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Any problems in flipping in the UAE?

Discussion in 'Dubai property' started by Peters, May 3, 2008.

  1. Peters

    Peters New Member

    Hi guys,

    Have any of you found any significant problems in flipping your properties after say 6-9 months in the UAE this year?

    My intention is to buy at at pre-launch prices and then flip the property on after making a couple of installments, obviously I'd have to negotiate hard to achieve best price on purchase in order to maximise my profit

    Also this plan would only work if there is a healthy resale market in the UAE but I'm told things are crazy at the moment and it's huge seller's market at the moment and very easy to sell.

    Could anyone tell me if this is true and give me their personal examples or perhaps give me a cold reality check on my "gambling" plans.

    Thanks
     
  2. Gashead

    Gashead New Member

    Thousands of people have done this and thousands like me have bought from someone unable or unwilling to buy the next installment. Just check the small print on your contract and how much tax/transfer fee you'll have to pay. I bought a 2B in JBR 10 months ago for Dhs. 1.3m from someone doing the exact same thing. They made a decent profit when they sold, I've made even more since.
     
  3. Peters

    Peters New Member

    Could you give me a rough idea on what the "average" amount of tax/transfer fees are charged on flipping a property.

    Thanks

    (BTW, what would you do with an investment of 150,000GBP currently in Dubai?)
     
  4. Roshan

    Roshan New Member

    2% of the original sale value. Flipping is not as easy as what it used to be. I have friends who are stuck with their investments.

    150 K GBP could get you studios & 1 BDR.

    Roshan
     
  5. LuckyNumber

    LuckyNumber New Member

    My brother just gave me 150k GBP to invest for him.

    I told him he could gamble and put that down as a 10% payment and hope for a 10% rise. He's still deciding.

    Have been doing that for the last year now and have been very successful. If you don't mind walking away from money then you can do amazing things in Dubai. Thankfully I have not walked from anything yet, but I full expect to at some point in the future.

    What a lot of people don't know is that you can get half price real estate if you pay 100% cash now.

    Example I bought 18 studios in Abu Dhabi at 700 aed / ft. market rate is 1750 aed plus premium on a payment plan. I also bout Q point and paiud less than 400k aed for 1 bedroom places.

    Cash deals are very hot right now and virtually risk free (if you buy a bank related property such as First Gulf Bank) They hgave been appreciating really well.

    As far as other investment opps go, then I would probably look at areas such as JBR, Discovery Gardens, Abu Dhabi villas etc. There are literally loads of places to invest and loads of shady people selling you stuff so buyer beware. I have been ripped off twice and ended up putting one guy (British) in jail for 9 months! Use reputable companies if you can!

    Good Luck
     
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