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Renting vs. buying property?

Renting vs. buying property?

Old Apr 25th 2005, 3:37 pm
  #31  
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Default Re: Renting vs. buying property?

[QUOTE=stormer]And to go back to original discussion...


Sorry
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Old Apr 25th 2005, 3:42 pm
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Default Re: Renting vs. buying property?

Originally Posted by Face81
the police keep records in the event of a criminal offence. They are then used as evidence in court.

And this is true.
Will probably come in handy for when Beckham moves into his new pad as well
 
Old Apr 25th 2005, 3:43 pm
  #33  
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Default Re: Renting vs. buying property?

Originally Posted by stormer
And to go back to original discussion...

Never has there been such an ambitious and creative drive to establish a property market as has been witnessed in Dubai over the past three years. Running short on oil reserves, Dubai's crown prince, Sheikh Mohammed Al Marktoum, set out to turn Dubai into the financial, commercial and tourism capital of the Middle East and in the space of three years he has more than succeeded. The country's GDP has expanded by 17 per cent over the past year and HSBC Bank estimates that there is $42.5 billion worth of projects under construction, compared with $20 billion for the rest of the neighboring oil states put together.

The result has been the rise of Dubai as the world’s most glamorous property investment market. Nothing in Dubai is understated. The tiny emirate, that only five years ago was nothing more than a simple fishing village has suddenly become the Manhattan of the Middle East. Following the mantra ‘bigger is better’ Dubai has proudly announced the world's first seven star hotel, Burj Al Arab and is set to construct the world's biggest shopping mall, the first underwater hotel and amazingly, the longest indoors ski slope.

Already the annual number of visitors stands at 5 million and is set to rise to 10 million by 2007. The scale of development has been unprecedented with apartment blocks being constructed by the dozen and selling out within days to hordes of zealous investors prepared to queue overnight to bag a bargain in Dubai. The projects being released are some of the most inventive and ambitious the world has seen, with man made islands such as The Palm and more recently The World capitalizing on the attractions of beach front living and redefining the world’s geography in the process.

With real estate as out of the ordinary as this, it's not difficult to see why Dubai's property market is attracting such large-scale international interest. There really is nothing like it and it seems everybody who's anybody will have a piece of Dubai. Dubai's more exclusive developments are being snapped up the celebrity classes and the world's elite. Ageing English rocker, Rod Stewart is already the proud owner of Britain [The World's miniature Britain that is!] and villas along the Palm are being bought by sports stars, film stars and anybody with upwards of €1.5 million to spend on a private waterfront retreat.

If so much has been achieved in three years, where is Dubai to go from here? Nakheel, the company behind the extraordinary Palm and The World projects already has its eye, literally, on a new development. Dream City, like the Palm is also a series of man made islands but out sizes the Palm significantly. When finished, Dream City will form the shape of an eye, with the residential element on giant eyelashes extending out into the Persian Gulf. Villas at Dream City start at €425,000 for around 371 sq m (4,000 sq ft) of accommodation. Townhouses start at €200,000, while one and two-bedroom apartments start at €150,000.

For the property investor seeking a lucrative return, a new market is always a risky one and the fear is that the market may collapse soon after it has taken off!. With plenty of anecdotal evidence to suggest that property prices in Dubai are rising by as much as 60% in one year, it's tempting to rush straight in and grab a piece of the action. But the canny investors will have to consider if it is too much too fast.

The pace of the property market in Dubai makes is a speculators dream. It’s not unheard of for properties to have been transferred up to a dozen times even before the building is complete. Many opportunistic investors are booking 10 to 20 villas in new developments, selling them at significant profits before they have been completed.

Cashing in on this and perhaps in an effort to cool the market, builders are charging a fee of up to 7% each time a property is transferred and lending institutions are trying to keep some control on the market by agreeing to finance only the original sale price. In the secondary market, prices can exceed the original price by 10-70%, depending on the development’s popularity.

All the indications are suggesting that the initial hype is easing and prices are settling. A year and a half ago 900 houses in one development sold out in 7 hours. Many believe that demand will continue to be sustained and prices will continue to rise, though not at the frantic rates they have been rising over the past two years.

In comparison to other new and emerging markets, such as those in Central and Eastern Europe, Dubai appears to be a more attractive investment. Prices in the middle market are comparative to those in Eastern European cities such as Tallinn and Krakow. Unlike these countries Dubai has the sunshine factor and a glamorous edge, which is surely contributing to the high immigration from Europe, the Gulf Region and the Indian subcontinent. Over 100,000 extra people are expected to arrive in Dubai every year. Such large-scale immigration is sure to sustain the property rental markets.

