scrubbedexpat141

You know what, this sums me up a few years ago - I have no idea what the rate is on mine. All I know is that it is at 14,000 remaining and when it gets to 10,000 left, I'll clear it.

Taz786

I am planning on moving there for a minimum of 3 years. Ideally 5 years before I consider moving back and therefore makes more sense to buy instead of hiring.

Sounds like you are settled there now. Looking back now, would you have done anything differently if you were moving there again (for instance, paid slightly more for a bigger apartment, etc)??

shiva

you're all mad

Millhouse

The rate on a car loan won't be 2.9%. That is the flat rate. The actual rate (that they won't tell you) will be about 5%.

But it doesn't really matter. Better to borrow than use your own money (especially if you are thinking of bringing GBP in). Remember, money only flows one way as an expat: out of the country.

scrubbedexpat141

Why? My personal nett spend on the rent is 30k. The mrs pays the rest

Taz786

@ Millhouse - Good advice. Love the advice on the flow of money. With regards to finance, I would probably need it for a car with the amount of unexpected costs I am realising I will have to bear when I first move to Dubai.

With regards to the rate, I am assuming the extra % different is for Dubai central bank?

Millhouse

no, they basically present the % in a way that would be illegal in the UK. They do not show APR, but show the flat rate.

Taz786

Thanks for the warning..

shiva

That's the way to go!

But in general I don't get why people are willing to pay these rates for apartments especially the 3 beds and more

Millhouse

lack of alternative options maybe?

shiva

not convinced on that argument. i don't get spending 50-100k more to save 20 mins on a commute for example or to be 20 mins closer to the pub

Irishbeekeeper

I pay 66k for my 2 bedroom apartment and I walk to the office and also to the pub
although to be fair if a new tenancy contract is signed here then the same 2 bedroom would go for about 110K
Im in BurDubai and I love it here, jlt, marina, jbr etc are all too hyped up and over-priced in my opinion, if one wants to spend that much money, then why not just pay the same for a nice big villa or a townhouse somewhere in the suburbs? I like mirdif, wouldnt mind shifting there IF i ever do decide to buy a car!

I dont own a car, I dont lease a car, done with cars actually, anytime I want to, I rent a nice car for a few days to go around outside of DXB whatever, other than that I think the way the authorities are hell bent on giving everyone fines plus the parking charges, plus the maintenance, insurance, gas blah blah, one usually ends up paying a lot of small extras that sort of creep up to you imho
but if u do want to get a car then you are better off asking your bank to get you a pre-owned car which you can pay off in 5 years maybe. A distributor certified pre-owned car will come with their warranty etc and u wont loose too much money on it if you do decide to sell it later
AlFutaim's automall website has a lot of nice cars which can be financed directly off them as well btw
anyway, i own property here btw and the rent for that pays off the rent for where i am living so I cant complain

Taz786

@ Shiva - I agree with your point and if you have a car, an extra bit of commute is minor especially if their used to UK committing.

@ Irishbeekeeper - I'm kinda jealous at your apartment prices but guess it's part of life and have to pay the current market rates. Sounds like you have a sweet deal and living the dream being walking distance to your work and pub. I can see your argument with regards to the car especially with the metro system and taxis available. I'm just conscious my social life will be affected by not having a car especially in the heat.

I personally would rather save a bit more on the accommodation (for instance not stay in JLT) but instead get an average car and be able to commute with ease.

Millhouse

There is something very stressful about Dubai commuting. Give me 40mins drive in the UK with some traffic and lights, to 40mins stop-start-cut you up- beep-accelerate hard-brake-stop-watch car rear end you-start-stop type traffic in Dubai.

My daily commute to Mirdif takes anywhere between 40mins and 1hour in the evening. The record is two hours for a journey that should take no more than 18mins. It's not exactly fun.

But of the options you have described mirdif is the nicest. Just don't expect to want to go out again once you have got home.

Cypselos

I did five years here in JBR, Downtown and Satwa without a car. If you're living close to your work it's not a problem, and cheaper than running a hire car or a decent one you own. The moment you're more than a 30 dirham cab ride away from work that maths stops pretty quickly.