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Q.
How do prices on condo hotels in Dubai compare with
prices on condo hotels in the U.S.?
A. Of course prices in both countries are always changing,
but generally speaking, Dubai is a fantastic bargain
when compared to U.S. property prices. As an example,
you can purchase a two-bedroom condo hotel unit in Dubai
of 1,300 sq. ft. for under $400,000. For a two-bedroom
condo hotel unit of that size in say Miami Beach or
Ft. Lauderdale, Florida, you would be looking at a price
of $1.3 to $1.5 million easily.
Q. Other than price, are there
any other significant differences between Dubai condo
hotels and those in the U.S.?
A.
The quality is certainly comparable. Five-star hotels
are luxurious and amenity-filled no matter where in
the world they're located.
The
one big difference is the positioning of Dubai condo
hotels as investment vehicles. In the U.S., condo hotels
are sold primarily as vacation homes, as real estate.
We certainly know of no U.S. properties that offer an
8% guaranteed return as some Dubai condo hotels do.
In
addition, virtually no U.S. developers allow you to
flip your contract on a condo hotel whereas some Dubai
developers grant you the flexibility to flip or assign
your contract at any time prior to closing.
The
above questions were submitted via e-mail by a visitor
to www.CondoHotelsDubai.com.
The answers were prepared by Joel Greene, a licensed
real estate broker, who specializes in condo hotels
and the Dubai real estate market.
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