Are properties in Dubai really this cheap!? - Total Newbie | ExpatWoman.com
 

Are properties in Dubai really this cheap!? - Total Newbie

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EW NEWBIE
Latest post on 30 June 2019 - 19:01

DP and I are looking to move to Dubai and have been staggered at how high the rents are, in comparison to the value of the properties.

We've found some beautiful 3 bed villas (with gardens and pools) for £250-350k and modern, stylish apartments as low as £100k.

Is this right?! Am I missing something?

It seems that we could skip the whole renting and buy a cheap flat to live in for a year whilst working towards buying a villa, rather than the original plan of renting (cheapest rent in a decent place seems to be the £20k a year mark) - then either sell the flat or rent it out.

Honestly, it seems too good to be true - is it like the shared-ownership schemes in the UK where the property price actually only entitles you to 20% of it or something?

133
Posts
EW NEWBIE
Latest post on 06 October 2019 - 17:38
Prices have come down considerably lately. Rents will follow soon hopefully! There are issues associated with buying such as; The market fluctuates considerably. Some people make a huge amount of money, some lose a huge amount of money. It is not as stable as the UK for example. The market moves slowly. If you want to sell up be prepared for it to take years! If you buy a property with a tenant in place then you would have to give them a years notice before you could move in. You would need to be sure you are buying a vacant property. The value of the property varies hugely from area to area. The price you see is the price you pay to own it but remember there are also lots of fees to be added on. You wouldn’t want to buy in the wrong place! Some areas have been built much more cheaply than others which can lead to huge maintenance bills. It’s also worth remembering that it is illegal to be in debt in the UAE. If you found yourselves unable to pay the mortgage then you could end up in a lot of trouble. I think this is a huge reason that expats don’t buy. You also say “DP” so I presume you aren’t married? Although many people do cohabit here it is worth remembering that it is illegal to live together if you are not married. You would not be able to buy a house together.
 
 

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