Other property markets are seeing rental yields drop through the floor. Too many investors buying up properties and not enough tenants to rent them! Ireland, Britain and many of the New European capital cities are seeing yields drop to below 3%. In Dubai, rental yields have dropped from a very healthy 8-9% but are now holding firm at 6-7%. The fact that in Dubai rents are paid in advance, sometimes up to one year in advance, is surely a motivating factor for those considering a buy-to-let property in Dubai. On the downside, service charges on new development can be high, anywhere up to £4000 per annum and may be requested by the developer upfront!

Despite the current boom and huge immigration into Dubai cautious investors are raising understandable questions about the security of ownership in the UAE. As yet, no law has been passed to confirm the right of foreigners to own property in any of the projects launched to date. However, the UAE allows individual emirates to issue their own legislation to regulate ownership of real property. While Dubai is committed to encouraging overseas investment, they rule by decree and decisions can be changed overnight the whim of the current ruler. The government have promised that freehold would be granted in the near future. When this happens it is likely to further boost investor confidence in the Dubai property market.

If the property market in Dubai is to develop with any degree of stability, capturing the interest of second homeowners and expats seeking to relocate is essential. If the market continues to be speculator driven, the possibility of a speculative bubble is not unlikely. A revision of property ownership laws for foreign investors should encourage a more stable property investment climate, helping to avoid any crash that might be caused by a quickly exhausted investor base of opportunistic speculators.

Tracey Meagher operates and maintains a number of Property Newsdesks. She regularly writes articles and features on buying property abroad. For more information on property in Dubai, visit http://propertynewsdeskdubai.blogspot.com. She also owns PropertyAuthors.com, an property investment epublishing company offering free pdf magazine articles on buying property abroad. Articles area available at http://www.propertyauthors.com

Article Source: http://EzineArticles.com/
I dont want to side either way, but u have to look at the negative side of things as well, so I am going to play devils advocate for a while....

Dubai yields down but still attractive
The new Dubai property market is criticized for its lack of transparency and data which will only be properly addressed when the central land registry is operational for all transactions. But in the meantime anecdotal evidence is very helpful in decision making, and it is all that there is available.
United Arab Emirates: Saturday, February 12 - 2005 at 09:01
On rental yields the overall position is that market yields have weakened over the past year but remain attractive to investors, particularly those with a requirement for regular, long term income.

Current yields do also still give some room for upside capital appreciation, though definite moves to eliminate the perceived additional risk of buying in Dubai - the absence of property laws and consequently expensive mortgage market, for example - for this to be a factor. Optimists expect a property law in 2005, the pessimists worry that the UAE federal authorities will delay legislation.

So to examine some real life examples: Over the past year the gross rental yield on a one-bedroom apartment in The Greens is down from 9.5% to 8%; rental yields in The Spings town houses are marginally lower at 6.5% from 7%; and in The Meadows executive villas prices have moved sharply upwards reducing yields from 7.4% to 5.3%.

This is a pretty representative sample, and should be regarded as the average situation. Is it therefore a good investment to buy one of these properties with a view to letting it out?

First, all these communities are established and facilities are set to improve dramatically in the next six months with the completion of shopping and leisure centres, and a new access road system.

So finding a tenant at the right rental level should not be difficult. Secondly, all the charges involved in rentals are also well known, such as the community service charges which are paid by the landlord.

Thus the business risk of not finding a tenant and having an empty property is negligible. The question really becomes one of investment alternatives and whether you are prepared to shoulder the modest inconveniences of letting a property for a higher than deposit account return on your money.

US long term Treasury bonds yield around 4% at present and against that benchmark one of the higher yielding Dubai properties could be considered a good investment. There is also something of a 'comfort barrier' in case yields in Dubai start to fall further due to the increasing supply of property.

But this factor should not be given too greater weight. If increasing supply is matched by a more than commensurate increase in demand then yields can still go up; but the recent slight easing of yields on rentals might tend to suggest that this equation is beginning to have some impact.

However, what is driving rental yields down is the fact that property prices are rising faster than rents which are also going up fast. Hence in Dubai the lower rental yield may reflect rising investor confidence rather than any fall-off in demand, indeed quite the reverse.
or

Dubai or not to buy

Dubai property is worth a punt if you have the spare cash and if you can stomach a little uncertainty, says Alaric Nightingale.

