StublueKPL

Im back out in DXb again at the end of the month and I have a mate of mine who is helping me out with a visa.

He is awaiting confirmation on the costs. Anyone any idea roughly how much I'll have to shell out for Residency (he says it will ahve a trade licence also but I dont need that anyway)

thanks in advance

Blue Cat

why you doing that?

StublueKPL

many reasons.

(a) i want to open a local bank account (with cards)
(b) I am eventually going to buy or rent long term and officially i should have residence (im only looking at short term unofficially just now as I want to wait until schools are out to see how much rent/sale prices drop then)

basically life is easier with one.

Blue Cat

yes but you should gain it via employment? if you are getting a trade license you have to have an office? sounds dodgy to me.

StublueKPL

I work offshore in the oil industry. I work in Angola (where i am now) on a month on/month off rotation.
I spend my month off in Dubai so it would make things easier for me. Not too worried about the trade licence thing, as long as i can rent (or eventually buy at resident mortgage rates and deposits) and open an account then im happy.

does anyone happen to know how much?

Blue Cat

I was under the impression that you could open an account with HSBC without a visa? lots of people have bought property here and they aren't all residents. All I know is it cost us 4000 dhs for my husband to add myself and our daughter to his visa.

StublueKPL

i can open an account but i cant get any cards (visa etc) so it wouldnt be much good.

Also, regarding the mortgage, non-residents get a lot less. e.g at the moment, if you can get one that is (i dont want one just now anyway) i could only get 50% mortgage and 50% deposit. residents looking at around 70-80% mortgage (will eventually go back up to 90% when the climate is better). Also, im saving up just and there is no way i could afford 50% for a long time.

Blue Cat

very significant fact that isn't it, banks will only give 50%, that's because that is all they think the properties are worth - they are of course right. A three bed on the Springs currently for sale at 3.7 million. No chance.

StublueKPL

Thats why im holding off.

Seen the cheapest villa in a good few years on Dubizzle last night - 90,000 dhs p.a, 2 bed in the Springs also. The rentals are dropping like hell the last 2 months - Still a few trying to get as much as possible, cant blame them if their mortgage repayments are so high, but they have no chance. (e.g for the same type of house in the springs someone wanted 150k a few adverts later)

Poitin

A three bed on the Springs currently for sale at 3.7 million


Mine's cheaper than that!
If you know anyone interested let me know. Or is there any decent estate agent on here that want to sell it for me?

LOL
P

Blue Cat

those who bought off plan will be fine, they were initially renting 2 beds at 55k so if that covered their mortgage I am pretty sure 90k will. Those who are in trouble are the ones who have bought in the last 12 months, and have found themselves without tennants. Personally I don't think those two beds are worth 900k never mind 2 mill.

Blue Cat

on reflection I think I got that wrong, it's 2.7 with no takers, nice villa with a pool

TGFKASE

Aye, the place Im in was bought by an Indian brotehr and sister just inder a year ago. Got 4 months to go on my rental and they are already calling asking if I plan on renewing... Their problem is that they need the exorbitant rent to cover their mortgage and, quite frankly, they aint gonna get it come June....

Blue Cat

nope they aint, and they know that and are bricking it now. Bet they try to sell it .

StublueKPL

Good luck to them

And they get cheaper, now @85k!!!

http://www.dubizzle.com/property-for...s/?from_search