Buying property in the UAE
Discussion
Anyone done it?
I've just begrudgingly sold my soul to my landlord for another year and, having decided to let the BTL s
t-storm die down in the UK, we're holding off on buying another place back in Blighty for now.
This begs the question: oil crisis aside, should we look to buy a place here instead? The goal would be to come away neutral (i.e. I'm not banking on any significant rise in values), but better that than piss $$$$$$ away each year on someone else's investment gold-mine.
Every man/woman and camel has an opinion on the risk of buying into bricks and mortar out here, but I'd rather hear from those who've taken the plunge: is there money to be made? Are the mortgage rates reasonable? Is the property market fairly stable? What liabilities doth the UAE homeowner face etc?
Feedback greatly appreciated.
I've just begrudgingly sold my soul to my landlord for another year and, having decided to let the BTL s
t-storm die down in the UK, we're holding off on buying another place back in Blighty for now.This begs the question: oil crisis aside, should we look to buy a place here instead? The goal would be to come away neutral (i.e. I'm not banking on any significant rise in values), but better that than piss $$$$$$ away each year on someone else's investment gold-mine.
Every man/woman and camel has an opinion on the risk of buying into bricks and mortar out here, but I'd rather hear from those who've taken the plunge: is there money to be made? Are the mortgage rates reasonable? Is the property market fairly stable? What liabilities doth the UAE homeowner face etc?
Feedback greatly appreciated.
Have both bought and sold in Dubai and were generally happy enough with the outcome. Most of our friends also bought generally favourably though a few were badly stung in the crash.
Positives:
No more landlord and crazy rent increases, this was why we bought
You can do changes and get the place right
we actually made a bundle but even cost neutral it would be worth it
you get to live where you want in security without being worried about eviction because my Daughter wants house (this happened to us)
negatives
Service charges, these can be crazy high in some top end apartments in the Marina where we were
Build quality, lots of questions here and beware the cladding issue, if they are going to make all buildings fit fireproof cladding this will come back on the owners to pay for.
not all buildings are mortgageable so probably stick to Emarr developments
A lot of the houses are now getting on a bit and many have not been maintained since they were just rented out, this is a timebomb in the springs and Lakes
Mortgages are expensive
IN general we were very happy but probably happier when we managed to sell before the latest downturn, but prices are as low and they've been for a while so might be good time to test the water.
Positives:
No more landlord and crazy rent increases, this was why we bought
You can do changes and get the place right
we actually made a bundle but even cost neutral it would be worth it
you get to live where you want in security without being worried about eviction because my Daughter wants house (this happened to us)
negatives
Service charges, these can be crazy high in some top end apartments in the Marina where we were
Build quality, lots of questions here and beware the cladding issue, if they are going to make all buildings fit fireproof cladding this will come back on the owners to pay for.
not all buildings are mortgageable so probably stick to Emarr developments
A lot of the houses are now getting on a bit and many have not been maintained since they were just rented out, this is a timebomb in the springs and Lakes
Mortgages are expensive
IN general we were very happy but probably happier when we managed to sell before the latest downturn, but prices are as low and they've been for a while so might be good time to test the water.
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