Buying property in dubai

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Buying property in dubai


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Old 14th March 2010, 11:26 AM
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Default Buying property in dubai

Hi everyone.

Have joined the site to see if I could kindly avail of your advice and expertise.
Myself and my wife would like to invest in a property in Dubai, but do not have an idea of where to start.

Can you give us some tips / advice. We would love a small apartment overlooking the water, that we could use for some of the time and maybe the rest of the time rent it out.

Do not want to pay over the odds for everything if you know what I mean.

We are considering coming over around Sept. / Oct this year.

Any advice and pointers would be much appreciated.

Thanking you in advance

Markz

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Old 14th March 2010, 11:29 AM
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Hi Markz,

Depends where you want to buy, prices vary in every area / development, overlooking water could be Marina, Palm or a Fountain view apartment in Downtown Burj Dubai.

Do you have a budget in mind? - how many bedrooms?

Marina, Palm and Downtown depending on how much you buy in at have good rental yields, but rents have come down from the beginning of this year.

Service charges also need to be considered . Emaar projects in Downtown and Marina have just had their service fees reduced - which effects your rental yield.

Would you be buying with cash or mortgage?

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Old 14th March 2010, 12:25 PM
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Marc

Thank you for your response.

Please see my response in red below.

Hi Markz,

Depends where you want to buy, prices vary in every area / development, overlooking water could be Marina, Palm or a Fountain view apartment in Downtown Burj Dubai.
Palm sounds good!
Do you have a budget in mind? - how many bedrooms?
Budget of around 200,000.00 all in, including fees etc.
Two Bedrooms.

Marina, Palm and Downtown depending on how much you buy in at have good rental yields, but rents have come down from the beginning of this year.
Where would you recommend ? Which is the best? It would probably depend on our budget!
Service charges also need to be considered . Emaar projects in Downtown and Marina have just had their service fees reduced - which effects your rental yield.

Would you be buying with cash or mortgage?[/QUOTE]
We would ideally like to put down a deposit and mortgage the rest!

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Old 14th March 2010, 12:36 PM
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Bear in mind that you now require a deposit of at least 30% to obtain a mortgage, plus other fees.

Personally, I doubt we have seen the bottom of the property market in Dubai, especially as there is a massive surplus of apartments.

-

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Old 14th March 2010, 12:45 PM
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Cheapest 2 bedroom on Palm would be around 270,000 GBP (with today's exchange rate).

Marina you can get within 200,000 GBP as with Downtown as well.

It completely depends on style of living you want. Palm is more exclusive then Marina as Elphaba says - Marina has a hell of a lot of units and many more coming up in the next year.

Palm will not see anymore units after Marina Residence and the rest of Oceana is handed over. - rents are very stable there.

Are you a resident in Dubai? - You would need a good size deposit, but the good news is that many banks have now lowered their interest rates.

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Old 14th March 2010, 07:48 PM
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Quote:
Originally Posted by marc View Post
Cheapest 2 bedroom on Palm would be around 270,000 GBP (with today's exchange rate).

Marina you can get within 200,000 GBP as with Downtown as well.

It completely depends on style of living you want. Palm is more exclusive then Marina as Elphaba says - Marina has a hell of a lot of units and many more coming up in the next year.

Palm will not see anymore units after Marina Residence and the rest of Oceana is handed over. - rents are very stable there.

Are you a resident in Dubai? - You would need a good size deposit, but the good news is that many banks have now lowered their interest rates.
Would you be able to put us in contact with a local Estate Agent who would be reasonable and offer good advice, etc.

Someone as a point of contact before and when we go over to Dubai.

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Old 15th March 2010, 04:59 AM
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Yes I can but depends on which area you really want to concentrate on? - I have different consultants for Palm, Marina e.t.c

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Old 15th March 2010, 08:25 AM
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Yes I can but depends on which area you really want to concentrate on? - I have different consultants for Palm, Marina e.t.c
Marc

We would be interested in both the Palm and the Marina. It would depend on how we feel and see, what we like, when we get over to Dubai.

As an expat over in Dubai, which would you personally prefer and is there anything I should know, any chinese whispers etc.

Thank you for all your help

Markz

Old 15th March 2010, 08:25 AM
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Old 15th March 2010, 10:44 AM
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No not really, the Palm is not sinking for one thing! - I prefer the Marina personally because of amenities, but the palm is more exclusive and once they get around to it there will be shops and mall there.

I can put you in touch with both consultants, can you PM me your email address?

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