Jammy_Dodgers

would you consider buying.??

For example, if there was a 20%-30% correction which induced panic selling and massive price drops on top of the correction, would you consider buying?

would you only consider a cash buy or would you consider a mortgage.

Historically a market crash encourages banks to offer more favourable mortgages deals to stimulate a partial recovery....would this tempt you ??

Thoughts please..

NorthernLad

We are planning to buy, but not at current prices. We're expecting to be here for the foreseeable future but think prices are just mad for quality/value for money.

Would rather rent and save money until the correction in prices happens then buy...if it doesn't happen see where we go next and consider buying there.

I'd quite like to see property prices plummet - not just so we would buy, but for unscrupulous landlords to get severely burnt.
We had the misfortune to be standing next to three English estate agents in Barasti Bar on Friday, it was embarassing listening to them broadcast to the whole place how they have money to burn, they are rich beyond their dreams and so on.

Madam Medusa

We'd defo consider buying if this happened...which I think it will at some stage. Wish we could do it without a mortage but considering I can't manage to save a s*dding penny, think that's unlikely

MM, xx

Jammy_Dodgers

Well hopefully they too will be burnt when the market plummets!

Eeyore

It would be tempting, but since we don't have the cash to buy a place outright and we don't trust any of the local mortgage lenders as far as we could throw them, it's something of a moot point!

I agree, though... it'll be wonderful to watch the landlords get shafted for a change

Jammy_Dodgers

Local Landlords and slimy estate agents....cant wait!

what puts you off getting a local mortgage Gareth?

Eeyore

When we looked into it last year we were outright lied to by the staff at certain leading mortgage companies, and we've spoken to other people who had similar experiences. Then there are all the hidden costs that you don't find out about until you've signed on the dotted; the fact that the mortgage lenders aren't controlled by a proper independent body and can do things like crank up their interest rate whenever they feel like it; the fact that there are usually all kinds of extra fees related to repaying the mortgage early; and the fact that just about every mortgage contract in Dubai contains a non-negotiable clause stating that the company can change any aspect of the contract at any time.

We know people whose lender wrote to them saying that they were going to put their interest rate up, and by the way, they were backdating the increase by six months, so they'd be taking the extra money owed from their account in a lump sum. Says it all, really.

Jammy_Dodgers

Dont even the likes of HSBC or Barclay offer a better self policed/regulated stable mortgage offering??

Eeyore

Don't know about Barclays, but HSBC is related to the UK arm in name only, and it doesn't seem to be any better than any other local bank, and it's also much more limited in the range of properties it will lend on than a lot of them.

That's one of the other things that makes me suspicious of local mortgages; the fact that the developers do sweetheart deals with lenders to prevent them lending on other developers' properties. When you can go to any lender in Dubai to get a mortgage on any property, then we might be interested. But probably not

TA5

the fact that property in dubai isn't even heritable is laughable!

W10

As you alluded to...it wouldn't be a crash - it would be a correction.

I mean, the stock market 'corrected' by more than 70% last year, so how a 30% fall in property prices would be a crash is beyond me

The fall is beginning - but quietly. I was offered a deal on a place in the lagoons which in theory would have meant a 40% discount on the list price, I've also seen a friend be offered a third of the price of a place in the marina, providing he allows them to put the full asking price in the contract...

IndieG

Can't afford to live in the Burj Al Arab, go buy in the Burj Al Arabi

It is becoming a joke now - some silly announcement or the other every couple of weeks - biggest this, longest that, 'only one in the world - yeah no one else is stupid enough to build such energy inefficient buildings) palm, torch, human, dhow, sail ......

Now we have a huge 'glass man mountain/building shaped like a human in Arab dress'....

http://www.gulfnews.com/business/Rea.../10095732.html

MJC

Class, pure class!!

And not understated at all of course!!

IndieG

Now I am imagining a building in dish-dash - classy indeed

Jammy_Dodgers

Building to capture the local heritage??

Wait til they build the Burj al Shwarma.!!!!