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Re: Staying in Dubai- Buying vs Renting
I think I am aright in saying that another consideration is that you are not allowed to do a final exit from Dubai unless all loans and debts are paid.
This would mean that you would have to sell your property before you leave. This would be compounded and made worse if the value of your property had gone down below the value of the mortgage/loan (as it did around 2007) and you would have to pay off the difference in the loan. A work colleague bought a villa for around £250,000 in 2007. By 2009 it was worth half that. Luckily she was able to stay working in Dubai until it recovered back to it's original value. Another colleague has paid the deposit for a property in 2007 using a loan. The property has never been built. They are currently fighting to have the loan wiped as the building is unlikely to happen. Rent, Rent, Rent, Rent every time:amen: |
Re: Staying in Dubai- Buying vs Renting
Buy a big boat and live in a harbour...actually a friend of a friend did this an AUH in the silly times of 2007.
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Re: Staying in Dubai- Buying vs Renting
Originally Posted by TGFKASE
(Post 11920470)
Oooohhh. High praise from the all-knowing one..
If O&G's love affair with me ever cools, I might head for the finance world..!!! |
Re: Staying in Dubai- Buying vs Renting
Originally Posted by WowEyes
(Post 11920503)
:( :( The thought of all that rent money is just making me cry.....
DH's company offers an all in cash package - no housing there. Maybe I can search for a job with one of these lovely companies that offer HA and allow rent to buy..... How do I find them? Buying here has to be a long term option taken on with your eyes open. Don't believe the hype, property is not immune from risk, and pay attention to what everyone is saying on here. We might know a thing or two about what goes on... |
Re: Staying in Dubai- Buying vs Renting
Well - whose buying all these properties here then?? I think for expats it's mostly Indians, Pakistanis and Brits. in that order. Lots of people buy and sell property here all the time. I bought a property in 2007. If I sold it now for even less than I paid for it I would make money on the currency if converting to Sterling.
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Re: Staying in Dubai- Buying vs Renting
Originally Posted by Norm_uk
(Post 11922820)
...
No doubt people do make money on it. The point is there are far more risks than buying property in other countries. There are investment professionals in these forums. I'm glad to hear you could still make money on yours. I know people who have lost a lot on property because speculation and short term gains nature of the region overrides all other considerations. N. |
Re: Staying in Dubai- Buying vs Renting
Originally Posted by Meow
(Post 11924640)
Quite. Just because one person has done alright, over a period of nine years I note, it doesn't mean everyone else would be okay. Could "logic" be more flawed?
The 30% GBP drop won't be repeated for a while - unless of course BREXIT totally destroys the currency. |
Re: Staying in Dubai- Buying vs Renting
Originally Posted by Norm_uk
(Post 11925070)
Most people use emotion rather than logic to invest.
N. |
Re: Staying in Dubai- Buying vs Renting
Hmmm..... property prices in central London are becoming un-affordable. Maybe time to buy a cottage on the southern coast of France or Italy.
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Re: Staying in Dubai- Buying vs Renting
Originally Posted by Norm_uk
(Post 11925069)
No one knows what BREXIT will do.
But I think totally destruction of the currency of the world's 5th largest economy is a rather silly. There will be short term movements based entirely on sentiment then when people realise the crops haven't failed and babies aren't being born with two heads they will carry on as usual. Long term it could be very interesting. The UK's trade deficit with Europe is shocking. Being able to trade freely with anyone could close the deficit gap and put the UK on a stronger footing. N. But do not forget September 16th, 1992. |
Re: Staying in Dubai- Buying vs Renting
Originally Posted by Meow
(Post 11921668)
Do I make you feel good? ;)
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