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best month to by or sell property in Dubai?

best month to by or sell property in Dubai?

Old Jun 14th 2015, 7:48 am
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Default 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
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Old Jun 14th 2015, 7:59 am
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Default 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.)
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Old Jun 14th 2015, 8:23 am
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Default Re: best month to by or sell property in Dubai?

Also this:

Dubai one of worst performing global housing markets in Q1 | The National
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Old Jun 14th 2015, 9:54 am
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Default Re: best month to by or sell property in Dubai?

Originally Posted by jacob88 View Post
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
Money only flows one way as an expat in the UAE - outwards.

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.
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Old Jun 14th 2015, 10:32 am
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Default 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.

Originally Posted by jacob88 View Post
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
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Old Jun 14th 2015, 10:44 am
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Default 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.
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Old Jun 14th 2015, 11:28 am
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Default 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
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Old Jun 14th 2015, 11:30 am
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Default Re: best month to by or sell property in Dubai?

Originally Posted by DXBtoDOH View Post
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.
Good point picking up in a citizen comment. As you say we are mostly resident by way of an employer, or if we pay a load of money to own a company.

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.
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Old Jun 14th 2015, 12:16 pm
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Default Re: best month to by or sell property in Dubai?

Originally Posted by Scamp View Post
As Meow mentions, Ramadan is slow. Therefore, theory says there are less buyers so anyone keen to sell will have to be more flexible.
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.
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Old Jun 14th 2015, 12:35 pm
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Default Re: best month to by or sell property in Dubai?

Originally Posted by norsk View Post
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.
Agreed. It seems a good time for buying a car or borrowing for things like a car though; rates, prices, deals, extras and all that jazz.
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Old Jun 14th 2015, 4:24 pm
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Default Re: best month to by or sell property in Dubai?

Originally Posted by DXBtoDOH View Post
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!
Yes right now is the right time to buy as prices are down but I think thats to do with the overall 'bleah' of the market (note : bleah is a technical term! )

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.
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Old Jun 15th 2015, 10:39 am
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Default 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.
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Old Jun 15th 2015, 12:24 pm
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Default Re: best month to by or sell property in Dubai?

Originally Posted by Meow View Post
And where is Jacob88 to say thank you? Or to comment?
Meow, our Middle East forum Whip. ;-)
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Old Jun 15th 2015, 1:22 pm
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Default Re: best month to by or sell property in Dubai?

Originally Posted by Desert Shaikh View Post
Meow, our Middle East forum Whip. ;-)
One of the nicer descriptions I have had here.
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Old Jun 15th 2015, 1:28 pm
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Default Re: best month to by or sell property in Dubai?

Originally Posted by Meow View Post
Any estate agents that pop up are going to tell you what is best for them and won't be unbiased.
I think we just had one.
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