Property ownership
Aug 10th 2015, 1:22 am
#16
Just Joined
Thread Starter
Joined: Jul 2015
Posts: 7
Re: Property ownership
i appreciate all your comments i will take them aboard and think about it
Aug 12th 2015, 9:11 am
#17
"Insert witty title here"
Joined: Nov 2012
Location: dxb
Posts: 2,251
Re: Property ownership
ok heres my 2 fils
you cannot buy or sell property in any freehold without the developers' NOC. But having said that, its fairly simple to get an NOC from them provided their 'dues' are all cleared. What do they do with those 'dues' is basically 'f*k all' as you have to get everything repaired or replaced yourself. So its basically property tax without the word tax written on the receipt you get. Oh and they can increase that tax at any given time without a reason or anything. They increased the tax in disco gardens from 8k a year to 11k a year and when asked why the answer was, go ask the Land Department. Which I did ofcourse and ofcourse, the answer was meh! so you have to pay whatever they decide to ask you.
I have been a owner here for 3 years and have recovered about 30% of the value of my investment through rent earned (minus the taxes) so just another year more and hopefully after that even if the prices do fall, which everyone says it will but I dont see that happening anytime in the next 3 to 4 year atleast, Ill just sell at whatever price I get at that day. The trick is to buy a 'ready cash' property which will sell within 7 days from the day you decide to sell it and disco gardens is as ready cash as they come. International City is also a safe place to invest but it is very difficult to get good tenants there. And most of them are usually sublet out to more than a few people so yeah too much wear and tear.
After this year is done, I want to sell in Disco and buy something in AlGhadeer village as I liked the location and the tax is much lower there (for now), BUT I dont see AlGhadeer becoming a ready cash option at all. Another option is to buy in Ras Al Khaimah side somewhere but have not done any homework there.
you cannot buy or sell property in any freehold without the developers' NOC. But having said that, its fairly simple to get an NOC from them provided their 'dues' are all cleared. What do they do with those 'dues' is basically 'f*k all' as you have to get everything repaired or replaced yourself. So its basically property tax without the word tax written on the receipt you get. Oh and they can increase that tax at any given time without a reason or anything. They increased the tax in disco gardens from 8k a year to 11k a year and when asked why the answer was, go ask the Land Department. Which I did ofcourse and ofcourse, the answer was meh! so you have to pay whatever they decide to ask you.
I have been a owner here for 3 years and have recovered about 30% of the value of my investment through rent earned (minus the taxes) so just another year more and hopefully after that even if the prices do fall, which everyone says it will but I dont see that happening anytime in the next 3 to 4 year atleast, Ill just sell at whatever price I get at that day. The trick is to buy a 'ready cash' property which will sell within 7 days from the day you decide to sell it and disco gardens is as ready cash as they come. International City is also a safe place to invest but it is very difficult to get good tenants there. And most of them are usually sublet out to more than a few people so yeah too much wear and tear.
After this year is done, I want to sell in Disco and buy something in AlGhadeer village as I liked the location and the tax is much lower there (for now), BUT I dont see AlGhadeer becoming a ready cash option at all. Another option is to buy in Ras Al Khaimah side somewhere but have not done any homework there.
Aug 13th 2015, 6:55 am
#18
Just Joined
Joined: Aug 2015
Location: Abu Dhabi
Posts: 2
Re: Property ownership
Hey one of my friend is also looking to buy property in UAE and this post will really help to him. he is looking to buying property with qpsuae.com. does any one have any idea with this real estate service provider of Dubai and Abu Dhabi.