Despite a good deal of hype, the accurate assessment of Dubai’s property market is that it is ‘potentially exciting’ and ‘one to watch carefully’. There are, of course, several thousand wealthy expatriates from across the globe living in the emirate and it has a lot to offer. But treating Dubai property as an investment comes with a hefty slug of risk, at least for the time-being.

The biggest risk when purchasing a property in Dubai emanates from federal law, the law that governs the country.

Quite simply, Dubai law does not allow banks to repossess homes if mortgage payments are not maintained. There are also no eviction laws. Moral and ethical questions aside, what this means is that banks don’t particularly like lending hundreds of thousands of dollars, euros, yen, sterling or dirhams on an unsecured basis (there is no security because lenders have no recourse to your home if you don’t keep up mortgage repayments).

Consequently, a swathe of potential buyers and speculators are sitting on the sidelines, waiting either to pounce on opportunities or run for the hills. These investors realise that if more people become interested in lending, more people will be able to buy and the market may be pushed upwards. In other words, this impasse is closing the door on a lot of investment potential.

After all, as we have already said, Dubai is a favourite location for many global investors. Its libertarian, low-tax philosophy makes the emirate an attractive place to live (for those who can stand the incredible heat in the summer months), and there is a steady trickle of wealthy renters and buyers moving to Dubai for work and tax reasons.



A further concern currently is that, although a decree has been set out to remedy the problem, Dubai property investors still do not quite own the freeholds on their properties, according to Paul Turner, general manager of Asteco Property Management.

Turner believes there could be an upsurge in demand when, or if, the emirate introduces property laws that are acceptable to international investors.

“People are nervous about it [Dubai’s freehold laws]. I do a radio show every other week, and on every programme, it’s the same question: what’s happening with the freehold law? Is it coming through? The answer is, yes.”

Whether this will be enough to encourage international banks to move into the Dubai property market by offering mortgages is a more debateable point.

Currently two financial institutions – Dubai Islamic Bank and Amlak (DIB) – will help with the financing of properties. Because of sharia law, DIB will not let you buy property via a mortgage.

The way it works is like this: DIB will buy your chosen property on your behalf. Then, rather than paying a mortgage, investors pay on a lease-back basis. At the end of this lease-back, investors then buy their property for 1 dirham from the bank.

For those not used to the sharia system, Turner tells us that this lease-back programme effectively equates to a mortgage rate of around 6 to 6.5 per cent. Amlak offers straight mortgages and we can only wonder how these banks ensure that customers keep up repayments when they have no recourse to the property.

One final point worth thinking about regarding property financing, is that Sheikh Mohammed, Dubai’s ruler, has some ambitious plans for the region. The emirate (trust us, we’ve been watching this very closely) has pulled together some very big hitters to develop its international financial services industry. This will extend to revamping laws and creating a very business-friendly environment.

On top of that, Dubai wants to increase its population from around a million now up to around five million by 2008. The effects on the economy and the property market are almost impossible to gauge.

But the point is this: it is entirely wrong to suppose that because it is not a ‘hard currency’ that the dirham will only ever fall in value. Naturally, if you are an international investor whose assets are all denominated in another currency, and you take on a 1m dirham long-term obligation, then you are injecting a healthy slug of currency risk into your portfolio.
Currently the dirham is tied to the dollar 3.65 to 1. However, given Argentina’s diffculties (as it was linked to the dollar too), there is no guarantee that this arrangement will last forever.

Secondary market

Anyhow, while the financing side of property purchase is undeniably important, of equal concern is the ease with which you are able to divest when and if the need arises.

Given that Dubai’s property market has only been properly open internationally since May of 2002, most of the evidence of a secondary market is only anecdotal. Turner of Asteco says there is a secondary market and that initial results suggest capital appreciation from 10 to 30 per cent in just one year on its Palm property resales.

However, there will also be a glut of new properties, the effect of which is difficult to know.
Turner reckons there are around 38,000 to 40,000 appartments currently being built in Dubai that will be available to the international investor. That is a huge amount to suddenly hit the market. On top of that, Turner estimates there are around 4,000 luxury villas soon to become available.

The question, then, is whether there are enough people willing to spend at least £100,000 a kick for a home in the emirate. Currently, the bulk of Dubai’s economic immigrants work for its tourism industry or its booming construction industry. While some may be wealthy, there are many expatriate Indians working on appalling salaries. These are not the people who will drive the property market upwards, for all that they are incredibly hard-working.

