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Buying in Dubai

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  • 24-05-2005 4:40pm
    #1
    saharzie
    Closed Accounts Posts: 48 ✭


    Has anyone else here bought in Dubai? Will be moving over there next month and will be buying a 2 bedroom apartment as rents are very high and this will allow me to get on property ladder.
    Prices are reasonanable compared to here - I am looking at 1100 sq ft, 2 beds, semi-furnished place for 160,000 euros. Was annoyed about maintenance fee (90 euros p/m) until I saw the charges in the sticky on this page. You do get use of swimming pool and gym/sauna in building plus its 3g wired building. 15 mins walk to work in Dubai Media City.

    - Has anyone else considered buying, even as rent to let place? Rents are going up in Dubai almost by the month it seems.

    - Does anyone know of a mortgage providers who will provide mortgage without me having to release equity on my parents home (in effect they will be getting the mortgage)

    cheers
    Post edited by L1011 on


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    #2
    Victor
    Registered Users Posts: 78,404 ✭✭✭✭Victor


    I would be careful (but not necessarily wary). Surely you should try the place out before you buy?

    The region will probably go through shifts in the next few years, with the higher price of oil and political shifts.

    You probably won't want a euro-denominated mortgage as there are likely to be fluctuations with the dollar and dirham.


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    #3
    siralan
    Registered Users Posts: 80 ✭✭siralan


    Has anyone bought in sports city dubai ? I bought off plan in 2006 and I'm still waiting on an apartment ? My apartment is in the Venetian Tower of canal residence west , anyone got any update? DSC seem to just fob me off all the time saying its 6 months away from completion.


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    #4
    HonalD
    Closed Accounts Posts: 1,288 ✭✭✭HonalD


    siralan wrote: »
    Has anyone bought in sports city dubai ? I bought off plan in 2006 and I'm still waiting on an apartment ? My apartment is in the Venetian Tower of canal residence west , anyone got any update? DSC seem to just fob me off all the time saying its 6 months away from completion.

    I was there in April and nothing was being built around Sports City. Plenty of building shells and cranes but no action whatsoever.


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    #5
    HonalD
    Closed Accounts Posts: 1,288 ✭✭✭HonalD


    Victor wrote: »
    I would be careful (but not necessarily wary). Surely you should try the place out before you buy?

    The region will probably go through shifts in the next few years, with the higher price of oil and political shifts.

    The City is vast - no map shows how vast it is. Staggering. My opinion is that I would not buy anything unless someone living there recommended it.


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    #6
    Lantus
    Registered Users Posts: 3,027 ✭✭✭Lantus


    saharzie wrote: »
    15 mins walk to work in Dubai Media City.

    - Has anyone else considered buying, even as rent to let place? Rents are going up in Dubai almost by the month it seems.

    - Does anyone know of a mortgage providers who will provide mortgage without me having to release equity on my parents home (in effect they will be getting the mortgage)

    cheers

    Walking to work in Dubai! 15 minutes is a long way in 40+ degree heat even in the early morning during the summer (it was 40 degrees at midnight in August!) and the humidity in September, ouch!

    Have you been there before??


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    #7
    siralan
    Registered Users Posts: 80 ✭✭siralan


    I have a studio for sale in international city for AED300,00 if your interested .


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    #8
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    8 year old thread lads. FFS leave it out.


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    #9
    Custardpi
    Registered Users Posts: 2,807 ✭✭✭Custardpi


    Man, it's weird reading posts like the OP now after all these years. "Get on the property ladder", "release equity", those were the days, eh? I wonder if he/she did invest after, & what the apartment is worth now.


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    #10
    jmayo
    Registered Users Posts: 13,186 ✭✭✭✭jmayo


    Custardpi wrote: »
    Man, it's weird reading posts like the OP now after all these years. "Get on the property ladder", "release equity", those were the days, eh? I wonder if he/she did invest after, & what the apartment is worth now.

    Not to mention if the apartment exists or if the developer has disappeared leaving a big hole in the ground.

    Having gone to a fair few foreign property shows, including one by a company I am not sure I can name for legal reasons (but lets say it was owned by the owner of an English soccer club beginning with Peter :rolleyes:), the amount of scams and shoddy sales that was going on was enough to show that some day people would be stung big time.

    One of the dodgy ones I came across was buying apartments in Bulgaria where registered price was lower to avoid paying vat (sound familiar to anyone with knowledge of Spain) and deposits were to go to bank accounts in Hong Kong.

    I am not allowed discuss …



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    #11
    siralan
    Registered Users Posts: 80 ✭✭siralan


    I agree , different times now! The mad reality of it is there is incredibl value in the property market now and nobody is interested. If investors want to buy credit is non existent .


