To buy or not t o buy??

[John Smith]

Ok,

I intend to stay in Dubai for at least 3 more years, maybe more.

If I renew my rental it effectively costs me 7500 per month.

I figure that I can buy something for about 700000 (1 bed in discovery gardens or similar) and finance it over 5 years (in UAE) for about 12000 per month.

Obviously over 5 years this means I spend about 300000 extra on accomodation. But at this point I will have a property to sell and as long as it's worth more than 300000 then I am in profit. If it's maintained it's value (700000) then I am 400000 in profit (not to be sniffed at).

Basically my question is - why are so few people doing this? I have been here 1 year and know very few people who have bought. I am certainly not a finance expert but this seems a no-brainer to me.

What are the potential pit-falls etc.

Has anyone else done this recently and if so how is it working out?

THanks in advance.

 

[imported_jay]

Hi John

According to me, that has always been the case with the local investors / buyers in Dubai. I feel that almost the entire property market in Dubai is being driven by foreign investors. But hardly any of the expats living out there have bought anything for their own use.

My uncle lives in Dubai, and he's been living there for the last 30 years. Even he's not bought anything there. When I ask him why, he says that he does not really trust the government enough to pump in so much money and ensure that it stays secure. One of the biggest fears that expats have in Dubai is the visa.

Since visa's are renewable every 3 years, there is no guarantee that you get a visa! Of course, it's unlikely that they will turn around that just kick you out, but it can happen! A lot has to do with the confidence in the laws and regulations more than anything else.

Lastly, future values are something else to go by. Ok, so far, everything has been hunky in Dubai, but that may not be the case in the future. As far as I'm aware, there are no proper surveying procedures or valuation methods that ensure what a property is worth, unlike the UK where you have RICS certified bodies.

All said, if you're gonna be there for 5-10 years and can afford to buy, I think you should take the plunge!!

Just my 2p!!

Good luck!!

 

[imported_alexie62]

Hi John

I have been involved in selling property in the UAE from inception and also the perception is real that most expats have not invested and that foreigners are driving the market to a large degree, expats who can afford to invest are now taking the plunge, and that too mostly in the Northern Emirates due to a sizeable ROI on their investment. We have found that many are speculating and have yielded beyond their expectations. The attraction for local Expats is definately not the residence visa but the returns.

So if you need any assistance please and reccommendations, contact me as all of my stock is directly from developers, means no commission payable by the Investor.

Thanks & Regards
Alexie

 

[John Smith]

My rent runs out on Nov 11th. At this point (ideally) I want to move into a purchased apartment.

Budget around 800000, which will be 90% financed by dubai islamic bank.

I'm interested in Jumeirah Lake Towers or similar.

Anything there Alexei??

 

[Mayabryan]

Hi guys,

I wanna buy some properties in commercial area of UAE. Somebody please suggest good located land in UAE!

 

[imported_Irfan]

I have full floors in JLT commercial some retail outlets
Please call
0507535636

 

[Rania Khazem]

Hi guys,

I wanna buy some properties in commercial area of UAE. Somebody please suggest good located land in UAE!

HI,Im Rania. What do you think about Ajman? Not far from Dubai, comfortable, you can buy the whole floor for your commercial use

 

[Rania Khazem]

My rent runs out on Nov 11th. At this point (ideally) I want to move into a purchased apartment.

Budget around 800000, which will be 90% financed by dubai islamic bank.

I'm interested in Jumeirah Lake Towers or similar.

Anything there Alexei??

Hi there! Im Rania. Can suggest you some ideas from jumeira village.

 

[Rania Khazem]

Hi, there, would you like to take smth in Jumeira village?

 

[Rania Khazem]

You can choose between Down Town Burj Dubai, Bissness Bay, or Ajman

 

[imported_Yasir]

Have anyone got a building for sale in Discovery For Round 65 to 70 ??

 

[imported_dxbfreehold]

Dear Sir / Madam,

I am an agent who is dealing in Dubai Real Estate. I have details of good investment opportunities in Dubai and in Northern Emirates such as Ajman.

If you are still interested and want to know about the ongoing projects in UAE please let me know.

I have an Ongoing Projects in which if you invest USD 600,000 you will have guaranteed return of USD 200,000 in 6 months.

This project is direct from the developer and they will give you in written (Legal)to return your money as said above.

Hope to hear from you soon.

Have a good day.

Hemant

Ok,

I intend to stay in Dubai for at least 3 more years, maybe more.

If I renew my rental it effectively costs me 7500 per month.

I figure that I can buy something for about 700000 (1 bed in discovery gardens or similar) and finance it over 5 years (in UAE) for about 12000 per month.

Obviously over 5 years this means I spend about 300000 extra on accomodation. But at this point I will have a property to sell and as long as it's worth more than 300000 then I am in profit. If it's maintained it's value (700000) then I am 400000 in profit (not to be sniffed at).

Basically my question is - why are so few people doing this? I have been here 1 year and know very few people who have bought. I am certainly not a finance expert but this seems a no-brainer to me.

What are the potential pit-falls etc.

Has anyone else done this recently and if so how is it working out?

THanks in advance.

 

[Informative]

Hi john - if your still out there....

I'm not an agent. Had a look at your thread and thought I'd find out if bought a place and how it went. Or did you decide to continue renting.

 

[imported_Natalie]

Dear Sir/Madame,

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We can provide you with the updated information on Dubai property market and help you make the best purchase.
Our primary goal is to find a property exactly matching your individual request.
In case you want to sell your property, we will market it professionally and sell it with minimum time and maximum satisfaction for you.
Our aim is your comfort
Wishing you a very nice day,
Natalie
Property Consultant
Vancouver Real Estate Brokers
Tel: +971 50 10 11 927
Fax: 00971 4 295 70 60 (Attn. Natalie)
E-mail: [email protected]

 

[yousf]

Dear all investors/buyers,
Since the rasing rents are becoming the main issue here & most of the people prefer moving toward purchased properties but my advise to all the investors & buyer to be aware of what you buying & where are you standing. Since im into this market from couple of years, i found out that alot of investors/buyer are being jacked by some very unprofessional agents who are very smart at selling but dosent fellow any athics in this business.