Property & Investment in Dubai: Your questions about the market

[Naz UK]

What you have got, is a lot of empty JBR flats, gathering dust.

[MaaaD]

I think because of the fact that the majority of completed property has been bought cash and the landlords will not have pressure of payments. So i guess thats why you wont see a quick fall in rental prices since an owner wont mind to wait until he/she gets the price they want rather than bring down the price.

[arshia]

hi, im willing to buy a studio in DEC which is in offer @ 540k for 632square feet area approx... is it a genuine available on first sale basis? bcoz many real estate agencies r dealing with same offer for different promises, kindly let me know if its gud to buy it at this time...? my email address is arshi111@eim.ae

[arshia]

Hi,
i wanted to hv little support, as im planning to buy a studio in DEC tower which is on offer right now at 540000 approx area 632 square feet, is it genuine deal? coz many real estate offering same with different commitments, and saying completion by end 2007 where as by pics i can easily say it wil take 2 years yet if on continue construction without any stops... wats ur say, pls reply im awaitng ur response online
i am interested to buy either a studio or 1 bedroom apartment if its available directly from developer bcoz i need to involve mortgage by ADCB for 90% finance etc
thanx

[Krazy]

what kinda views do you have? what floor is it on? does the payment plan suit your ability to finance it? i think it's a good price, you should get close to 10% rental returns on completion which should be in late 2008.

[arshia]

well frankly speakin, i hv just found this offer on gulfnews , thus checked by phone call , spoke to an agent who asked me to visit dheeraj website... not yet mensioned about which floor is gonna be, bcoz in floor plans, studio is showing no where, where as in written description its mensioned on site... i am just wondering , tomorrow im gonna check, yes payment plan wil suit me best if its directly from developer, bcoz im willing to get it financed upto 90%, hope its gonna work out, and im not wiling for renting it, bcoz im hoping to make it for my personal use . thanx for ur reply, kindly let me know if any of u find some better info regarding the same issue.
bcoz my first choice to buy is in marina, and im hoping for something which should b near completion , otherwise i would just buy a studio , as am already paying rents for existing place of stay .

[dubayyy]

arshia

be careful of this one - when this was launched through an investment company some 18 months ago - it was sold very cheaply at around 700-800 aed/sqft.

when i approachged the agent he admitted that the sizes were gross and not net. i.e. they factor in common areas such as stairwells and corridors which are apportioned to each apartment on a pro rata basis.

this meant that in reality the actual net price was at least 20-25% higher - check the contract and make sure you are buying net sizes

[arshia]

hanks Dubayy, it seems u online, well im more interested in a ready to occupy apartment rather, bcoz i dont wanna get caught in waiting mania, bcoz my basic need is to hav it for living not investment purpose . if u find any gud deals, kindly let me know, it could b a studio or 1 bedroom in ready to occupy status anywhere in marina
thanx

[Morrismarina]

There has been some confusion lately over the exact cost of land registry fees.

Found the Dubai Land Registry fees page here's the link:

http://www.dubailand.gov.ae/ld_websi...s_English.aspx

In "Other Fees" section half way down it shows Sales Registration Fees -Buyer pays 1% and Seller pays 1%

[glover]

was told by Emaar it's 1.5% of the selling price just a week ago. Here is the fact sheet they gave me!

[qwazy]

quick question guys. wat is the interest rate on mortagages in dubai these days. and also, can i take out a mortgage from like a bank or a financer in dubai to buy apartments in other gulf countries? like lets say kuwait? if like the rates in other countries are too high or something?
thanks

[rexdmx]

INTERESTING...


Comment and Analysis


Published: 14/06/2007 12:00 AM (UAE)

Choosing offshore bank account can be difficult
By Kapil Dev Sharma, Special to Gulf News



Q: I am putting some money in my bank account which gives a rate of interest of 3.1 per cent per year). Is that a good return or should I invest it somewhere else? Are there other banks in Europe that can offer a better interest rate?

A: The term good return is very subjective. It depends on what you want to achieve from your money and your risk/reward profile. If you are interested solely in deposits then shopping around to secure the best interest rates can be a lengthy process. There are banks which offer almost double the interest rates mentioned above, depending on various factors, in particular the base currency.

