Buying in Dubai

magicgenie

Hi everyone
i'm a Brit expat living in Dubai presently looking at buying here.

I hear there was a programme on tv last week in the UK regarding buying in Dubai. I wondered if anyone saw it and could take a second to summarise what was said?

hope to hear from you, kind regards
Alex

RHemmings

magicgenie wrote:

Hi everyone
i'm a Brit expat living in Dubai presently looking at buying here.

I hear there was a programme on tv last week in the UK regarding buying in Dubai. I wondered if anyone saw it and could take a second to summarise what was said?

hope to hear from you, kind regards
Alex

My first thought on reading this was "There are still people who want to buy in Dubai?" But I haven't heard for a long time what is happening in the property market in Dubai. I thought they had built huge numbers of flats which couldn't be sold. Has there been a crash so that prices have dropped to a level where they make a sensible investment?

F_T_Buyer

Not sure of any program about Dubai recently. Although I don't watch that much telly.

I would like to hear some anecdotes about Dubai? Has it still got 16% (or whatever) of the world's cranes? How's the property market doing out there?

magicgenie

Hi
yep, still got cranes everywhere you look. Presently, there's not sufficient property to fullfill demand and landlords are makin a killin. The https://www.burjdubai.com worlds tallest building is going up a floor every few days, up to around 70 at the moment, a stones throw from where I'm paying crazy rent, the plan i think is to hit 200 floors.
Interest rate is 8% average. There are q's to buy property when it becomes available, it's unreal. I wanna buy near the Burj, I'm watching the market like a hawk, i reckon downtown near the Burj is the place to buy, imagine how many thousands of people are gonna come to visit the worlds tallest building when it's ready, like they do Taipei now and what it's gonna do to property prices. Some people have a gloom and doom attitude to the property/mortgage market out here as it's very new and laws are still being passed. But everyone that I know that's bought are v happy and have already made lots. My property in the UK is costing me too much with agents fees/repairs etc so I'm just considering all options...

RHemmings

magicgenie wrote:

Hi
yep, still got cranes everywhere you look. Presently, there's not sufficient property to fullfill demand and landlords are makin a killin.

What are typical yields on rental properties in Dubai? What sort of people live in the properties? What are the planning laws like? Can people just put up more buildings to meet any demand for property? I wouldn't think of Dubai having any restrictive "green belt" policies. Who are the people who are providing the "demand" for rental property in Dubai?

Putting "dubai property" into a search engine results in huge numbers of links for companies selling properties. There are claims of 7-8% rental yields, but they seem to vary a bit. And be provided by the people trying to sell property.