Annual Costs of owning property | ExpatWoman.com
 

Annual Costs of owning property

495
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EW EXPLORER
Latest post on 20 June 2014 - 11:57

I never considered buying here as the rapidly changing laws concerned me, but rather than paying rent which I could be investing elsewhere, I may just use my investment funds and buy a place. I have enough that I can buy outright, so interest rates are not relevant, bu what other costs are there? For my other properties, I have rates and taxes, but with no tax here, would it mean a purchase is a time time payment? I will speak with a real-estate lawyer this week but until then, could I pick your brain for first hand experience?

858
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EW GURU
Latest post on 16 September 2016 - 20:52
In terms of the flat, the only thing added is the service charge on top of your regular bills. But as an owner you get a say in where the building spends that service charge (this is if you decide to actively partake in owners association meetings,etc). Have a look at [url=http://www.simonsholidays.in/international-holidays/dubai-tour-package/'>Dubai Tour Package[/url'> which you will certainly like. I am guessing that the original poster has made her decision as to whether to buy or not, seeing as this post is TWO years old!!! And as you are a brand new poster, I am also guessing that you are something to do with Dubai Tour package... I most certainly wouldn't like "Dubai Tour Package" if they can't pay for advertising!!
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EW NEWBIE
Latest post on 16 September 2016 - 15:32
In terms of the flat, the only thing added is the service charge on top of your regular bills. But as an owner you get a say in where the building spends that service charge (this is if you decide to actively partake in owners association meetings,etc). Have a look at [url=http://www.simonsholidays.in/international-holidays/dubai-tour-package/'>Dubai Tour Package[/url'> which you will certainly like.
67
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EW NEWBIE
Latest post on 22 June 2014 - 10:37
I think you are referring to the fee that is incorporated in the DEWA bills. As you are not paying rent the calculation, instead of 5% of annual rental, was set at 0.5 % of the purchase price. I am not sure if this is how it is currently calculated or if they are using the notional rental value now. Certainly not 5% so don't panic ! As other posters have said outside of the purchase cost and land registration the only difference in renting v buying is you pay directly the developers service charge. As a cost per sq foot these tend to be significantly lower for villas than apartments. We pay AED 7 per sq foot and as it is a new development this is expected to decrease as economies of scale kick in.
4393
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EW MASTER
Latest post on 22 June 2014 - 10:35
The only housing fee I am aware of is the one which tennants pay on their DEWA bill, which is 5% of your rent divided by 12.
390
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EW EXPLORER
Latest post on 22 June 2014 - 10:22
We have just bought a villa and were told that we have to pay housing fee which is 5% of the purchase value. Can someone confirm it it is true? edited by darsy on 22/06/2014 Housing fee??? Never heard of this...is it something to do with villas only or is it only figurative and hides another charge? We only had to pay the 4% so called land registry transfer fee....otherwise known as stamp duty... I second the fact that it is worth only buying from trusted developers with good building management and facilities management teams who ensure the tower or villa compound and community areas are kept in good condition and are continually maintained...
495
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EW EXPLORER
Latest post on 22 June 2014 - 09:14
Had another look around yesterday and have decided against villas in this area. The views are fabulous from The Residence, so I will stick with this. Shame about SZR, I would have looked into that as the price difference would have inspired me to renovate an older style apartment. Not to worry. I will begin my serious search after Ramadan and speak with my advisors tomorrow. Happy homes, ladies!
50
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EW NEWBIE
Latest post on 22 June 2014 - 08:53
We have just bought a villa and were told that we have to pay housing fee which is 5% of the purchase value. Can someone confirm it it is true? <em>edited by darsy on 22/06/2014</em>
277
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EW NEWBIE
Latest post on 21 June 2014 - 10:37
Londia, we had a few bad experiences with landlords here so we bought and have never looked back. We are so happy we did so, but we took our time only bought off an excellent developer with a good track record, and did a lot of research on the property we ended up buying. You have said you would be happy to keep the value consistent - that won't happen. Dubai is one of the most fluctuating property markets in the world. If you are risk adverse or feel like a drop in the value of your property is going to impact you dramatically then I would not buy here. My property has gone up in value, and gone down, but it does not really matter to me until the day I sell it. I am quite relaxed about it as the true value of my family living in a home we love and own is more important than any increase or decrease the market shows..... but I understand not everyone feels the same as I do. :) and also the relief of not ever having to deal with a landlord again is immense but again we had a couple of bad experiences!
495
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EW EXPLORER
Latest post on 21 June 2014 - 09:53
This is what I had suspected but thought I may have been fooling myself. I had a snoop around the building I live in yesterday as there are a number of apartments for sale and I love my apartment, but the price difference between a 1 and 2 bed is significant. And as there are a number of apartments for sale, if I decide to put it back on the market in the future, it will be harder to sell, even though this would appear to be prime real estate. I would prefer to stay in the area I am in rather than head towards the Marina though. Can expatriates purchase on Sheikh Zayed Road? A villa would be an option, but I am just one, and the villas seem to be in family areas. It is good to read you are both happy with the purchase decision, this gives me confidence. I may end up not reselling, keeping this as my Dubai vacation home, or renting it out. I worry that it is not worth what the market shows it to be worth and that sudden increases can mean sudden losses, so I do want something I would be happy to keep, the value remaining consistent. Having another snoop around Downtown today. Thank you both!
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EW EXPLORER
Latest post on 20 June 2014 - 16:48
Exactly what Skyfall said. the yearly fees really depend on the Developer or the owners association. I pay 13,000 a year for a studio in DIFC.
390
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EW EXPLORER
Latest post on 20 June 2014 - 12:16
We bought our flat last year as landlord wanted an absurd increase and we simply asked him if he wanted to sell, he did. We got lucky. The only payment we had to make was for title deed registration which was 4% of price of flat, that would be stamp duty in UK, and obtaining several documents, which always cost sg in Dubai. Contract was given by seller at no extra cost, those are pretty standard. In terms of the flat, the only thing added is the service charge on top of your regular bills. But as an owner you get a say in where the building spends that service charge (this is if you decide to actively partake in owners association meetings,etc).... You can easily rent it out with no additional costs involved. I say go for it, we haven't looked back and there has already been a staggering 20% increase on the property. Location is key. Where are you thinking of buying? What do you mean by time time payment?
 
 

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