I'm ready to buy in Dubai - your help is requested!

[canadianboy]

well guys, here goes, i'm new to the forum and ready to jump into the Dubai market
I'm no real estate expert but i've made some good money here in Vancouver, Canada, and now i want to take advantage of Dubai.

Lets gets started:

1) i've got family friends in Dubai, and in particular they're telling me you can still make money in the Dubai Marina, particularly with buildings that are currently under construction and scheduled to be completed June 2009. specificly any Emaar developments (Al Majara, Al Sahab towers etc) thoughts on this? In my opinion, buying near the water is always a good idea, though it seems people on this board think the Marina is overpriced ?


2) i dont really know how the mortgages and such would work as a foreign invester? As a smart invester, i want to leverage myself and let the bank's money make me money. I've got 370,000 AED cash that I can use as a downpayment.
The property price range i'm comfortable with is 1.2 million to 1.7 million AED (slightly more if its a really good deal)


3) i'm open to either buying Pre-Launch, Mid construction phase (secondary market),or completed construction (and then renting it out).
From my experience, pre-launch, or mid construction phase brings you the quickest returns, and right now i'm looking at a 9-12 month time frame.


4) whats the best real estate listings website for the secondary market developments that are not yet completed?

5) rules as a foreign investor. What do i need to worry about as a Canadian purchasing in Dubai? I understand that if i do purchase a condo, I am given residency, true or no?


ok this should get me started, i appreciate your feedback

 

[jorgio12]

the best I can suggest for you is to contact go west buyers agents I was once like you and they really help me with choosing the right investment for me to suit my individual needs, they are not real estate agents they are buyer agents and work for buyer to find best deal you should be able to find them in search angine good luck

 

[jackcze]

I am not able to answer all your questions but can certainly assist with the mortgage questions as that is what I do.

As a non-resident you can still obtain a mortgage although the lending ratio will be less than normal. You will not be able to get more than 75% of the property value and often less (depending on the lender).

You should also allow about 5% of the property value for costs.

Most local lenders are not very user friendly to non-residents. It can be a time consuming process and at some point you will need to be here to open bank a bank account and/or sign documents.

You also need to be aware that some developments are more difficult to finance than others. The bigger developers may have 20 banks available while small developers may not have any, and anything in between.

That means you should keep this in mind as you select properties. It is doubly important for non residents because only a handful of banks are useful for non-residents.

From finance perspective, I would recommend you look at the main developers such as Nakheel, Emaar, Dubai Properties and perhaps Union Properties.

I hope this helps.

Jack
Property Finance Link

 

[memo123]

Re you recomendation

, I would recommend you look at the main developers such as Nakheel, Emaar, Dubai Properties and perhaps Union Properties.

I hope this helps.

Dear sir
i have contacted Nakheel a zillion time , not one response by phone or mail i got from them , i even called them for I had a card for nakheel with a certain name and asked for her by name and left messages by name and no respond
the nalkheel sales people, have sales assistance that take messages and gives it to the sales people who never answer you
, that is one
second
If you are not living in dubai , you can never make use of the pre launches or launches , they demand that you should be present with your check book and passport copy at hand , what about people who are not living in Dubai?
as for the rest i dont know about them and may be i should try them
please sir
if you have any recommendation to get in touch with nakheel and emmar and do business with them iam open for suggestions
regards

 

[memo123]

, I would recommend you look at the main developers such as Nakheel, Emaar, Dubai Properties and perhaps Union Properties.

I hope this helps.

Dear sir
i have contacted Nakheel a zillion time , not one response by phone or mail i got from them , i even called them for I had a card for nakheel with a certain name and asked for her by name and left messages by name and no respond
the nalkheel sales people, have sales assistance that take messages and gives it to the sales people who never answer you
, that is one
second
If you are not living in dubai , you can never make use of the pre launches or launches , they demand that you should be present with your check book and passport copy at hand , what about people who are not living in Dubai?
as for the rest i dont know about them and may be i should try them
please sir
if you have any recommendation to get in touch with nakheel and emmar and do business with them iam open for suggestions
regards

the second one I meant is EMMAR

 

[Investoman_uae]

the second one I meant is EMMAR

I think you meant EMAAR not EMMAR

Inv.

 

[nabeelc]

Emaar will be launching something soon in Bawadi. Watch out for it. Extremely good investment according to me. the first units in bawadi for sale.

