Buying property in Dubai- anyone done/doing it?

knuckledragger

I was reading an advert in the Mail on Sunday today re properties to be bought off plan in Dubai:

http://www.dubaiselect.com/

Anyone involved in doing this?

sophistica

Hi I have thought of doing it - Dubai is supposed to be the hottest property market. Have you ever read "Rich Dad Poor Dad" by Kiyosaki? I would check out the rental market to see what impact that is having when there is so much new property up for sale. I went two years ago to Sarasota in Florida, looking at property there. I didn't buy because I couldn't see how it could pay for itself....big mistake that market went up 40% each year for the last two years. What's the downside? You can't tell much without going out there ot see what the issues are for yourself.

Tassotti

Have researched the Dubai market...no quick money to be made any more...too many empty apartments..poorly built..Palm is sinking into the sea.

No locals can afford to rent the apartments

May be okay for long term, but no resale market to speak of yet.

Some developers giving away free Jaguar cars to try and sell.

Bubble set to burst IMO

exil

Well, there you go, two opposite opinions - and either could be right.

It's a personal decision, and to do with how much money you've got, and your attitude to risk.

Don't fancy it myself. Buying property somewhere in the middle of a region which the West and fundamentalist Islam is engaged in a power struggle? No thanks.

Tassotti

exil is totally correct with the 'attitude to risk' statement. I have taken risks in the foreign property market, but not without a great deal of research into my chosen areas.

The question really is, is this purely investment for you. Could you afford the mortgage repayments if no rent coming in. Or is it a nice holiday home you are after which you, your friends and family can use.

Tass

Thefunkygibbons

Great part of the world and has grown massively

The current high oil price means loads of money so a booming economy

Pal

But property is a long term investment, and the oil will run out eventually....

Wirenth

Dubai is a major port and commerce centre. It is not solely reliant on the oil from the economies around it.

My father has lived over there for the last 8 years. Dubai is booming quite nicely, but at the moment there has been a great deal of overbuilding going on. If you do buy, there are loads of expats to rent to as well as visitors to the twice-yearly shopping festival. Just pick your spot carefully.

nmiah786

exil wrote:

Don't fancy it myself. Buying property somewhere in the middle of a region which the West and fundamentalist Islam is engaged in a power struggle? No thanks.

Wow, what a wondrful statement!!!!! I'm sure it could have been phrased a little bit better........There is Middle East but not Middle West, there is no West in Middle East!!!. Islam is a religion, I get that, but I dont know what religion fundamentalist Islam is!!! Anyway, thats another argument.

Apologies for the deviation OP....

Halaku

He does have a point, buying property in a muslim country does have its risks.

The property market is risky enough as it is, buying in any foreign country, even spain makes it far more riskier. It would be better to invest your money elsewhere, like the stock market

That said, I wouldn't mind visiting Dubai. Maybe I will, when the Burj Dubai is finished

nmiah786

I'm not commenting on his point, I'm commenting on the way the point is being made!!!