Why invest in Dubai…

You can get finance from several sources. We work with developers who have some 10 or so banks in hand. Some will lend to non -nationals without Dubai status and without having a job there. There are also a growing number of 'Globally' known banks for want of a better word that will lend to a very wide range of nationalities.

Not every country is catered for and applications must be submitted just as if you were buying investment property in your local country.

We work with 10 developers and have all the details about finance.

Paul

Hi All,

Nothing againt Dubai, but could not resist as I just came back from there.. I was born and lived in dubai before I came to Sydney. I have most family there.

few things to consider which only an insider can tell u….

1) its not democracy, its sheikdom… rules can change anytime… and as the ruling family sees fit.
2) for same job, that an arab national does, a white person does or any other nationality. everyone gets paid differently..
3) currently everything is over developed….. but little or no infrastructure in place to support it… yes the train lines are coming,,, but it needs more of everything..
4) there are many many buildings which are sold basically to black money of the world… and most towers in dubai marina, palm jumeirah etc.. are mostly empty…
5) the extreme weather, which everyone knows but living in 50 degrees is not easy..

please consider both good n bad points. n i recomment do visit the place…… n decide for urself.

InvestHut

some very valid points here and most of them require further education on what can be done in this desert land, even now it still holds many treasures, but if you do wnt to buy in dubai there is a somewhat simple rule, buy first hand property from the developer, so better do the financial homework first, come to dubai and purchase the property.

and no you dont require to have a job or business in dubai to live, they will give you a residence visa upon purchasing a property, thereafter give the property to century 21/remax/colliers to manage the property.

its easier to write but its very much possible.

camel_81

For those interested in purchasing in Dubai-

I have just taken the keys to an "off plan" property that I have been waiting for for 3 years.
My thoughts are, that if you can wait that log, ok. but it was very difficult to deal with the "local way" of doing business.
Yes- as mentioned they have a lot of infrastructure, but dealing with the devlopers there is another story.

To cut a long story short- I was told a month ago that the apartment ( located in Dubai Marina) was 100% finished,

 I therefor flew over from France ( where I live), as its too difficult to arrange a "Power of Attorney"  ( docs must be in engish and Arabic, and must be signed by the principal MAN owner in front of a judge in Dubai) sorry ladies( thats the law)

I then went to the apartment for an inspection of the property with the developer, and guess what….. "it hadn't even been painted yet" and there were on going works in progress.
this was also with a well known major developer in Dubai.

The construction work force, is usually from the "poorer" nations, therefor although they can build the 1000's of buildings that are springing up in Dubai at a rapid rate, the "finesse" in craftsman ship and the way of doing this is far behind the "aussie" standards.

But, If you can pick the right location, have a good plan in place it can be a great investment.

 I still feel it will be one of the most profitable investments I have made yet,
but you need to be patient and my advice is to go to Dubai and check it out. I have heard many story's of people buying unseen, off plan "cause its the next hotspot" and yes…. they are getting burnt.

Many of the developers offer a "residancy permit" for the primary "MALE" buyer ( sorry ladies) but having an Aussie passprt, really unless you actually want to live in the hot dessert its not worth the fees and the grueling medical you have to go through( in a small tin shed hospital)
with and Aussie passport you can stay upto 60days.

Insurance over there is a new things also due to the middle eastern ways, so please check about that. if you think your developer has insurance…. "she'll be right/ I 'm sure they do  attitude" you might just want to check with the developer and get it in writing.

i only came back form Dubai a few days ago and would be more than happy to share some advice etc,

I have a great agent that works over there for me, with a reputable, and western company.

but I think the 21% ROI that I am to recieve in cash, paid twice a year into any bank account I want is a good thing to go through the hassel with.

Dubai is great!! it really is,

hope this helps,

J

a post from another forum on Dubai property investment

Ok, I live in Dubai and have done for 3 years. Here is my take, for what it is worth.

Dubai is a bubble, plain and simple. That you could have made money in the last 5 years is not in question. That there might still be profits to be made is also a real possibility. Like any bubble, the expansion can go on far longer than anyone thinks. It did in the US. It did in the UK. The fundamentals are the same. Cheap money, far too much cheap money. Dubai has IRs of negative 10%. That does not bode well for sustainability.

The problem is that from a business point of view, the inflation is killing Dubai's business – well, anything other than oil or construction. Tourism will suffer through higher prices, and expensive air fares. Anyone trying to do media or software development and believed the sheikhs could offer 'a stable low inflation environment' knows that Dubai promises can be broken.

I am also fascinated by some people's convictions that the Dubai government can somehow prop up property prices and 'won't let it crash'. There was a very similar sentiment about the local stock market a couple of years ago. But crash the prices did. Spectacularly. Bail outs from the UAE or Dubai governments? Nope. Nada. Caveat emptor. Buyer beware.

Dubai may have a big disneyworld soon in the shape of Dubailand. It is sunny for much of the year and there are still even a couple of beaches you can get to that have not been taken up with some sheikh's villa or a 5 star hotel.

But who wants to live long term in a country where you cannot view news about the UAE on the internet, unless it is good news, because they censor the internet? Who wants to live in a place where you cannot have a drink without getting a license and going to a poncy 5-star hotel instead of a decent honest bar? Where you cannot hug your girlfriend in public? Where inflation is 20%? Where the roads are populated by drivers whose skills vary between Mr Magoo and a suicide bomber?

I am looking for a nice 4-bed house with a pool to retire to with a mrs and maybe some little georges in a couple of years when I sell my company. Do I…

a. spend close to a million quid to live in a third world country, nestled between some of the most fanatical and dangerous countries/populations in the world, where the government can change the rules overnight without any consultation and where you will always be a second class citizen as a foreigner and where any growth is purely inflationary such that real growth is possibly already negative (unless you believe the govt inflation figures of less than 10%, which no one does)

b. spend 200k GBP for a spanking big house in florida, down the road from the actual disneyworld and not some pale islamic compliant approximation, with fantastic beaches, where english is spoken, you have rights and a proper legal system to protect your interests, and are not in the middle of the future battlefields of ww3 and you are free to say the president is an idiot with the full force of the law and the constitution to protect you?

No one from a free country who has lived in the UAE for more than a couple of years sees it as anything more than a way to make some money and run. No one sees themselves here in 5 years time, let alone 10.

Is there money to be made from property in Dubai? Sure, the bubble might run yet. But anyone who thinks long term Dubai has anything to offer that is better than developed western countries is dreaming. The inflation will kill it as a business prospect long before it gets there.

The people talking down the prospects of a crash are using the same tired lines they used in the US, UK, Spain and Ireland…"no, this place **really** is different from those others". Cheap money = bubble = inflation = crash.

These are fundamental laws of economics. The higher the oil price, the higher the inflation. The only thing that could save Dubai long term is a floating currency and massive interest rate rises to squash inflation. But the guys running it genuinely believe that somehow inflation will all just sort itself out, even though they're pumping up the money supply by 40% per year. The heat must be frying their brains.

sounds too dodgy and risky to me – why invest in an unknown, when you can profit in your own country.

Overdeveloped…..will take decades to normalise.

I can think about hundreds of better cities to buy into.

being an "open city", Dubai is also the place wherein business opportunities are abundant. but  if you're thinking to live in Malaysia, finding a Malaysia Property is hard  so you need something like a middlemen to fix this things for you