Dubai - Questions

Old Mar 28th 2010, 3:01 pm
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Default Dubai - Questions

Hi I am new member of the forum , I am going to dubai in the next few weeks as I have accepted a job offer in real estate doing rentals commission only and I have a few questions, if any one could answer any of tehse questions it would be much appreciated as im a little nervous before coming out.

How is the rentals market at the moment ?

How quick is to get bank accounts set up and loans etc ?

How much money do you think I need to come over with ?


Thanks
Muff
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Old Mar 28th 2010, 3:03 pm
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sorry Muff but you must be either mad or a Troll
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Old Mar 28th 2010, 3:15 pm
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what makes you say that , I dont understand????

Have I said something wrong, all I need is some questions answered, be much appreciated if you could help out
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Old Mar 28th 2010, 3:16 pm
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Default Re: Dubai - Questions

Originally Posted by muff1987
what makes you say that , I dont understand????

Have I said something wrong, all I need is some questions answered, be much appreciated if you could help out
commission only? what % commission have they told you? you have no experience in Dubai and half the villas here are lying empty. I think you need to re think this seriously.
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Old Mar 28th 2010, 3:31 pm
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Default Re: Dubai - Questions

ok Blue cat , Could you answer my other questions from the top , I want to know how to go about things over there , 40 percent rental deal , instant payment working with avery established company

I have had 5 years real estate experience overseas but not in dubai , so I know how to sell im not that stupid........................

The reason I posted this is because I have never been to dubai and I WANT to know the ins and outs

How the rental market is ?

How easy is it to set up bank accounts and how easy it to get a loan ?

How much should i take over ?


if u could answer tehse please as I would appreciate it from ppl who are over there be great .
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Old Mar 28th 2010, 3:37 pm
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Default Re: Dubai - Questions

Originally Posted by muff1987
ok Blue cat , Could you answer my other questions from the top , I want to know how to go about things over there , 40 percent rental deal , instant payment working with avery established company

I have had 5 years real estate experience overseas but not in dubai , so I know how to sell im not that stupid........................

The reason I posted this is because I have never been to dubai and I WANT to know the ins and outs

How the rental market is ?

How easy is it to set up bank accounts and how easy it to get a loan ?

How much should i take over ?


if u could answer tehse please as I would appreciate it from ppl who are over there be great .
rental market isn't great, it's unlikely you will make much (if any) money...do some research on here and in the media, there is lots of info and you will then understand the situation better...

you would be totally barking mad to come here on a commission only basis...cost of living is very high here, and you will need to pay for accommodation either up front for a year or 6 months (in general although there are some exceptions)...you'll presumably need to pay for a car as well if you're showing people round...and then there's your electricity and water bills, food, health insurance etc etc

MM, xx
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Old Mar 28th 2010, 3:42 pm
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Default Re: Dubai - Questions

Originally Posted by muff1987
Hi I am new member of the forum , I am going to dubai in the next few weeks as I have accepted a job offer in real estate doing rentals commission only
This would scream "NOOOOOO" to me even in one's home country. Moving to a foreign country on this basis would seem to be madness. Even if the market were not in the toilet.

http://www.arabianbusiness.com/58441...-world-in-2009
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Old Mar 28th 2010, 3:46 pm
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Default Re: Dubai - Questions

Since you're fixated on the particular questions, here goes:

Originally Posted by muff1987
How the rental market is ?
Absolutely terrible.

Originally Posted by muff1987
How easy is it to set up bank accounts and how easy it to get a loan ?
Bank accounts - with no salary, might be an uphill battle. Loans likewise. If you do manage to get one, note it's a criminal offence to default and you can get locked up for it.

Originally Posted by muff1987
How much should i take over ?
You'll need enough for rental. If you are willing to share, probably 10k for deposit and first month would be enough. Then car expenses, going out expenses, food expenses, etc.

