Buy a property in Dubai

[njumb]

Hi All,

i am planing to buy a property in Dubai or Sharjah and have this question

1) Local Govt allows foreign investment but there are specific areas (in Dubai and Sharjah) where expiates can invest / buy a property( can you please highlight those areas so i can do my research before buy)

2) what to consider before make a final decision (i.e close to metro station, bus station, main roads, shopping centre or leisure centres, airport or anything else).

i am only talking about Freehold property only.

your time is appreciated.

Thanks

[fcjb1970]

Originally Posted by njumb

Hi All,

i am planing to buy a property in Dubai or Sharjah and have this question

Why?

[njumb]

plan to move there in few years time but for now.. just do some investment.

[yomama07]

I don't think you can "Buy" property in Dubai. You can "Lease" it for 99 years though.

[R_Smithy]

Originally Posted by yomama07

I don't think you can "Buy" property in Dubai. You can "Lease" it for 99 years though.

Thats not correct you can buy freehold property in Dubai. I would really really do your homework before you make an investment.

[nikkisizer]

Originally Posted by R_Smithy

I would really really do your homework before you make an investment.

Hi njumb,

For what it's worth I totally agree with R_Smithy

A lot of people have unfortunately come out worse off even after making the decision to buy after living here for many years!

You should settle in and get used to living here first, get to know the area on the ground before making any investments or you might just get stung

Good luck!

[adil.khan]

i dont know about properties in Sharjah. I invested in Dubai springs community.
There were two schools of thought :
1- encouragement - it was mostly by people who were living here for more than 5-10 years and had invested here back in 2004-2005. They made loads of money pre bubble burst and stopped investing when they realised its getting crazier.
In 2008-early 2009 prices used to change in hourly basis - true story

2- Yelling / screaming / willing to kill u - This is usually by people who have lost a fortune in this city. Most of them were people who had invested in 2008 and 2009. They still have loans to pay off and the property is not even one third the price they bought on.

I went with the first opinion last year. The reason mainly was that the prices were really low. I got a good deal. But it was not easy. I worked on this project for 5 months. interrogated 5-6 banks , looked at 40-50 properties all in new dubai and ended up getting a villa in springs. I am happy. The rent is more than mortgage and market of springs has increased 7-8 %.

My suggestion would be :
a- listen to people but make your own opinion.
b- only invest with a builder who has good reputation. I only wanted to go with Emaar. i wasnt looking at properties by any other company.
c- This would be the biggest decision of your life at least was for me (i am just 27) so weigh in all the negatives. insurance , maintenance , community fees , area , rental value.

Best of luck with your adventure and i wish you all the best.

[ibkiss]

Originally Posted by adil.khan

i dont know about properties in Sharjah. I invested in Dubai springs community.
There were two schools of thought :
1- encouragement - it was mostly by people who were living here for more than 5-10 years and had invested here back in 2004-2005. They made loads of money pre bubble burst and stopped investing when they realised its getting crazier.
In 2008-early 2009 prices used to change in hourly basis - true story

2- Yelling / screaming / willing to kill u - This is usually by people who have lost a fortune in this city. Most of them were people who had invested in 2008 and 2009. They still have loans to pay off and the property is not even one third the price they bought on.

I went with the first opinion last year. The reason mainly was that the prices were really low. I got a good deal. But it was not easy. I worked on this project for 5 months. interrogated 5-6 banks , looked at 40-50 properties all in new dubai and ended up getting a villa in springs. I am happy. The rent is more than mortgage and market of springs has increased 7-8 %.

My suggestion would be :
a- listen to people but make your own opinion.
b- only invest with a builder who has good reputation. I only wanted to go with Emaar. i wasnt looking at properties by any other company.
c- This would be the biggest decision of your life at least was for me (i am just 27) so weigh in all the negatives. insurance , maintenance , community fees , area , rental value.

Best of luck with your adventure and i wish you all the best.

There's one certain negative aspect of Springs villas that ,because they significantly old ,they require more maintenance in terms of leakage/breakage and expences for repairs ,painting ,etc.

[bangloboy]

Originally Posted by adil.khan

i dont know about properties in Sharjah. I invested in Dubai springs community.
There were two schools of thought :
1- encouragement - it was mostly by people who were living here for more than 5-10 years and had invested here back in 2004-2005. They made loads of money pre bubble burst and stopped investing when they realised its getting crazier.
In 2008-early 2009 prices used to change in hourly basis - true story

2- Yelling / screaming / willing to kill u - This is usually by people who have lost a fortune in this city. Most of them were people who had invested in 2008 and 2009. They still have loans to pay off and the property is not even one third the price they bought on.

I went with the first opinion last year. The reason mainly was that the prices were really low. I got a good deal. But it was not easy. I worked on this project for 5 months. interrogated 5-6 banks , looked at 40-50 properties all in new dubai and ended up getting a villa in springs. I am happy. The rent is more than mortgage and market of springs has increased 7-8 %.

My suggestion would be :
a- listen to people but make your own opinion.
b- only invest with a builder who has good reputation. I only wanted to go with Emaar. i wasnt looking at properties by any other company.
c- This would be the biggest decision of your life at least was for me (i am just 27) so weigh in all the negatives. insurance , maintenance , community fees , area , rental value.

Best of luck with your adventure and i wish you all the best.

Nice info. What are the mortgage rates like out there? And what kind of initial investment do they require in Dubai?

[saraswat]

Nice info. What are the mortgage rates like out there? And what kind of initial investment do they require in Dubai?

It depends on your income level and the area you are buying primarily and varies accordingly. I have heard of 3.5% (which i though was good) with about 20-25% down payment. The more you put down of course the better the terms and vice-versa.