 

[McVelvet]

Hope this Helps

People have been saying since 2005 bubble will burst in Dubai – it hasn’t and won’t on you if you remember a few key points :

* Go for a quality developer and brand which is known, respected and proven (they should already have handed over sucessful projects, as there are lots of small developers offering the world but with nothing to show)

* Try and buy as close to where there is puclic transport

* The location / area the developments are in, and what is surrounding it, is obviously essential

* The developments themselves need to be appealing

* Think of the reason why people will want to live or invest in that area and what sort of investor / renter it will attract

* Most importantly, make sure in-depth due diligence has been carried out

I recommend Jumeirah Village - very central, and the fact that it is next to developments such as Emirates Hills (Dubai's Beverly Hills),Dubailand (the largest leisure development in history),Sports City (the centre of Dubai's Olympic bid) and the incredibly successful neighbouring developments of Jumeirah Park & Emirates Living Community (which have appreciated over 200%) you will get excellent returns

Cheers
Mat

 

[Stephendxb]

Canadianboy,

The advice from McVelvet is sound and mirrors my sentiments exactly. I have a strong vested interest in property both here and in France. I use a very trustwothy company for the Dubai transactions. If you haven't yet bought anything, let me know and I will pass on the details.

 

[memo123]

Re Bawadi

Emaar will be launching something soon in Bawadi. Watch out for it. Extremely good investment according to me. the first units in bawadi for sale.

Where is Bawadi ?
and what kind of properties are they offering?

 

[McVelvet]

Hello again

I would also be happy to recommend a few reputable agents who work with well known developers if it would help

 

[Small fish]

Hi all,

Just read the following article in the Gulf news:

Emaar and Bawadi unveil Asmaran joint venture project at Bawadi
Gulf News Report
Published: May 15, 2008, 15:21


Dubai: Emaar Bawadi, the joint venture between Emaar Properties and Bawadi, a member of Tatweer Group, has announced the mixed-use components of its first project, Asmaran, a statement said.

The 70 million sq ft project will be a part of Bawadi, located within Dubailand, and close to Dubai’s landmarks and easily accessible from the Emirates Road and Dubai Bypass. Emaar and Bawadi LLC will have equal equity participation on Asmaran.

Asmaran’s unique location within Bawadi, a spectacular mixed-use destination, and proximity to Arabian Ranches, a signature Emaar project, make Asmaran a strong draw for potential customers looking for homes or business investments.

When completed in phases, Asmaran will be home to over 55,000 people and will feature a family-oriented theme park with a wide range of attractions.


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A true celebration of metropolitan living, Asmaran will also have 4 million sq ft of commercial space through three business hubs, and offer 3.2 million sq ft of retailing space – all integrated within lush green landscapes.

The hospitality elements include over 5,300 serviced apartments and nine world-class hotels with over 5,150 keys. The residential community will have over 19,000 residences, comprising mainly villas and townhouses set amidst gardens.

Mr Issam Galadari, Managing Director of Emaar Bawadi said: “The partnership of Emaar and Bawadi LLC for developing Asmaran complements the Dubai Strategy Plan unveiled by UAE Vice President & Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum, encouraging strong regional partnerships.

Emaar and Tatweer are two of the leading developers in Dubai, and Asmaran will benefit from the synergies derived from the experience of both to deliver a world-class project managed by Emaar.”

 

[McVelvet]

That sound great...any more information greatfully received

 

[AAPROP]

Canadianboy,

The advice from McVelvet is sound and mirrors my sentiments exactly. I have a strong vested interest in property both here and in France. I use a very trustwothy company for the Dubai transactions. If you haven't yet bought anything, let me know and I will pass on the details.

Hello Stephendxb,

Noted your comments about a trustworth firm that you use for dubai transactions. It is a mortgage/finance firm or a firm which buys properties on your behalf. Kindly share their info as I am from Toronto and wish to make some purchases in dubai. You can PM if you wish. Thank you and regards.

 

[MyDamac]

Why don't you go for DAMAC? I know some people have bad things to say about DAMAC but from what i have heard from a lot of people that their properties are really good for long term investment.

 

[Yasir]

Yea Damac has been giving Great Returns .. But i Wont Suggest Damac For Short Term Investment .. They are good for long term only .. Also they have a launch on the 28th of this month .. and are selling at 8 to 10 percent discount .. Dont Miss it .. IF U R LONG TERM INVESTOR ..

 

[MyDamac]

^ not only that but they will also be launching an excellent opportunity to buy all their available properties at 10 to 15% discounted rate. This will only be valid for 1 day and for a few hours.

I have all the details so let me know if anyone is interested.

 

[rudeboy]

hey there I got a studio in jumeriah village. in lawns 3 by dheeraj east coast. Market price is 1000dhs and MORE. My price is anything below 1000dhs but above 900dhs per sq ft. size of the studio is 561 sq ft.

 

[MyDamac]

i have a few units available at Green Court and Garden Height in Jumeirah Village which matches your budget. would you be interested?

 

[Demoniise]

Hi

I will offer to buy ur flat at 850 sq foot

 

[Yasir]

850 is Quite Low .. The Price is hovering around .. 900 to 1000 .. and the developers right now are selling it on 1050+ ..