Since you won't earn any money, multiply that first month's amount by the number of months you expect to last before you give up and go home (or find a different job).
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Old Mar 28th 2010, 3:52 pm
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Default Re: Dubai - Questions

Originally Posted by muff1987
Hi I am new member of the forum , I am going to dubai in the next few weeks as I have accepted a job offer in real estate doing rentals commission only and I have a few questions, if any one could answer any of tehse questions it would be much appreciated as im a little nervous before coming out.

How is the rentals market at the moment ?

How quick is to get bank accounts set up and loans etc ?

How much money do you think I need to come over with ?


Thanks
Muff
Muff - this ain't gonna work out for you. They (the greedy real estate developers) have overbuilt housing stock by about 10 years. That means that in a number of areas large areas of housing / apartments are c. 1/3 full. Rents are still falling and they cannot be filled. Additionally people are still losing jobs and when you lose your job here you are sent home.

To spell that out clearly for you... There are lots of empty houses and a reducing population which means that the opportunity for a commission based income is reducing.

Now combine that with a large overweight real estate agent work force (a legacy from the real estate boom) and cheap sub-contenant or arabic labour and you will be competing in a very difficult market, with people who have been here longer, are willing to work longer hours for less pay and who speak arabic.

If you are not on a retainer then you will make no money here. If you think you can still do this good on you. Come over, and buy me a 40Dh (7 quid) beer I'll be keen to listen to how you are going to do it.
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Old Mar 28th 2010, 3:52 pm
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Default Re: Dubai - Questions

ok Thanks Guys , but Why have I been speaking to people are over there who are making money inthe rentals I cant work it out , there making min 3k sterling a month............just doing rentals......
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Old Mar 28th 2010, 3:55 pm
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Default Re: Dubai - Questions

EmirateMillhouse = Watch out for that beer lol ,

It sounds as if its terrible over there didnt realise it was that bad...........

Thanks for your help.
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Old Mar 28th 2010, 3:55 pm
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Default Re: Dubai - Questions

Originally Posted by muff1987
ok Thanks Guys , but Why have I been speaking to people are over there who are making money inthe rentals I cant work it out , there making min 3k sterling a month............just doing rentals......
they are lying to you, lol...but even if it's true, it's only just over AED 16k, which isn't much given you will have to pay for everything else...and what happens in the months you don't earn that...?

MM, xx
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Old Mar 28th 2010, 3:57 pm
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Default Re: Dubai - Questions

Originally Posted by muff1987
ok Thanks Guys , but Why have I been speaking to people are over there who are making money inthe rentals I cant work it out , there making min 3k sterling a month............just doing rentals......
Are they the same people offering you the job?

This is screaming "pyramid scheme" now.

3k GBP = 16.5k AED per month. Not shabby, but given the cost of living in Dubai, not streets-paved-with-gold levels either.

Oops, MM beat me to it...
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Old Mar 28th 2010, 4:06 pm
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Default Re: Dubai - Questions

to put the 3k GBP / month into pepsective...

that is 16k AED. We pay our (english) receptionist more than this.

Most people will say you need 20k-25kAED to basically get by and save a bit. It's darn expensive here - hence my 7 quid beer comment
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Old Mar 28th 2010, 4:07 pm
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Default Re: Dubai - Questions

Originally Posted by muff1987
Hi I am new member of the forum , I am going to dubai in the next few weeks as I have accepted a job offer in real estate doing rentals commission only and I have a few questions, if any one could answer any of tehse questions it would be much appreciated as im a little nervous before coming out.

How is the rentals market at the moment ?

How quick is to get bank accounts set up and loans etc ?

How much money do you think I need to come over with ?


Thanks
Muff
OK - I've been reading all the previous (accurate and realistic!) replies, and I'm going to ask the question.........

Which firm is offering you this 'deal of a lifetime'?

I'd like to know so that (a) I can tell everyone to boycott them because they exploit their workers shamefully, and (b) I can write to them with some sort of abusive message.

Even if the market were healthy, Muff (which it isn't, and may never be again), that's no basis for starting a new life overseas.

And finally - what percentage will you be shaving, Muff..........?
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