Post Summer Dubai
Aug 30th 2018, 6:42 am
#1
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Post Summer Dubai
So, is everyone back to it now?
Back at work?
Manage to have a good summer?
Family back? Survive being alone?
Things seem quite sleepy still, I managed to drive along SZR the other night at rush hour and not struggle too much. Golf course was empty at the weekend as well.
Work seems slow, we keep getting snippets of positive and then boom, project cancelled. Ironically the snippets and booms come from the same client.
Some unbelievable deals on buying property are being thrown around by brands you don't expect to get deals from - some go up to 10yrs no annual fees, 5yrs no mortgage payments etc etc etc.
Who is busy?
What do we think to the end of the year?
Back at work?
Manage to have a good summer?
Family back? Survive being alone?
Things seem quite sleepy still, I managed to drive along SZR the other night at rush hour and not struggle too much. Golf course was empty at the weekend as well.
Work seems slow, we keep getting snippets of positive and then boom, project cancelled. Ironically the snippets and booms come from the same client.
Some unbelievable deals on buying property are being thrown around by brands you don't expect to get deals from - some go up to 10yrs no annual fees, 5yrs no mortgage payments etc etc etc.
Who is busy?
What do we think to the end of the year?
Aug 30th 2018, 7:43 am
#2
Lost in BE Cyberspace
Joined: Aug 2009
Location: Disneyland, Dubai
Posts: 15,887
Re: Post Summer Dubai
So, is everyone back to it now?
Back at work?
Manage to have a good summer?
Family back? Survive being alone?
Things seem quite sleepy still, I managed to drive along SZR the other night at rush hour and not struggle too much. Golf course was empty at the weekend as well.
Work seems slow, we keep getting snippets of positive and then boom, project cancelled. Ironically the snippets and booms come from the same client.
Some unbelievable deals on buying property are being thrown around by brands you don't expect to get deals from - some go up to 10yrs no annual fees, 5yrs no mortgage payments etc etc etc.
Who is busy?
What do we think to the end of the year?
Back at work?
Manage to have a good summer?
Family back? Survive being alone?
Things seem quite sleepy still, I managed to drive along SZR the other night at rush hour and not struggle too much. Golf course was empty at the weekend as well.
Work seems slow, we keep getting snippets of positive and then boom, project cancelled. Ironically the snippets and booms come from the same client.
Some unbelievable deals on buying property are being thrown around by brands you don't expect to get deals from - some go up to 10yrs no annual fees, 5yrs no mortgage payments etc etc etc.
Who is busy?
What do we think to the end of the year?
The house offers are nuts. I'm actually considering buying something simply on the basis that I'm going to be here a little longer, it's much cheaper than anything in the UK on a sq.ft basis and if in 5 years it's worth nothing I can write it off and it'll cost me around the same as I was paying in rent 4 years ago.
Aug 30th 2018, 9:12 am
#3
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Re: Post Summer Dubai
Schools back on Sunday - I think the city will fill up this weekend...
The house offers are nuts. I'm actually considering buying something simply on the basis that I'm going to be here a little longer, it's much cheaper than anything in the UK on a sq.ft basis and if in 5 years it's worth nothing I can write it off and it'll cost me around the same as I was paying in rent 4 years ago.
The house offers are nuts. I'm actually considering buying something simply on the basis that I'm going to be here a little longer, it's much cheaper than anything in the UK on a sq.ft basis and if in 5 years it's worth nothing I can write it off and it'll cost me around the same as I was paying in rent 4 years ago.
Close to 650k in rent since I've lived here (i bet some people's calculations will be horrifying). That's over half what the same apartment would have cost if I bought it on day one.
Aug 30th 2018, 9:18 am
#4
Lost in BE Cyberspace
Joined: Aug 2009
Location: Disneyland, Dubai
Posts: 15,887
Re: Post Summer Dubai
My purchase budget is 1.7m. The mortgage on that is around 85k a year, my rent in 2012 was 180k - my deposit and fees is 450k. So, basically over 5 year the cost will be (85 * 5 + 500 = 920). This compares to my 2012 rent of (180* 5 = 900). So basically, even if I walk away from it in 5 years time, it would have cost me what I used to pay in rent for the same place. I survived in 2012 quite happily and in fact I earn more now, so nothing to lose.
