Buying property in Dubai
#1
barxeta bliss,ohhhh
Thread Starter
Joined: Nov 2005
Location: barxeta
Posts: 308
Buying property in Dubai
I live in UK and was thinking of buying a 1 bedroom flat in Dubai (off plan in International city) to sell on when it is built and maybe make a little money.
Does anybody think this is a bad idea? Am a little worried that maybe Dubai will become swamped with flats and wont be able to sell. does anybody think this might be the case, glad of any advice,pat
Does anybody think this is a bad idea? Am a little worried that maybe Dubai will become swamped with flats and wont be able to sell. does anybody think this might be the case, glad of any advice,pat
#2
Re: Buying property in Dubai
I think you'd be mad as a bampot to do so, but I don't live in DXB and only know what I hear about the market and build quality there. Better to wait a few months for the UK economy to pop and pick up some something there.
#3
Re: Buying property in Dubai
Originally Posted by patsywhitehair
Does anybody think this is a bad idea?
yes, its a terrible idea. two years ago it was a great idea. not now.
if you can afford to burn the money ( and i mean burn) you want to spend here then yes buy a flat.
if you cant afford to be stuck paying for a worthless property which costs you a fortune then dont, the risks are now terrifyingly high and the potential returns drop daily!
#4
Re: Buying property in Dubai
Originally Posted by patsywhitehair
I live in UK and was thinking of buying a 1 bedroom flat in Dubai (off plan in International city) to sell on when it is built and maybe make a little money.
Does anybody think this is a bad idea? Am a little worried that maybe Dubai will become swamped with flats and wont be able to sell. does anybody think this might be the case, glad of any advice,pat
Does anybody think this is a bad idea? Am a little worried that maybe Dubai will become swamped with flats and wont be able to sell. does anybody think this might be the case, glad of any advice,pat
Article in today's paper (Khaleej Times) - basically reconfirms the common view now held.
DUBAI — The promise of a place in the sun, with beautiful beaches nearby and booming house prices, sounds almost too good to be true.
Many have been seduced by the Dubai property dream sold by the real estate industry. But another side to the story is emerging as the property debate heats up. There are almost daily reports of dissatisfaction on the part of expatriates with their purchases. The quality of apartments is poor, services are inadequate and incompetence among developers and real estate agents rife, the story goes on.
But are the problems being blown out of proportion? Are buyers, eager to make a quick buck, being naive? Or is the property market cynically making a huge profit at the expense of satisfying the new legion of foreign purchasers?
Since May 2002, a myth has been perpetuated by all and sundry, including the media. People are buying under the mistaken impression that there is a new law allowing expats to buy freehold land in certain developments. There is no such law. The Government of Dubai has not yet issued a decree. It was expected in September.
As it currently stands, the law does not say foreigners can own land – as opposed to property. But it does not say they cannot either. However, and this is the crucial point, according to custom and practice, only UAE and GCC nationals can own freehold property. Even then, the term freehold is not defined anywhere in UAE law; it is a term under English law and has simply become commonly used here. This means that if you buy a self-contained villa, you may well own it but you do not own the land upon which it sits. In Abu Dhabi, the position is much clearer. Only UAE and GCC nationals can buy and sell land; foreigners can only get a lease of the property.
http://www.khaleejtimes.com/displayA...ovember438.xml
Last edited by IndieG; Nov 18th 2005 at 6:50 am.
#5
Re: Buying property in Dubai
You are at least one year, and possibly two years too late. If you aren't really familiar with the geography of Dubai I'd be very, very careful about where you buy. I still think it is possible to make money on property in Dubai but the days when you could buy off plan and flip it in a couple of months are well and truly over. Now, like in most of the rest of the world, you have to look on property here as a long term (10 years or so) investment and be prepared to rent it out for quite a while before you sell- rental yields here are still very good compared to the UK.