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#COMPLETED: BAY CENTRAL, 36F+50F Res, 155m+180m. INTERCONTINENTAL HOTEL 36F Hotel, 155m (Dubai Marina)

1M views 10K replies 322 participants last post by  FWIW 
#1 ·
#10,001 ·
TAX QUESTION for UK Investors

Hi there,

I haven't posted on this forum for sometime. I'll try and keep this brief.

I'm an owner in BC, 1 bed central tower. Purchased via the long term payment plan. I'm now started to work out the income tax situation based on the rent received. Also my contract just mentions the total purchase cost, inc interest (which is isn't quite), no explicit mention of finance costs, like a standard mortgage in the UK. Working with my accountant i'm now trying to establish the income tax situation and also the future capital gains tax situation.

I just really want to speak to anyone who's in a very similar situation. Purchased on the LTPP, UK resident etc, also with the new BTL income tax rules being introduced in the UK more tax will be payable.

Please DM me or post a reply if you can assist me. I'm aware of all the basic tax implications.
 
#10,002 ·
i have been offered 1 bed in this project at a reasonable price while the rental is 110k.
I am not sure about the quality of work because in silverene the 1 bed is quite expensive yet not much different in rental value... so am inclined towards bay central
any one has had any issues of maintenance or others on his investment in BC,please advice
cheers
 
#10,004 · (Edited)
Hi everyone.
I've been absent for some time so pardon me if my Q's are a bit dated.
I escaped from my 1 bedroomed apt back in 2013, sold at a break even price.
Had I held on in retrospect I would have been in considerable profit at this point in time.
It proves although the poor build and the lies told and carried out by Select have made little difference to the financial success of the project.
Right or Wrong.
Pelemiller
 
#10,005 ·
Hi
Yes like many of the dev now completed on the Marina, Bay Central has done well - mainly down to it's great location. With the hotel finally finished the exterior/curb side appeal also looks very good. Internally Select handed over a real mess, which OA and Kingfield have worked hard to rectify and bring up to a good standard.

The communal areas appear very organised and of a good standard but not 5* as promised. As I rent my apt on short rental basis, I can't speak for long term rental rates and ten void periods.
 
#10,006 ·
Hi
Yes like many of the dev now completed on the Marina, Bay Central has done well - mainly down to it's great location. With the hotel finally finished the exterior/curb side appeal also looks very good. Internally Select handed over a real mess, which OA and Kingfield have worked hard to rectify and bring up to a good standard.

The communal areas appear very organised and of a good standard but not 5* as promised. As I rent my apt on short rental basis, I can't speak for long term rental rates and ten void periods.
Hi ianthy yes I agree with everything you say being an ex owner. One thing that really disappointed me was recently visiting the Bay Central hotel and getting the full tour there. The pool area which is really nice has the most amazing view across the marina which is just perfect and of course was exactly what we were promised on all our plans for the apartments net door. Unfortunately Select decided to install those hideous duplexes completely blocking any marina view
 
#10,007 ·
Hi
Yes like many of the dev now completed on the Marina, Bay Central has done well - mainly down to it's great location. With the hotel finally finished the exterior/curb side appeal also looks very good. Internally Select handed over a real mess, which OA and Kingfield have worked hard to rectify and bring up to a good standard.

The communal areas appear very organised and of a good standard but not 5* as promised. As I rent my apt on short rental basis, I can't speak for long term rental rates and ten void periods.
Hi
In your opinion would it be a good investment now.
Without been impolite does short term rentals cover your management/ maintenance yearly fees.
Thanks Keith
 
#10,008 ·
Hi
In your opinion would it be a good investment now.
Without been impolite does short term rentals cover your management/ maintenance yearly fees.
Thanks Keith
I cant comment on if BC would a be a good investment now. I guess there are many developments around the Marina completed. If you want high returns there may be developments in other areas that cost less and give better returns.

For short term rental (STR), I make enough to cover the costs and we spend 2 months a year in Dubai staying in our own apt. You do need to remember that STR is a very hands on offer, you are dealing with guests on a weekly basis, there is admin, replacement furniture and regulations too.
 
#10,010 ·
Today from Marina Mall Food Court.
 
#10,011 ·
#10,012 ·
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