i need help pleaze..

[mango807]

hi i am mango807 from sweden.. i am intrested in bying a apartment in dubay and rent it out later.. i was thinking of an apartment in the range of 300 thousend dollars,.. size is not importent.. wat importent for me that it is rentable through an agency all year..
how do i do to start the who;e thing.. do i go down there and find an apartment and give a downpaiment to open a bank accout to send the rest of the mony.. or what..

 

[Wannaberich]

Wait a while as prices may drop further.Also if your currency is strong against the dollar/dirham then it will be cheaper to buy if your currency is weak against these two.
If you decide to buy get something in the Marina or Old Town.

 

[maw0504]

Marina and Old Town are both seeing increases. For that budget, I would look at The Greens - nice, steady investment.

 

[Wannaberich]

Increases?sorry but I find that hard to believe.I read Springs is rising too.

 

[Peterbiv]

That's a wonderful idea, if you have the money for an apartment in Dubai, but I don't think that you will make a fortune with just one apartment, good luck though!

 

[financier888]

investing in Dubai

I would follow DuBuy's advice and wait - take your time and don't jump into anything! The closer you wait till summer the better as prices will continue to decline - irrespective of what hype you may read in the media.

The first thing you need to do is to source a good, professional attorney. There is a lot of red tape connected to the transaction and you need to protect yourself and your investment - especially as it relates to the proper documentation and filings.

Insofar as location goes - yes, International City is cheap and can easily be rented but you run a risk as an absentee owner - namely - some agent filling your studio with 6-8 low wage construction workers and trashing your place. (this has happened many times!) In addition, it's not a desirable location you'd want to live in. Drive around the complex at night and see for yourself.

The Marina or the Jumeriah Lake Towers is far more preferable and offer good value for your money. The Greens is also good and highly desirable. Old Town is one of the best locations and the values have dropped by 50% + - great location and Dubai prime but, there are many vacancies there - so you need to determine how rentable the property will be.

ALSO - VERY IMPORTANT! - you need to check the 'maintenance' charges - the yearly re-occurring fees - which in some cases are a total rip-off. One of the problems with Old Town is that these fee's are the highest in Dubai. (Not sure if the owners formed an association to take control and reduce them yet) In Old Town - the yearly maint/ fee's for a small one bedroom was AED 25,000 - per year - which certainly puts a dent in your rental income.

Opening up a bank account should not be an issue and HSBC is a good bet - avoid Standard Chartered - dreadful service and a nightmare.

good luck and TAKE YOUR TIME - plan to spend some time there and do your homework!

 

[ahd_n]

hi i am mango807 from sweden.. i am intrested in bying a apartment in dubay and rent it out later.. i was thinking of an apartment in the range of 300 thousend dollars,.. size is not importent.. wat importent for me that it is rentable through an agency all year..
how do i do to start the who;e thing.. do i go down there and find an apartment and give a downpaiment to open a bank accout to send the rest of the mony.. or what..

First, you need to select your apartment in Dubai then negotiate the price.I might be able to help since am a lawyer in Dubai my mobile number is:***********

 

[Wannaberich]

For quality and price Silicon Oasis is the best bet in Dubai.There are some great deals out there,not much higher than Int City yet its a far superior area with huge potential.

 

[Majid]

Surprised I am reading negetive comments about the Dubai Property Market. When people were making money this was the best place and best market to invest and buy property. Right now why are people only blaming Dubai Property Market ???

Havnt the US & Uk property markets suffering ?? Why are people only talking negetive about Dubai Property Market ??? Because now people are not making money the way they use to ??

Dear Mango, People will tell you tens of different things, its there opinion. If you start listening to people you will not be able to take a step ahead.

The prices in Dubai are very stable and there is hardly any reason now for the prices to drop. Infact the prices are rising in different areas like The Down Town and Dubai Marina. Even in springs the prices have come better in recent times.

If you are looking at investment, 1st see what is your budget, accordingly pick the area and start the search. Get a profession real estate agent to help you out with the search. "Professional" is important. I agree international city is cheap at the moment but its hard to get the apartment rented since there are a lot of apartments available.

JLT-Dubai Marina Is a good location & in demand. JBR is a good area as well. You can start your search through the internet.

 

[goldeneagle]

i don't understand - what do you want to do with a $1000?

 

[Majid]

Its not a 1000$ its 300 thousand dollars. 300,000.

 

[farooki]

For quality and price Silicon Oasis is the best bet in Dubai.There are some great deals out there,not much higher than Int City yet its a far superior area with huge potential.

Dubai Silicon Oasis is a leasehold property and not a freehold property do keep that in mind.

 

[Wannaberich]

Dubai Silicon Oasis is a leasehold property and not a freehold property do keep that in mind.

I know but I think its pretty irrelevant.In fact they are going to make the Cedre Villas at DSO freehold.

 

[Land Sterling]

I know but I think its pretty irrelevant.In fact they are going to make the Cedre Villas at DSO freehold.

Cedre Villas at DSO phase 2 are now freehold, they got the approval yesterday.

I guess thats good for DSO

 

[Majid]

Dubai Silicon Oasis is a leasehold property and not a freehold property do keep that in mind.

Well. For your information, DSO is leasehold but land department is issuing title deeds for the apartments over there.