Aug 30th 2018, 9:39 am
#5
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Re: Post Summer Dubai
Close but not quite. You'd have "lost" around 400k in interest on a mortgage over the same period, so your net loss is only 250k... I'm at around 1.6m in rent paid to date....
My purchase budget is 1.7m. The mortgage on that is around 85k a year, my rent in 2012 was 180k - my deposit and fees is 450k. So, basically over 5 year the cost will be (85 * 5 + 500 = 920). This compares to my 2012 rent of (180* 5 = 900). So basically, even if I walk away from it in 5 years time, it would have cost me what I used to pay in rent for the same place. I survived in 2012 quite happily and in fact I earn more now, so nothing to lose.
My purchase budget is 1.7m. The mortgage on that is around 85k a year, my rent in 2012 was 180k - my deposit and fees is 450k. So, basically over 5 year the cost will be (85 * 5 + 500 = 920). This compares to my 2012 rent of (180* 5 = 900). So basically, even if I walk away from it in 5 years time, it would have cost me what I used to pay in rent for the same place. I survived in 2012 quite happily and in fact I earn more now, so nothing to lose.
Does the 450 / 85 include annual maintenance / fees / insurances etc or just land department / mortgage fees at set up?
Aug 30th 2018, 9:51 am
#6
Knee deep and rising
Joined: Sep 2011
Posts: 3,007
Re: Post Summer Dubai
Close but not quite. You'd have "lost" around 400k in interest on a mortgage over the same period, so your net loss is only 250k... I'm at around 1.6m in rent paid to date....
My purchase budget is 1.7m. The mortgage on that is around 85k a year, my rent in 2012 was 180k - my deposit and fees is 450k. So, basically over 5 year the cost will be (85 * 5 + 500 = 920). This compares to my 2012 rent of (180* 5 = 900). So basically, even if I walk away from it in 5 years time, it would have cost me what I used to pay in rent for the same place. I survived in 2012 quite happily and in fact I earn more now, so nothing to lose.
My purchase budget is 1.7m. The mortgage on that is around 85k a year, my rent in 2012 was 180k - my deposit and fees is 450k. So, basically over 5 year the cost will be (85 * 5 + 500 = 920). This compares to my 2012 rent of (180* 5 = 900). So basically, even if I walk away from it in 5 years time, it would have cost me what I used to pay in rent for the same place. I survived in 2012 quite happily and in fact I earn more now, so nothing to lose.
Aug 30th 2018, 9:58 am
#7
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Re: Post Summer Dubai
The way to win is for the market to tank but you be very, very secure.
Then you wake up.
Aug 30th 2018, 2:10 pm
#8
Lost in BE Cyberspace
Joined: Aug 2009
Location: Disneyland, Dubai
Posts: 15,887
Re: Post Summer Dubai
also, I'm not talking the market up. I fully expect to see it drop in value and am working towards a c.20% drop. A greater concern that I can't fully price for is the off-plan coming to market in about 3 years where sellers have much much lower cost prices than today's new stock.
Last edited by Millhouse; Aug 30th 2018 at 2:36 pm.
Sep 1st 2018, 3:34 pm
#9
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Joined: Sep 2018
Posts: 35
Re: Post Summer Dubai
Interesting about the Dubai property deals at the moment. I’m considering whether to buy a flat in City Walk as a buy to let investment. Thoughts?
Sep 1st 2018, 4:00 pm
#10
Lost in BE Cyberspace
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Re: Post Summer Dubai
Sep 1st 2018, 5:01 pm
#11
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Re: Post Summer Dubai
Good location though. Can’t imagine they’ll build a better one.
Sep 2nd 2018, 5:10 am
#12
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Re: Post Summer Dubai
Sep 2nd 2018, 8:49 am
#13
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Re: Post Summer Dubai
It would be as a BTL.
Sep 2nd 2018, 8:53 am
#14
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Re: Post Summer Dubai
Sep 2nd 2018, 10:16 am
#15
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Re: Post Summer Dubai
Gotcha. Cheers.