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Buying a property in Dubai

368

Posts

EW EXPLORER

Latest post on 05 May 2015 - 15:09

Hi Ladies,

i am just looking for opinions really. we have been talking about buying a property for a year now. we found a villa that we really like but we are simply too scared to go for it as for the price payuing we could get a palace back home.

we have been here for 10 years and will most likely be here for another 10-15 years if we can. we have properties back home but thought why not buy a property here and live in it instead of renting.

Dubai real estate market is like no other market, its volatile and we are worried the market will drop in a year or in the coming few months as there so many speculations about the market dropping etc.

what do you think??

thanks.

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212

Posts

EW NEWBIE

Latest post on 05 May 2015 - 19:44

If you had brought 10 years ago what position would you be in now, would you have made money from buying a property here? I would most certainly buy something, you are here for another 10-15 years its a no brainer IMO

1010

Posts

EW OLDHAND

Latest post on 05 May 2015 - 18:48

We've lived through 12 years of the 'ups and downs' and it hasn't really mattered that much to us except at the times we have been buying or selling during one of the ups or one of the downs. As previous posters have said, if you look at it over the long term, once you have actually bought and are living in the property it doesn't really matter that much until you sell again. A few things to note though. - you need a lot of cash on hand which is not accounted through your mortgage, for various things. Title deed registration, agency fees, transfer fees etc are all payable in cash and can add up to a LOT. - make sure on the terms of your mortgage and that they won't change, we've been stung in the past for example on having no early redemption fee payable and then suddenly it is payable after all! - invest in an area with a reputable developer, - view properties at different times of the day, morning, afternoon, evening at night so you can get an idea of traffic situation at different times and also things like if you'd be bothered by children playing nearby. Happy investing! :)

409

Posts

EW EXPLORER

Latest post on 05 May 2015 - 15:21

It depends on the reason for buying. If you are looking at it as in investment then you are right, the property market is volatile here and can drop as quick as it rises. However, if you are looking at buying to have a place of your own and get out of the rental cycle then it is worth weighing up the difference in mortgage payments to rental payments. If you plan to stay 10 years then look at the mortgage payments over a 10 year period and see if it would save you money in the long run over renting. House prices have been dropping but rents still seem to be rising in many areas. At the end of 10 years your property may or may not have risen in value but it is likely to be able to return a rental income for you in the future. Its a difficult (and expensive) decision and may be more of a lifestyle choice to have a place of your own that you can paint and alter to your tastes rather than a long term investment decision.

8965

Posts

EW MASTER

Latest post on 05 May 2015 - 15:16

Hi Ladies, i am just looking for opinions really. we have been talking about buying a property for a year now. we found a villa that we really like but we are simply too scared to go for it as for the price payuing we could get a palace back home. we have been here for 10 years and will most likely be here for another 10-15 years if we can. we have properties back home but thought why not buy a property here and live in it instead of renting. Dubai real estate market is like no other market, its volatile and we are worried the market will drop in a year or in the coming few months as there so many speculations about the market dropping etc. what do you think?? thanks. I wish I had bought as the amount of rent I have spent out on in the last 9 years would of almost covered a mortgage. I did read in the press that sales of properties were down 20% in the first quarter of this year. I feel that prices may drop 5-10% by the end of the year as there are so many properties coming on line. Apparently Sports City has over 21 alone!!! If you can afford to hang out for a few more months perhaps see if the prices drop. If you have the deposit and can afford the payments and are going to stay another 10 years then go for it. Be prepared though if the interest rates go up which perhaps they will one day. I had several friends who this happened to and their repayments shot up ( Only for a short while though)

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