The largest property developer in Dubai is called Emaar, which is also the owner of Amlak. Unlike Turner of Asteco, a spokeswoman for Emaar reckons that freehold-owned properties are now available and that everyone can invest in them. “All Emaar projects are open to UAE & GCC National and expatriate investors on a freehold basis.

“This essentially means that investors have full ownership on the property that they buy and therefore, on completion, have the right to sell, lease or rent their residential units freely and at any time.”

In our opinion, though, Dubai still has a few more steps to take, and there is still a large amount of uncertainty. Many international investors are extremely attracted by the low tax situation in Dubai. Given that a two-bedroom flat might cost £100,000 but save some investors the same amount in tax, it is obvious that the country could attract significant interest.

We have already heard reports of some investors buying property (which bestows residency if carried out correctly) and then visiting Dubai for several months per year merely to lose their home-country tax status.

Whether that advantage is enough to sustain an entire property market is anybody’s guess. And whether up to 44,000 new and fairly pricey properties can be shifted as they come onto the market in the coming years is also uncertain.

But one thing is very certain: Dubai is a great place to live in; it does bestow tax advantages; and once the rules of property ownership are tightened up properly, this market is going to come under scrutiny like never before. It is definitely worth watching.

A further concern currently is that, although a decree has been set out to remedy the problem, Dubai property investors still do not quite own the freeholds on their properties, according to Paul Turner, general manager of Asteco Property Management.

Turner believes there could be an upsurge in demand when, or if, the emirate introduces property laws that are acceptable to international investors.

“People are nervous about it [Dubai’s freehold laws]. I do a radio show every other week, and on every programme, it’s the same question: what’s happening with the freehold law? Is it coming through? The answer is, yes.”

Whether this will be enough to encourage international banks to move into the Dubai property market by offering mortgages is a more debateable point.

Currently two financial institutions – Dubai Islamic Bank and Amlak (DIB) – will help with the financing of properties. Because of sharia law, DIB will not let you buy property via a mortgage.

The way it works is like this: DIB will buy your chosen property on your behalf. Then, rather than paying a mortgage, investors pay on a lease-back basis. At the end of this lease-back, investors then buy their property for 1 dirham from the bank.

For those not used to the sharia system, Turner tells us that this lease-back programme effectively equates to a mortgage rate of around 6 to 6.5 per cent. Amlak offers straight mortgages and we can only wonder how these banks ensure that customers keep up repayments when they have no recourse to the property.

One final point worth thinking about regarding property financing, is that Sheikh Mohammed, Dubai’s ruler, has some ambitious plans for the region. The emirate (trust us, we’ve been watching this very closely) has pulled together some very big hitters to develop its international financial services industry. This will extend to revamping laws and creating a very business-friendly environment.

On top of that, Dubai wants to increase its population from around a million now up to around five million by 2008. The effects on the economy and the property market are almost impossible to gauge.

But the point is this: it is entirely wrong to suppose that because it is not a ‘hard currency’ that the dirham will only ever fall in value. Naturally, if you are an international investor whose assets are all denominated in another currency, and you take on a 1m dirham long-term obligation, then you are injecting a healthy slug of currency risk into your portfolio.
Currently the dirham is tied to the dollar 3.65 to 1. However, given Argentina’s diffculties (as it was linked to the dollar too), there is no guarantee that this arrangement will last forever.

Secondary market

Anyhow, while the financing side of property purchase is undeniably important, of equal concern is the ease with which you are able to divest when and if the need arises.

Given that Dubai’s property market has only been properly open internationally since May of 2002, most of the evidence of a secondary market is only anecdotal. Turner of Asteco says there is a secondary market and that initial results suggest capital appreciation from 10 to 30 per cent in just one year on its Palm property resales.





Dubai or not to buy


However, there will also be a glut of new properties, the effect of which is difficult to know.

Turner reckons there are around 38,000 to 40,000 appartments currently being built in Dubai that will be available to the international investor. That is a huge amount to suddenly hit the market. On top of that, Turner estimates there are around 4,000 luxury villas soon to become available.

The question, then, is whether there are enough people willing to spend at least £100,000 a kick for a home in the emirate. Currently, the bulk of Dubai’s economic immigrants work for its tourism industry or its booming construction industry. While some may be wealthy, there are many expatriate Indians working on appalling salaries. These are not the people who will drive the property market upwards, for all that they are incredibly hard-working.

