Rags to Riches - An Investor story
Meet Mr. Raffik.
Mr. Raffik moved from Pakistan to Singapore in 1985 for higher education. He had high hopes and a goal set in mind. He faced his first challenge when his prior education was not accepted in Singapore. He had to take a step back and it was a very depressing time for him but he knew he had to keep moving. So, he started to look for a job.
After weeks of struggle, the only option he found was to work as a delivery man in a company. With hard work and consistency, he proved himself and became manager in sales department in the same company in a short span of time. His goal was to establish a venture of his own.
After years of hard work, finally, that day came where he started his first business as a trading company in Singapore & gained good returns in short period of time.
He started attending business events in different countries and once when he was traveling for an event to France in a connecting flight via Dubai, His eye caught a glance at the real estate developments in Dubai. After a thorough market research, he was able to find out how lively real estate business is in Dubai and decided to buy his first property in Meadows, a villa in 2002 with a bank finance of AED 1.5M.
He sold it with a good profit in hand after handover. At that time, he decided to reinvest in other available investment options. He decided to buy a suite for AED 4.2M in Burj Khalifa and during the development phase, the property value appreciated to AED 11M.
By the year 2008, property values dropped to 50% and financial crisis took over the expectations of many investors including Mr. Raffik. His know-how & experience with a holding power suggested him to wait until the market settles back. He waited and sold the property for AED 5.2M and decided to invest again even with such high risks.
During 2010-11, the market conditions recovered & investments were back on the right track of generating profits. He invested the amount in multiple properties with the help of a trusted real estate agent & built up a portfolio of up to 15 properties in Dubai on which he generated high rental returns. For some of his properties, the rental yield was high which helped him pay off all the installments of the off-plans he acquired on payment plans.
Now, Mr. Raffik has an amazingly well-established portfolio of multiple properties in Dubai, because of his patience, determination and clear vision towards his goals.
He shared his experience in a few words below;
“The greatest power and method of gaining high returns on a property is to have a really good knowledge of the market & the holding power. Pay and maintain the property and then just wait until Money comes back with high returns” – Mr. Raffik.
Shehzad Raffik | Investor
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