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    #12
    Custardpi
    Registered Users Posts: 2,807 ✭✭✭Custardpi


    siralan wrote: »
    I agree , different times now! The mad reality of it is there is incredibl value in the property market now and nobody is interested. If investors want to buy credit is non existent .

    What are you using as a reference point, 2007 prices? Property prices are still correcting (though there's probably a few places close enough to the bottom), with the global economy in the doldrums for the next few years I'd personally hold off "getting on the ladder" as they used to say.


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    #13
    siralan
    Registered Users Posts: 80 ✭✭siralan


    I'm basing in on buy to let yields as high as 20% in some cases. It's a no brainer and a pretty safe long term investment in that property could still fall a bit but it is underpriced and eventually must rise.


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    #14
    barrackali
    Registered Users Posts: 425 ✭✭barrackali


    siralan wrote: »
    I'm basing in on buy to let yields as high as 20% in some cases. It's a no brainer and a pretty safe long term investment in that property could still fall a bit but it is underpriced and eventually must rise.

    FFS, this is the kind of behaviour that got Ireland into its current problems.....greed!


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    #15
    jmayo
    Registered Users Posts: 13,186 ✭✭✭✭jmayo


    siralan wrote: »
    I'm basing in on buy to let yields as high as 20% in some cases. It's a no brainer and a pretty safe long term investment in that property could still fall a bit but it is underpriced and eventually must rise.

    Yield is the important one.
    If you have cash, dont need credit, and with good yields then yes you can make money.

    But don't hold your breath on prices eventually rising anytime soon.
    And FFS stop comparing prices to 2006/2007 as an indicator of good value and being underpriced.

    Once again I invoke Japan as an example how badly property prices could fair after a massive bubble.
    Oh and that even takes into account a period where there was a property bubble almost everywhere else in the world.

    I am not allowed discuss …



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    #16
    the_syco
    Registered Users Posts: 37,300 ✭✭✭✭the_syco


    siralan wrote: »
    Has anyone bought in sports city dubai ? I bought off plan in 2006 and I'm still waiting on an apartment ? My apartment is in the Venetian Tower of canal residence west , anyone got any update? DSC seem to just fob me off all the time saying its 6 months away from completion.
    Looking at previous such threads, I'd wonder if you'll ever get your money back, nevermind an apartment! Six years on, and I'd wonder if they've even started the project yet, or if their business plan is to fob people off until they get sick of it, and walk away?


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    #17
    siralan
    Registered Users Posts: 80 ✭✭siralan


    Barrackali what do you mean thats what got Ireland into a mess 'greed' ..... thats a ridiculous comment. Whats wrong with investing in a property that will pay for itself in 5 years ? Whats wrong with trying to improve ones personal situation or whats wrong with investing in a property as a pension. Maybe you were born with a sliver spoon but I was born into poverty and worked my backside off to build a better life for myself and my family. As long as Im healthy and able to work I will strive to improve myself every day and you shouldnt just tar everyone with the same brush. Dont confuse greed with ambition.


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    #18
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    barrackali wrote: »

    FFS, this is the kind of behaviour that got Ireland into its current problems.....greed!

    No it's not. Purchasing property as an investment at 20% yield is very very different to the property 'investment' that went on in the bubble.


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    #19
    ronjo
    Registered Users Posts: 3,358 ✭✭✭ronjo


    siralan wrote: »
    Has anyone bought in sports city dubai ? I bought off plan in 2006 and I'm still waiting on an apartment ? My apartment is in the Venetian Tower of canal residence west , anyone got any update? DSC seem to just fob me off all the time saying its 6 months away from completion.

    Is this for real?
    You bought off plans 7 years ago and have seen nothing yet?


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    #20
    the_syco
    Registered Users Posts: 37,300 ✭✭✭✭the_syco


    siralan wrote: »
    Whats wrong with investing in a property that will pay for itself in 5 years ?
    It's been six years, and the place hasn't even been built yet, so how's that going for you?


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    #21
    siralan
    Registered Users Posts: 80 ✭✭siralan


    What's that suppose to mean how it's going for me ????? How do u think its going.


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    #22
    MadsL
    Registered Users Posts: 20,299 ✭✭✭✭MadsL


    siralan wrote: »
    I'm basing in on buy to let yields as high as 20% in some cases. It's a no brainer and a pretty safe long term investment in that property could still fall a bit but it is underpriced and eventually must rise.

    Oh the dreamers....


