ceese
Posts 1610

Miss C, we were part of a sharia compliant mortgage arrangement so didn't start paying the mortgage until the day we moved in... So it was a win win situation for us...

And yes the redundancies were a worry (thanks for your concern!!) but I have a full time job so we always had a big enough buffer that we knew we would be ok, plus my parents had a standing offer to move in with us if we couldn't pay the mortgage, I found this particularly helpful in motivating my dh to find a new job quickly!!

JoBen
Posts 108

We came here in early 2009 when prices crashed. We bought the villa and very happy we did. We hear some horror stories of ppl renting and their landlords not fixing stuff etc, having to move out and shift around etc.

Yes in Dubai they might change the laws etc.. but the fact is Dubai is still a place who want to attract expats to work here and to invest here.. They are not going to change their laws so drastically and risk too much of a international scandal. They are already in the lime light with their Dubai World project. I am sure no matter what the Sheikh would want to maintain his face. If it was such a big risk buying than NO ONE would buy at all in Dubai. If you take a loan with an islamic bank you are not the owner anyways.. so if Dubai changed their laws to mess up home owners they would be messing up some or their own biggest banks.

Things you need to consider when buying is what is that you might take a year to sell it again, wills set up to manage things appropritely if the homeowner dies things like that. So really depends what your financial situation is and if you need your cash flow to be liquid or not..
edited by JoBen on 01/11/2010

MissContenious
Posts 908

ceese
Posts 1610

Miss C, yes, we have been living here for a year and the price is still the same, so we haven't lost any money in dead rent! And the build quality is very good!!

MrsCoka
Posts 413

I would rather buy a tent - portable and would probably last longer too.

MissContenious
Posts 908

ceese
Posts 1610

Am I the only one FOR? We bought in 2005 and although we could have sold for a whopping profit two years ago we figured that it would be our home for the foreseeable future... Of course the price is back down to what we paid for it, but it is ours...
Since we bought the house dh has been made redundant three times but managed to find a job quite quickly each time so we have not been burnt as many others have...we were lucky, I know people who bought at high prices at jumeirah golf estates and their houses have still not been handed over despite their having been ready for over a year as there is no electricity or water yet they still have to pay the mortgage! Talk about adding insult to injury!! So buying is a good option, IMHO, in established areas as long as your job (or vocation) is in demand...

Sue62
Posts 7175

No

MissContenious
Posts 908

Estate agent?

Livelytrish
Posts 6445

MissContenious
Posts 908

MrsCoka
Posts 413

Laura00
Posts 58

ha ha i read this at first " would you rather buy a tent than rent long term" lol

Livelytrish
Posts 6445

Unless you are Emirati, or married to an Emirati, you cannot ever assume you will be staying long term.

amo02
Posts 15

wow some of these horror stories really dont sound good.....

delvin
Posts 338

Thanks for all your input and information. Resounding no I would say! We lived here for over 8 years up till 2003 and were going to buy in the Springs then but chickened out as everyone said we were mad!!! Anyhow, will have DH read this thread as he is pretty keen. Thanks ladies

Sleepy
Posts 1273

salsB
Posts 7865

I know someone here that has lost her job, she owns her own property out right, as she does not have a residency she isnt entitled to be a home owner. So she has sold up and moving on. She isnt even allowed to drive her car here now!!!!!!!!!!!

I wouldnt buy here, definately not, my view thou.

manufan
Posts 1073

Ms. K
Posts 2688

Everything in the UAE is tentative at best and therefore I would not buy property here. You may come here thinking it'll be long term and before you know it, you're out. Contracts mean nothing and can be changed on a whim. The other thing that changes are the laws regarding expat property "owners", and I use the term "owner" loosely as you can't actually own the property as others have pointed out. There was a time where you could get a residence permit if you bought a property, but they changed the law and now you can only get a 6-month visa that costs a pretty penny to renew.

Who knows what the future holds for the UAE, especially when the oil runs dry.

manufan
Posts 1073

'Long term' doesn't exist here as your situation can change overnight unless you are in a very very safe job. In my opinion, (and I own property albeit a cheap one wherein I haven't tied up 'life changing' amounts of money) you need to be able to get out and get out fast. I want to get out now and the house is a millstone around my neck. (Unless I rent it out though, oops just thought of that ha ha...)

Limonia
Posts 131

As a foreigner I would be very careful about buying property in Dubai. Basically foreigners have limited rights in the UAE and I feel the UAE is region where everything may change suddenly. The value of property may crash fast as it happened in 2008 or you can lose your job etc. For me it's unclear if you can actually get residency visa when buying freehold property. Some say you can, some says no, I don't know an answer. I would also consider other options, maybe property back home would be better value and more safe option and then rent here in Dubai?

shellly
Posts 8148

Never in a million years would we buy property here! NEVER EVER!!!

Livelytrish
Posts 6445

naga7
Posts 62

@ Livelytrish...really how bizarre especially when the agents go on about AD being mainly leashold as opposed to Dubai which has freehold.

But you are right the agents dont seem to know alot when it comes to the law. I am still confused as the whether you get a residency vsa if you buy a property over 1m.

Livelytrish
Posts 6445

Actually, the "freehold" is a 99 year leasehold............
PLEASE don't believe anything anyone involved in real estate sales tells you........they either don't know, or will make it up as they go along.
And in all fairness to them, no one really knows the facts, because they can, and do, change from one day to the next.

naga7
Posts 62

Well I was actually told by 2 seperate better home agents on different occasions that when a property is freehold it is registered at the Dubai Land Department and you receive a Title Deed with your name which shows the villa number but also the plot number and location that you have bought! So basically you own the plot of land that your freehold villa is built on..If anyone knows otherwise please do let me know.

Thanks

Hello.Kitty
Posts 2013

and what happened to those who bought next to the road in the Springs - dual carriageway lined with walkways and trees... and then all that got ripped out and replaced with a few extra lanes?! I bet they were happy!

mokkapala
Posts 373

Just to continue from my post below - the parks here in Emirates hills are so dry and dead. In the Springs where we live, the common parks look like forest fire has swept through them, grass is dead dry and yellow, plants dead, the little grass that is growing has not been cut. How do they think people who own properties here feel? Tru advertising your house opposite the park when the park looks the state it does. They told us from Emaar that many homeowners have not paid their fees but then another person called us back as told us it is because lack of recycled water. But should they not have a plan B? I think they are just cost cutting. I would be upset if we had bought this house and saw how little care they give to the common areas? Of course it affects the value of the community too. So no way buying here. But having said that we have friends who did buy long ago, have no plans to leave, and are very happy.

mokkapala
Posts 373

There was a time when we felt we had lost out on the property ladder because we did not buy earlier. Some friends bought back in 2003 and it has definitely made sense for them, as prices were so low then. Now we would not buy here, it has been on our minds on and off, but no. We like living here but do not trust the system enough to invest here. Also the building quality is not good in many developments. We rent in Springs and really like it here. but with so many houses for rent and sale, there is that fear you will just end up with the house and never be able to sell it when the time comes, already the houses look old and tired, how will they be in 5-10 years' time - will anyone want to buy them (that is our thought?). There are so many developments and oversupply and right now we do not know what will happen, so we have planned to stay for another few years but rent, and yes it is money down the drain but at least we then have no liabilities here if we need to go. We also do not trust the developers to change their minds about rules. You read so many things, it is not so clear to me at least. Here in Emirates Hills the parks in the communities are so dry and dead.