Buying Property in Dubai or Overseas

OK, So the resounding message is no to Dubai, have any of you had any experience buying in the UK or USA and if so where would you recommend starting my search? TIA

They bought a villa as an investment while they were renting a bigger villa in a nicer area (they were making serious money) but the villa they bought reduced its value a lot and they had to move into the villa they bought as it was crazy to be paying a mortgage for a higher value plus rent. They are a family of 5 so the villa they bought is small for them, but they cannot really do anything else at the moment. Now they are losing money with the mortgage! I see. But to be honest, the prices at the peak and before the crash were rediculously high, and I remember thinking, they were dangerously high, but at the moment there are a few properties on the market for sale that aren't too high and will still get a decent rental yeild IF you get tenants... decisions decisions... <em>edited by Ashleigh on 19/04/2011</em>

If they bought before the crash I would imagine they could well be in negative equity now. Not a great state to be in here. Ah yes, of course sorry, I had read before the peak rather than crash as the people I'm talking about had bought before the peak and are doing really well now. In saying that I have a friend who bough at the peak, and is now struggling after teh crash, so it works both ways I suppose.

We own a flat in Scotland, in the city of Glasgow, and the return of investment is quite good. Nothing similar to near London, of course, but the flat was very cheap. I have friends here that bought villas in Dubai before the crash and they have regretted so much. But obviously everyone has their own story. We have never considered to buy in the USA as we know nothing about it and seems too far away, but I know that countries in Latin America are cheap and they will get more expensive as their economies are growing (Brazil for example) but we are not so keen as the risk is very high. It is so difficult when you are not there! We are thinking in putting the money away in one of the tax free areas in the UK until we make our minds out. It is sooooo difficult to invest the money now. My husband has been into it for the last 3 months and he is so unsure. It is really hard, and at times I feel really confident and just want to take the plunge, and at other times, I'm freaking out and think its better to keep the money in the bank! If you don't mind me asking, your friends who bought before the peak, what are their main regrets now?

Hi Nimonemo, I'm from Australia, and the prices and the interest rates are so high there at the moment, I just don't think it's sensible for me to buy there. I have lived here for a while, and plan on staying, but although I look around me and see quite a few empty properties, I also see that many properties are well priced at the moment, and to me anyway it seems dubai is picking up. The downside is, there are so many residential units about to come on the market, and the fact that banks here have a bad rap. In saying that, I have friends who bought here before the peak for similar prices to those advertised now, and have managed to make a bit of money out of it either through selling (granted at the peak) or by renting it out, even today, so it kind of looks good to me from that point of view. Regarding The UK: The interest rates are good there at the moment, and the pound is a bit weaker, meaning my oz deposit would be quite good for the pound, and I could get a mortgage from say, lloyds from here to buy in the UK. And the UK will inevitably go up (my opinion of course) as it has more population than accommodation available. I am considering buying a townhouse in Heartfordshire as a friend of mine is from there and has said it would be a good place to buy, but of course I've still got a lot of research to do... (any suggestions on areas to research are welcome) Regarding the USA: In certain areas prices there are really cheap. I kind of have some very limited and basic knowledge of Florida, and have seen some houses/apartments priced as low as 20k up to 150k for some good properties, so for not too much outlay you could get a property there. The only things I don't know about is what to expect with all this recession, and buying a foreclosed home, what costs are involved (I read or heard somewhere that when you buy a home in the US you get the land taxes etc with the property, so if there's outstanding taxes they become your problem). I think the USA will pick up again, so since I have the money available, it may be a good investment, but again I don't really know exactly where to start so would need to look into it more. I have this money, and I want to use it wisely, so I'm just looking into what my options are and where my money would be best spend... its tough though, so any advice, pointers would be appreciated for sure!

there's a huge oversupply of accommodation here - just looking out the window here in the Marina, I can see several hundred units that will come on the market in the next year, adding to that oversupply. Add to that the dubious build-quality and the property laws here that are in their infancy, I would steer clear of Dubai. Hi, Thanks for your response H.A.K, that's kind of my reservation, but at the same time I have friends looking to rent, and they're finding it hard to get anything to rent in their budget, but at the same time I've had a look at the sale prices and they're not too high... Would love to buy in the UK, especially near london, but wouldn't have a clue which areas were good to look in :(