The largest property developer in Dubai is called Emaar, which is also the owner of Amlak. Unlike Turner of Asteco, a spokeswoman for Emaar reckons that freehold-owned properties are now available and that everyone can invest in them. “All Emaar projects are open to UAE & GCC National and expatriate investors on a freehold basis.

“This essentially means that investors have full ownership on the property that they buy and therefore, on completion, have the right to sell, lease or rent their residential units freely and at any time.”

In our opinion, though, Dubai still has a few more steps to take, and there is still a large amount of uncertainty. Many international investors are extremely attracted by the low tax situation in Dubai. Given that a two-bedroom flat might cost £100,000 but save some investors the same amount in tax, it is obvious that the country could attract significant interest.

We have already heard reports of some investors buying property (which bestows residency if carried out correctly) and then visiting Dubai for several months per year merely to lose their home-country tax status.

Whether that advantage is enough to sustain an entire property market is anybody’s guess. And whether up to 44,000 new and fairly pricey properties can be shifted as they come onto the market in the coming years is also uncertain.

But one thing is very certain: Dubai is a great place to live in; it does bestow tax advantages; and once the rules of property ownership are tightened up properly, this market is going to come under scrutiny like never before. It is definitely worth watching.

Incidentally, this is my longest post EVER. lol.

Again, I am not trying to put u off buying property in Dubai, I just want u to see things from both sides.
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Old Apr 25th 2005, 3:44 pm
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Default Re: Renting vs. buying property?

Originally Posted by W10
Will probably come in handy for when Beckham moves into his new pad as well
LOL tooo true and funny, so when you gona pull my other leg
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Old Apr 25th 2005, 3:44 pm
  #35  
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Default Re: Renting vs. buying property?

Originally Posted by W10
Will probably come in handy for when Beckham moves into his new pad as well
heh heh...... that stupid nanny. Why cant they just be left alone???? Is there anyone that actually cares? Jeez. SAD! lol
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Old Apr 25th 2005, 3:48 pm
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Default Re: Renting vs. buying property?

Originally Posted by Rumble Tumble
LOL tooo true and funny, so when you gona pull my other leg
Depends on which direction you want it pulling I guess?
 
Old Apr 25th 2005, 3:50 pm
  #37  
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Default Re: Renting vs. buying property?

Originally Posted by W10
Depends on which direction you want it pulling I guess?
Directions pls any1 any advice would be greatly appreciated
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Old Apr 25th 2005, 3:51 pm
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Default Re: Renting vs. buying property?

Originally Posted by Rumble Tumble
Directions pls any1 any advice would be greatly appreciated
OK, question for a relative newcomer.

Is it better to go out on Monday or Tuesday nights?
 
Old Apr 25th 2005, 3:52 pm
  #39  
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Default Re: Renting vs. buying property?

Originally Posted by W10
OK, question for a relative newcomer.

Is it better to go out on Monday or Tuesday nights?
both? LOL
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Old Apr 25th 2005, 3:53 pm
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Default Re: Renting vs. buying property?

Originally Posted by Face81
both? LOL
I'm out tonight and tomorrow LOL
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Old Apr 25th 2005, 3:54 pm
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Default Re: Renting vs. buying property?

Originally Posted by Rumble Tumble
I'm out tonight and tomorrow LOL
*stalks




*pulls leg
 
Old Apr 25th 2005, 3:55 pm
  #42  
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Default Re: Renting vs. buying property?

Originally Posted by W10
*stalks




*pulls leg
oooooooohhh ahhhhhhh ahhhhhhhh bloody eck not that hard LOL
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Old Apr 25th 2005, 3:57 pm
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Default Re: Renting vs. buying property?

Originally Posted by Rumble Tumble
bloody eck not that hard
You'd be surprised how many times I hear that















Is "never" a surprise?

Last edited by W10; Apr 25th 2005 at 4:01 pm.
 
Old Apr 25th 2005, 4:01 pm
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Default Re: Renting vs. buying property?

Originally Posted by Face81
I am not trying to put u off buying property in Dubai, I just want u to see things from both sides.
No worries mate!
Thanks for the article, some very very intresting comments..
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Old Apr 25th 2005, 4:04 pm
  #45  
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Default Re: Renting vs. buying property?

Originally Posted by stormer
No worries mate!
Thanks for the article, some very very intresting comments..
no probs buddy. Glad I could shed some light on the matter for ya.
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