch earlier in West London. Managed to get tokens to buy properties from Emaar's new Sky View (II) development.
We never bought in the end. I think the Dubaians are getting too greedy eye'd again riding this new positive wave of enthusiasm and creeping increase in premiums on other Dubai properties. The sums they were charging for this thing were extraordinary. £1m for a 2000 sq ft (quite small by Dubai standards) 3 bedroom apt (better views). And that's the direct from developer off plan price, no premiums.
Suffice to say, we'd rather invest in smaller properties where the margins might not be as excessive, but the risk is far lower, and we can at least earn from healthy rent yields as oppose to waiting on something ambitious to be built from the ground up.
Spoke to a broker who was there at the show, and he seemed to be confident that the markets would take another tumble in a year or so when the Fed Reserve announces it's going to stop printing money. If that does happen, I'd imagine the turbulence to the property market will be hefty, with Emaar's stocks taking a dive, and premiums with it. Maybe then will be a good time to buy. Still, there's money to be made out there even now for sure.