best month to by or sell property in Dubai?
#1
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Joined: Jun 2015
Posts: 3
best month to by or sell property in Dubai?
Hey guys,
As a new Dubai citizen with a decent amount of ready investment, I wanted to know when is the best time to buy or sell properties in Dubai? I would love to see a professional and convincing answer rather than individual opinions.
Thanks
As a new Dubai citizen with a decent amount of ready investment, I wanted to know when is the best time to buy or sell properties in Dubai? I would love to see a professional and convincing answer rather than individual opinions.
Thanks
#2
Re: best month to by or sell property in Dubai?
This an unregulated message board, you are only going to get personal opinions on here. Any estate agents that pop up are going to tell you what is best for them and won't be unbiased.
Firstly consider why you would buy here. It's a volatile and immature market and prices have increased substantially in the past couple of years. Whatever anyone claims there are no guarantees and unless you are willing to invest for the long term you are looking at a high risk investment.
There are too many variables compared the the UK. There are also not best/worst months as in the UK, although Ramadan tends to be slow for just about everything.
It can make sense for some people if they are paying a mortgage instead of rent, provided they are sensible, don't over commit and don't expect to make a fortune as there is every chance that they won't. Also remember that not paying a debt here is a criminal offence and that includes missing a number of mortgage payments.
When in the UAE, never believe the hype.
(Not a property professional, but I do know something about investment and have been here for nine years.)
Firstly consider why you would buy here. It's a volatile and immature market and prices have increased substantially in the past couple of years. Whatever anyone claims there are no guarantees and unless you are willing to invest for the long term you are looking at a high risk investment.
There are too many variables compared the the UK. There are also not best/worst months as in the UK, although Ramadan tends to be slow for just about everything.
It can make sense for some people if they are paying a mortgage instead of rent, provided they are sensible, don't over commit and don't expect to make a fortune as there is every chance that they won't. Also remember that not paying a debt here is a criminal offence and that includes missing a number of mortgage payments.
When in the UAE, never believe the hype.
(Not a property professional, but I do know something about investment and have been here for nine years.)
#4
Re: best month to by or sell property in Dubai?
That's the golden rule. Break it if you want, at your peril.
Investing locally made income is, I would argue different, but never bring it in.
#5
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Joined: Jan 2015
Posts: 3,520
Re: best month to by or sell property in Dubai?
Are you Emirati?
You are not and will never be a citizen. You are only a temporary resident no matter how long you live in Dubai.
The property market here is not based on permanent ownership. I believe you only get 100 year leasehold. But the laws are constantly changing and evolving, and this is also a nation that is perfectly capable of withdrawing ownership abilities for expats without much warning. It's not likely to happen any time soon but ten or twenty years from now, who knows?
People have made fortunes in the property market here, others have lost everything.
You are not and will never be a citizen. You are only a temporary resident no matter how long you live in Dubai.
The property market here is not based on permanent ownership. I believe you only get 100 year leasehold. But the laws are constantly changing and evolving, and this is also a nation that is perfectly capable of withdrawing ownership abilities for expats without much warning. It's not likely to happen any time soon but ten or twenty years from now, who knows?
People have made fortunes in the property market here, others have lost everything.
#6
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Joined: Feb 2011
Posts: 0
Re: best month to by or sell property in Dubai?
As Meow mentions, Ramadan is slow. Therefore, theory says there are less buyers so anyone keen to sell will have to be more flexible.
#7
Re: best month to by or sell property in Dubai?
These are the latest rules on property visas but they have changed before and no doubt will again. Employment visas are still required if anyone is working here.
Up-to-date rules on UAE property visas | The National
Up-to-date rules on UAE property visas | The National
#8
Re: best month to by or sell property in Dubai?
Are you Emirati?
You are not and will never be a citizen. You are only a temporary resident no matter how long you live in Dubai.
The property market here is not based on permanent ownership. I believe you only get 100 year leasehold. But the laws are constantly changing and evolving, and this is also a nation that is perfectly capable of withdrawing ownership abilities for expats without much warning. It's not likely to happen any time soon but ten or twenty years from now, who knows?
People have made fortunes in the property market here, others have lost everything.
You are not and will never be a citizen. You are only a temporary resident no matter how long you live in Dubai.
The property market here is not based on permanent ownership. I believe you only get 100 year leasehold. But the laws are constantly changing and evolving, and this is also a nation that is perfectly capable of withdrawing ownership abilities for expats without much warning. It's not likely to happen any time soon but ten or twenty years from now, who knows?
People have made fortunes in the property market here, others have lost everything.
In addition, what is called freehold here is not as we know it in the UK. As you rightly say it's leasehold by another name.
#9
Re: best month to by or sell property in Dubai?
Of course you may find a seller desperate to sell and hence willing to take a substantial haircut, but considering the secondary sales market is all but dead anyway I fail to see how Ramadan has anything to do with it.
#10
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Joined: Feb 2011
Posts: 0
Re: best month to by or sell property in Dubai?
In a normal economy completely agree. In the UAE I doubt it makes any difference whatsoever.
Of course you may find a seller desperate to sell and hence willing to take a substantial haircut, but considering the secondary sales market is all but dead anyway I fail to see how Ramadan has anything to do with it.
Of course you may find a seller desperate to sell and hence willing to take a substantial haircut, but considering the secondary sales market is all but dead anyway I fail to see how Ramadan has anything to do with it.
#11
Re: best month to by or sell property in Dubai?
I believe you only get 100 year leasehold - I think thats only for Sharjah mate
But the laws are constantly changing and evolving, and this is also a nation that is perfectly capable of withdrawing ownership abilities for expats without much warning. It's not likely to happen any time soon but ten or twenty years from now, who knows? - Very valid point and as a homeowner here, this point is what worries me the most!
But the laws are constantly changing and evolving, and this is also a nation that is perfectly capable of withdrawing ownership abilities for expats without much warning. It's not likely to happen any time soon but ten or twenty years from now, who knows? - Very valid point and as a homeowner here, this point is what worries me the most!
Or you could wait a bit more and God forbid there is an incident which might rattle a few people into a run so prices might come down a bit more, but thats all speculation isn it.
#12
Re: best month to by or sell property in Dubai?
And where is Jacob88 to say thank you? Or to comment?
I think Ramadan can be slightly different as many people go away or are focused on other things. Especially this year in the heat.
I think Ramadan can be slightly different as many people go away or are focused on other things. Especially this year in the heat.