Worldismine

What's the minimum deposit required for a mortgage? Say a 1/2 bed apartment, in a nice area with a communal pool, and gym (gotta keep my 10% body fat, with a nice kinda athletically rounded physic) and if someone buys a 2 bed, can they rent out one of the rooms while still living in the property? Also what is the work culture like in Dubai, i know this will vary, but is there a lot of politics (apprentice style backstabbing, front stabbing, and down below stabbing)

IndieG

Work culture is the same as any other place - no different.

Down payment - 15%-20%.

I didn't realise just how ridiculous prices were - A quick search on Better Homes just showed that a one bed room apartment in the JBR would set you back from a minimum of AED 2.26 million to AED 4.53 million.

Robbies

Downpayment depends on the lender. I think Barclays will give you a 95% mortgage so you only need 5% deposit (obviously a higher interest rate at that level - lowest rate is for 75% mortgage and below - i.e. in excess fo 25% deposit)

In the example of the 95% mortgage, in addition to the 5% deposit, you will also need agent fees (x%), land registration fees (1.5%), any developer fees for the transfer (1%), service charges etc etc... These extra costs are often forgotten.

busybee2

in theory as the owner you would be allowed to rent out another room.

zas

Hello all...If one buys a property in the middle east...dubai, abu dhabi or any of the cities. Is it true they will be given permanent residence. And also, if one has permanent residence, do they need an employment visa to work? or they can work. Any advice or suggestions?

madferrit

I've never heard of "permanent residence" but i have heard of a residence visa being issued. BUT, this is given on completion, not when you buy "off-plan".

I'm not sure about the 2nd part of your question regarding employment visa etc. I would imagine the visa issued saves you getting a visa every time you enter the UAE, and allows you stay for long periods of time (more than 3 months for example), but to conduct business etc you would need to apply for a seperate visa. Thats only my understanding of it, and I'm sure someone else will come along and be able to confirm or correct me.

The Dean

I would be totally astonished if - in the current mortgage climate - Barclays or indeed anyone else would advance you as much as 95%.

Even in the prices-supposedly-moving-ever-upwards Dubai market, the lenders simply haven't got the amount of cash to lend, mainly due to their Head Offices and other branches in major centres having (between them) written off USD 334 BILLION on credit and mortgage losses......

........ and what they WILL lend, they are charging much higher rates for.

You should definitely get the mortgage details sorted out before committing to any sort of purchase whatsoever.......

Eeyore

No. They get the same residence visa as everyone else, subject to the same medical tests, which expires and has to be renewed every three years.

Bear in mind that there have been issues with developers not actually coming up with the promised residence visas.

Yes. The residence visas provided to property purchasers don't allow working.

admon

One important thing with residence visas when you buy property here.. most developers are charging for them.

With fees the cost is around 15-20000dhs per annum. The developer basically acts as your sponsor.

No such thing as a free lunch over here...

zas

[QUOTE=Eeyore;6450331]No. They get the same residence visa as everyone else, subject to the same medical tests, which expires and has to be renewed every three years.

My partner has got Hepatitis B,which is a deportable disease. Does that mean, we wont be given resident visa, as you mentioned its subject to the same medical tests.

Eeyore

If the visa medical test screens for Hep B, then yes, I imagine your partner will be refused a visa.

Plus, if your partner goes through the test and is refused, that might also mean that s/he would be flagged on the system and be banned from entering the country on a tourist visa in future - effectively, they'd be barred from the UAE for life.

Whether or not they actually do that I don't know, but I wouldn't want to risk it.

If it turns out that your partner is ineligible for a residence visa, but you still want one yourself, you'll have to ensure that the property you buy is in your name. It can't be in your partner's, because only the named owner is entitled to a visa.

zas

Thanks Eeyore.
We are both architects in the UK, and were in Abudhabi.........in May..........we had several interviews and about 8 offers. It was a very nice opportunity.All was all set and ready for us to start our new job in the middle east this month, when I came across the Hep. B thing, and realised it was a deporatable diesease. which unfortunately my husband has.
All our plans have had to change due to this.
We are still very keen of coming to the middle east, but dont know how to o about the Hepatitis thing, as am unaffected by it.Thats, why, I thought if we perhaps buy a property he might get residence visa through it, but it doesnt appear as such.
Any advice, how we might be still be able to come to the middle east and work?

Eeyore

Really sorry to hear about your situation

As for advice, it's the kind of situation where you really need to speak to a local lawyer. On the face of it, to live in the UAE you need to have a residence visa, and you can't get one of those without the medical test, but a lawyer might be able to suggest something.

Worldismine

Thanks to all.