Looking For Some Advice

[focusrite215]

Hi Guys,

Thanks for reading my post and hopefully someone will be able to help out me and others who read this forum.

I've never bought any property before, here in Dubai or in the UK where I'm originally from. I want to buy a cheap 1 bed apartment to live in myself as I'm sick of throwing money away in rent. Therefore I will be buying a completed unit and nothing off plan.

I'm going to be paying in full in cash so no banks to deal with.

I have been looking at a few units that suit my budget which is AED550,000. These are in JLT and a couple of cheaper towers in Marina.

What kind of processes and procedures are involved? What do I need to pay out to government, agencies, and anybody else? How about service charges? Master development fees? Basically who are the motherfu****s that get in on taking a little slice, what for, and how much? I know every development and area will be different but just a rough idea would be appreciated.

Also, and I know this next question is so open ended with a lot of speculation but in your opinion, what do you think the future holds for JLT and Marina in terms of me not loosing my delicious money? :afraid:


Thanks again for any input whatsoever that anybody feels they'd like to share.

Dean

 

[naaz22]

I am not sure if I can completely answer you. However, Marina and JLT seems to be a good investment since there are many offices that has opened up in JLT and hence people prefer to stay in Marina , Discovery or JLT itself. However, let me tell you .. even if you pay off the full amount in cast, the service charges apply which I myself am struggling with which amounts to around 8000 AED per year. I hear that there are chances of the rate being reduced but not effective yet. However, I would suggest that you buy the property rather than stay in an apartment and pay the rent for nothing. Good luck and atleast its good that you are planning to invest now and not before the crisis (like I did :-( )