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    #23
    Atlantic Dawn
    Registered Users Posts: 82,589 ✭✭✭✭Atlantic Dawn
    M


    With that money you could buy 2 relatively good houses with no maintenance fees in $hithole areas in Dublin, buy them in areas with good transport links to the city and you will rent them out no problem, yield might be 10-12%. Cuts down on costs associated with investigating propery in Dubai and travel there when needed.


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    #24
    siralan
    Registered Users Posts: 80 ✭✭siralan


    AED = Arab Emirate Dirhams ..... Not euro, I dont think €60k would buy 2 houses in Dublin !


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    #25
    Atlantic Dawn
    Registered Users Posts: 82,589 ✭✭✭✭Atlantic Dawn
    M


    siralan wrote: »
    AED = Arab Emirate Dirhams ..... Not euro, I dont think €60k would buy 2 houses in Dublin !

    You mention 160,000 euros in your original post so I assumed that was euros.


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    #26
    Victor
    Registered Users Posts: 78,404 ✭✭✭✭Victor


    siralan wrote: »
    Whats wrong with investing in a property that will pay for itself in 5 years ?
    Nothing particularly wrong with it.

    However, the market is saying that the property is a profound risk and recovering your investment may be very difficult.


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    #27
    jmayo
    Registered Users Posts: 13,186 ✭✭✭✭jmayo


    siralan wrote: »
    Has anyone bought in sports city dubai ? I bought off plan in 2006 and I'm still waiting on an apartment ? My apartment is in the Venetian Tower of canal residence west , anyone got any update? DSC seem to just fob me off all the time saying its 6 months away from completion.
    siralan wrote: »
    I have a studio for sale in international city for AED300,00 if your interested .
    siralan wrote: »
    ... Whats wrong with investing in a property that will pay for itself in 5 years ?

    As the_syco highlighted that hasn't worked out so well for you in Dubai.
    You have already gotten stung, but you are still gung ho about property.
    siralan wrote: »
    Whats wrong with trying to improve ones personal situation or whats wrong with investing in a property as a pension. Maybe you were born with a sliver spoon but I was born into poverty and worked my backside off to build a better life for myself and my family. As long as Im healthy and able to work I will strive to improve myself every day and you shouldnt just tar everyone with the same brush. Dont confuse greed with ambition.

    There is nothing wrong with wanting to improve you and your families lot, but you still appear to think property is the best way to go and that is even after you have been burnt.

    Buying in Dubai, no more than a section 23 in a Leitrim village, was always about greed and not sound long term investment.
    In your case you went for two properties in Dubai.
    Let me guess you reckoned property was the way to go, prices had gotten too high in Ireland and besides the returns were going to be massive in Dubai.

    Shure why didn't you go for Cape Verde as well.
    BTW have you been to Dubai or had you been before you pruchased ?
    siralan wrote: »
    AED = Arab Emirate Dirhams ..... Not euro, I dont think €60k would buy 2 houses in Dublin !

    Then again you aren't buying into a manufacturer hole thousands of miles from home, in a country where the whim of it's rulers or it's neighbours could end your investment overnight.

    I am not allowed discuss …



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    #28
    MadsL
    Registered Users Posts: 20,299 ✭✭✭✭MadsL


    siralan wrote: »
    AED = Arab Emirate Dirhams ..... Not euro, I dont think €60k would buy 2 houses in Dublin !

    Nope, but will get you two apartments in Belfast.

    http://www.daft.ie/searchsale.daft?id=685081


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    #29
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    siralan wrote: »
    I'm basing in on buy to let yields as high as 20% in some cases. It's a no brainer and a pretty safe long term investment in that property could still fall a bit but it is underpriced and eventually must rise.

    The yield on the apartment referred to in the quoted post below:
    siralan wrote: »
    Has anyone bought in sports city dubai ? I bought off plan in 2006 and I'm still waiting on an apartment ? My apartment is in the Venetian Tower of canal residence west , anyone got any update? DSC seem to just fob me off all the time saying its 6 months away from completion.

    is.........0%


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    #30
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    A 15 minute walk to work in Dubai when it's really hot would be horrible.


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    #31
    siralan
    Registered Users Posts: 80 ✭✭siralan


    The first aptarrtment I bought in 2006 has paid for itself in 6 years so quite a good yield I would have thought. The second in Dubai sports city has faced delay after delay and caused me no end of stress and annoyance. Hindsight is obviously a great thing but I don't agree that is or was greed. I only borrowed 42k at the time which is now paid back ahead of schedule. I still think property is a sound investment long and term if bought at a fair price and good rental yield, but never should be bought for short term investment.


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