One can achieve double digit deposit interest rates but it will be in a currency that is weak and volatile. When converting the deposit back to a currency that is strong and secure, your double digit returns could be massively diminished.


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Selection

Choosing the right bank account can be a difficult process when placing your money either in an offshore or onshore bank account.

Onshore and Offshore Banks are fairly similar broadly speaking but it is their confidentiality that sets them apart from each other.

Confidentiality offers the international investor an environment where he/she can manage their affairs in the most efficient manner possible.

It is likely that you require a local account in the country in which you live for day-to-day or business costs. However, the bulk of your capital may be better served offshore.

Typical offshore centres are Jersey, Switzerland, Isle of Man, Bermuda, British Virgin Islands, Guernsey, Dublin and Lichtenstein.

When selecting a suitable offshore account, the basic criteria are not that different from the ones when choosing your bank at home - service, convenience and financial stability.

You should look for banks that make it easy and convenient to transfer funds - from any location in the world.

The bank should provide maximum confidentiality, tax advantages in addition to political stability.

You will also need to decide how your interest match the geographic location. Could the EU Savings Directive affect you? As always, it is worth seeking professional advice because careful selection is indispensable.

A popular misconception is that offshore banks are associated with sophisticated financial transactions.

The reality is far from it because offshore banking and investing can be an important financial tool for many individuals.

An important point to take on board is that interest rates should be roughly the same around the world if quoted in the same currency.

If there is a large discrepancy to the contrary then one should examine carefully why that is the case.

If the headline rate sounds too good to be true then have a financial expert cast a wary eye over the offer to identify any conflicts to you securing the best rates and ensuring your money remains safe.

[rexdmx]

why dont you call amlak,tamweel or other finance houses.
last i checked amlak had placed a profit rate of around 8%. tamweel was offering approximately 7%..(if i am not mistaken)
i could give you the number privately if you want..

Originally Posted by qwazy

quick question guys. wat is the interest rate on mortagages in dubai these days. and also, can i take out a mortgage from like a bank or a financer in dubai to buy apartments in other gulf countries? like lets say kuwait? if like the rates in other countries are too high or something?
thanks

[Morrismarina]

Originally Posted by glover

was told by Emaar it's 1.5% of the selling price just a week ago. Here is the fact sheet they gave me!

Sounds like Emaar are trying to scam an additional 0.5% from you. Interesting that you pay the fee directly to them rather than you forwarding a cheque to them made out to the Land Registry !!
The fee was previously 1.5% and was reduced to 1% about 12 months ago. I would guess that they're relying on some people being unware of the fee reduction. I'd take this matter up with Emaar if I were you.
They're obviously out to fleece people by stipulating that if you sell the property on, you'll have to obtain a No Objection Letter from them at a cost of AED 5,000. And they can have a say in who you sell your property to - outrageous !!

[glover]

thanks for alerting me to that. don't think the no objection letter is designed to give power to developers to have a say on who is buying the property; rather, it's to ensure that you don't owe the developer any money (maintenance fee and such). Hope the new condominium law (called Strata Law here), which i hear is about to be released, will change that! but that 5k fee is a rip off to say the least

[Doctor_UK]

guys a quick question...

do the developers always include 'the balcony area' in the area/sqft they tell us? or are there any exceptions?

[True Blue]

Originally Posted by Doctor_UK

guys a quick question...

do the developers always include 'the balcony area' in the area/sqft they tell us? or are there any exceptions?

A few years back each developer had a different way of defining areas. Due to the property registration process, everyone now uses gross or plot size. This is the entire area occupied by the structure including walls or half the wall if it's a party wall. As the balcony is part of the structure it is included although some developers detail them seperately for clarity.

[Krazy]

anyone stacking up on apple stocks?

http://biz.yahoo.com/seekingalpha/07...9_id.html?.v=1

[Plet]

Originally Posted by Morrismarina

Sounds like Emaar are trying to scam an additional 0.5% from you. Interesting that you pay the fee directly to them rather than you forwarding a cheque to them made out to the Land Registry !!
The fee was previously 1.5% and was reduced to 1% about 12 months ago.!!

Sorry if I sound stupid.... Is this something we all have to pay when we take over our apartments?

[Doctor_UK]

thanks for the info true blue... much appreciated