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Discussion Starter · #1 ·
Are there any costs associated with buying an appartment in Dubai other than the real estate agent commission? Thanks
 

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No,

If your getting a mortgage there should be a processing fee.
deposit
agency commission

service charges for the building your about to buy in? - check management costs e.t.c
 

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Read EVERTHING. Companies have a nasty habit of charging very high management and maintenance charges.

Employ a lawyer to assist you. There is no requriement to have your own lawyer, but failing to do so is foolish considering the amount of money being risked.

-
 

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When a price is listed as "all inclusive" it is meant to include everything.
If it is listed as net to owner then you'll have to add agency fees 2% or 3% and transfert fees (some developers) around 2%, that's it.
If maintenance has been paid in advise by the owner, you'll need to pay the pro rata of the remaining months.
 

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oh yeah Transfer fee as well at developers office, this can be 2% of value, or if Nakheel property 5,000 AED, depends and varies on developer...
 

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Research property rights in the UAE. Basically as a non-emirati you have sod all, and therefore as a long term this is a dumb place to invest. As a short term it's been spectacular for flips with loads made by the lucky few in previous years.

Not a good idea to try picking the bottom in this market either. Loads of supply is planned for later this year and this will likely result in downward pressure on rent/sale prices. Demand side is always murky over here, don't believe what you read in the DXB/AUH media!

If you are heading here for work, Just Rent.
 

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Discussion Starter · #7 ·
thanks for the information and advice guys, it was very helpful. I'm here for work, seems it's best to rent at the moment and save as much money as possible.
 

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thanks for the information and advice guys, it was very helpful. I'm here for work, seems it's best to rent at the moment and save as much money as possible.
I agree with Titirangi, although not based in Dubai I'm here often enough that having a base camp is a better option than hotels.

I took a long hard look at the prices, build quality, regional investment confidence and what volume of new releases will be coming on line plus some local querky rules. I decided to rent only.
In my opinion and I'm sure others will agree Dubai property is not a good investment now or for another few years.
Many Europeans I know holding property want to off load asap, others tell me the market place investor has lost confidence of a return in the region.

Reason being the value collapse in comparison to other countries with simular os investors i.e. Turkey revealed the degree of inflated overvalued prices being asked.
 

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Yes Merlin, but theres still so much money to be earnt,

you have to take risks to get real rewards...
 
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