nadia007

Hi

I have been told by a developer and agent that buildings dont last for more than 35-50 years in the UAE. The building will have to be knocked down and rebuilt. If thats the case does anyone know how the owners are compensated and who is liable for the rebuild? Is the Springs showing its age yet or any signs of structural decay

I am buying for part rental and then holiday use once a year. I am based in the UK.

Does the have have alot of creepy crawlies and dangerous one too??

Also is there any videos or photos apart from the standard one shown of every villa looking the same

last but not least which is the best phase to live in most accessible to shop, swimming pool via walk?

Any advice or feedback will be appreciated.

Cheers

The Dean

You say "you're buying...." - so is that already a done deal?

If not - DON'T. I can see no investment potential at all in Dubai for some considerable time.

Others will wish to add their own comments of course.............

Ethos83

Buying for rent and to use for a holiday once a year? Sounds tricky to me, as most people rent on a yearly basis and don't take kindly to moving out for a few weeks so you can enjoy the place.

Part timers tend to use hotel apartments or stay in hotels.

Construction quality is shitty. The Meadows were built in 2004 and 2005 and already many of the villas are showing the same signs of decay as a 1970s housing estate.

Don't buy. Not worth it. You have no rights under the local laws. You won't get a visa. You only get a 100 year lease and we'll see if the locals honour it when the time comes around.

As for condemnation and rebuilding, it hasn't happened yet (though surely will) so who knows? But my money is on no compensation.

benzonar

In fifty years time there may not be any money left, there certainly won't be much oil.

Millhouse

Please think this through... in the UK what happens if your leasehold/ freehold house crumbles to bits in 30 years time. You rebuild it at your cost.

Why would it be any different in an emerging market with no legal system?

The good news is that the legal system is so weak that I doubt they would be able to chase you for removal costs... but of course that might change in 40 years

nadia007

No I havent bought yet. Put some offers in for the Greens but then told after probing that property doesnt last that long so I thought a villa in the springs would be a better option. Its freehold and so if the villa doesnt last I would have my plot of land to rebuild on. An


And also hoped that villa wouldnt disintegrate as quickly as an apartment.

Do you think prices are still falling then?

Millhouse

Do not for one minute believe that "freehold" has the same meaning here as it does in Ingerlando. I wouldn't assume that any of these places have a life over 15 years or any prospect of anything after that time.

If the return works for you over 15 years then go for it, if not then don't assume you will have anything left after that time. If you do, then that is upside only.

Buying houses here is like buying a car in the UK - i.e. they depreciate over time - at the end you have scrap value or potentially a liability.

Roadking

Not as quickly as the building will!

Meow

Hmmmm. We've exactly the same discussion elsewhere, and as I said there, don't do it....

-

Millhouse

yup, I spotted that too.

I like the fact that creepy crawlies are a concern and not loss of capital.

TGFKASE

Your plan simply cannot work. Rentals are annual, therefore you buy it fully as an investment opportunity or as your home.

As an investment opportunity, may I alternatively suggest contacting Bernie Maddoff? He is probably more transparent than the property sector here...

Edited to add : Had to say that line really cheered me up this morning..


Compensation.....

expat.brat

nadia

buying in dubai is not a straightforward issue regarding whether you should or shouldn't and depends on many factors such as:
how long do you intend to live in dubai, what your current earnings (especially your rental allowance is), how much downpayment you would be able to put as a deposit, etc.

but i'll say that if you are looking at a holiday rental kind of scheme then i would say that now wouldn't be a good time to buy, especially for apartments. prices for apts are still on a downward trend as more of those units come onto the market this year and the next.

nadia007

Hi

Thanks for all the feedback. Looks like London is a better investment and it will be holidays in hotel apartments until things in Dubai get better again...hopefully.

I appreciate everyones feedback

x

Blue Cat

http://britishexpats.com/forum/showthread.php?t=519868

two years ago you asked this question

benzonar

Stalker