Stopped in to the Pearl showroom this weekend.
1 bedroom apprx 1.35 mil. 10% down, loan approx 1 mil
1 mill riyal - 25 year loan - 8.5% interest rate = 9683/ Qr per month. + condo fees expect your monthly payment to be approx 10,500 riyal. Add 30% for a 2 bedroom.
That's a big payment/month for only 1 bedroom. They've been for sale for 2 years and still aren't sold out. This concerned me for resale.
Could be a lot of competition for rentals once they're complete as a lot of people purchased for investment. Not sure what the market will be for 1 bedroom rentals charging 10,500 + whatever profit you want to make. A lot of the high end apartment rental market will probably be captured by West Bay, with a few thousand coming on the market within the year.
I was shown UDC condo's at the gate of the Pearl. Then I noticed the Grand Mosque directly across from the units. I was surprised all the units facing the grand mosque were sold out. I assume everyone living here would be muslim because that would definitely be your alarm clock Every Morning!
The salesgirl said the res and retail in phase one will all be ready first quarter '08. I'm thinking there's no way they will be done. When I feel I'm getting bs'd by a salesperson, I then don't believe anything they say. She said if they're late on delivery there are no penalties to them for 6 month as per contract. I'm thinking they'll be lucky to be done 1st quarter '09.
The first package I received from the Pearl 1 1/2 years ago said they were due for occupation late 2006.
On the other hand, once it's done interest could skyrocket and people will line up to get into the Pearl. I hope so for all the expats who've bought.
Stopped in to the Pearl showroom this weekend.
1 bedroom apprx 1.35 mil. 10% down, loan approx 1 mil
1 mill riyal - 25 year loan - 8.5% interest rate = 9683/ Qr per month. + condo fees expect your monthly payment to be approx 10,500 riyal. Add 30% for a 2 bedroom.
That's a big payment/month for only 1 bedroom. They've been for sale for 2 years and still aren't sold out. This concerned me for resale.
Could be a lot of competition for rentals once they're complete as a lot of people purchased for investment. Not sure what the market will be for 1 bedroom rentals charging 10,500 + whatever profit you want to make. A lot of the high end apartment rental market will probably be captured by West Bay, with a few thousand coming on the market within the year.
I was shown UDC condo's at the gate of the Pearl. Then I noticed the Grand Mosque directly across from the units. I was surprised all the units facing the grand mosque were sold out. I assume everyone living here would be muslim because that would definitely be your alarm clock Every Morning!
The salesgirl said the res and retail in phase one will all be ready first quarter '08. I'm thinking there's no way they will be done. When I feel I'm getting bs'd by a salesperson, I then don't believe anything they say. She said if they're late on delivery there are no penalties to them for 6 month as per contract. I'm thinking they'll be lucky to be done 1st quarter '09.
The first package I received from the Pearl 1 1/2 years ago said they were due for occupation late 2006.
On the other hand, once it's done interest could skyrocket and people will line up to get into the Pearl. I hope so for all the expats who've bought.