Living in Dubai for 6 months planning to buy, Need advise
Mar 5th 2024, 3:11 pm
#1
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Joined: Mar 2024
Posts: 1
Living in Dubai for 6 months planning to buy, Need advise
Hi everyone,
My husband and I have been renting in The Greens for 6 months now. As our contract is up for renewal in September, we're considering whether to explore buying a property and whether it's feasible for us. We'd appreciate your insights on a few questions:
My husband and I have been renting in The Greens for 6 months now. As our contract is up for renewal in September, we're considering whether to explore buying a property and whether it's feasible for us. We'd appreciate your insights on a few questions:
- What's the current sentiment towards property investment here? We believe prices will continue to rise until at least 2025, making now a good time to enter the market.
- Are there any restrictions for expats looking to buy property here?
- I've heard that a 25% deposit is required for a mortgage, along with a 5% tax. Is this correct?
- Our budget is between 2-3 million AED. Can you recommend any good areas to invest in around this price range? We'd prefer a villa due to our dog, but we're open to apartments if that's more affordable. While we'll be sad to leave The Greens, we think buying here may be too expensive.
Last edited by christmasoompa; Mar 5th 2024 at 3:46 pm. Reason: Link removed. Looks rather spammy for a newbie…….
Mar 7th 2024, 4:04 pm
#2
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Joined: Jan 2017
Location: Dubai
Posts: 851
Re: Living in Dubai for 6 months planning to buy, Need advise
Hi everyone,
My husband and I have been renting in The Greens for 6 months now. As our contract is up for renewal in September, we're considering whether to explore buying a property and whether it's feasible for us. We'd appreciate your insights on a few questions:
My husband and I have been renting in The Greens for 6 months now. As our contract is up for renewal in September, we're considering whether to explore buying a property and whether it's feasible for us. We'd appreciate your insights on a few questions:
- What's the current sentiment towards property investment here? We believe prices will continue to rise until at least 2025, making now a good time to enter the market.
- Are there any restrictions for expats looking to buy property here?
- I've heard that a 25% deposit is required for a mortgage, along with a 5% tax. Is this correct?
- Our budget is between 2-3 million AED. Can you recommend any good areas to invest in around this price range? We'd prefer a villa due to our dog, but we're open to apartments if that's more affordable. While we'll be sad to leave The Greens, we think buying here may be too expensive.
Mar 8th 2024, 1:35 pm
#3
Just Joined
Joined: Mar 2010
Location: London
Posts: 25
Re: Living in Dubai for 6 months planning to buy, Need advise
Hi everyone,
My husband and I have been renting in The Greens for 6 months now. As our contract is up for renewal in September, we're considering whether to explore buying a property and whether it's feasible for us. We'd appreciate your insights on a few questions:
My husband and I have been renting in The Greens for 6 months now. As our contract is up for renewal in September, we're considering whether to explore buying a property and whether it's feasible for us. We'd appreciate your insights on a few questions:
- What's the current sentiment towards property investment here? We believe prices will continue to rise until at least 2025, making now a good time to enter the market. - I don't believe anyone has the answer to this, as markets are driven by various factors. During Covid, one of the family townhouses was valued at AED 1.1m (Purchase Price AED 1.75m) and now it is being valued at AED 2.5m.
- Are there any restrictions for expats looking to buy property here? - There are certain areas where only locals are allowed to purchase, but I don't think these properties are available in the market. Townhouses and villas have better appeal as you get the freehold of those properties. (Not sure how good this freehold is, to be honest).
- I've heard that a 25% deposit is required for a mortgage, along with a 5% tax. Is this correct? - The DLD fee is 4% and needs to be paid to the Dubai Land Department. I am not sure about 5% or the mortgage question.
Our budget is between 2-3 million AED. Can you recommend any good areas to invest in around this price range? We'd prefer a villa due to our dog, but we're open to apartments if that's more affordable. While we'll be sad to leave The Greens, we think buying here may be too expensive. - The Greens is a great area but flats are quite expensive. You can look at La Rosa 5 (Villas were sold for 1.4m a while back and just now these have been handed over but I believe most of the owners are now asking AED 1.9m and above.
