Property In Dubai

Scarlet Pimpernell · May 19, 2007

Guys - any advice? The whole place looks like a Building site, but it seems everyone is interested in buying. I don't get taken in by sales patter, but it does seem a good investment.

Any advice on where to buy, financing etc?

Anyone ?

maneesh · May 19, 2007

Well, some argue that it's better to buy a place that you can rent out to expats going to work there as that's a more stable market, but then some argue the holiday let is a better option.

Why not buy a villa near Dubailand? That's gonna be huge when it opens!

"Dubailand is the vision of Dubai's current ruler Sheikh Mohammed bin Rashid Al Maktoum. The development is expected to be a full featured city divided into six theme worlds. The short range goal of the Dubailand is to attract 15 million tourists to Dubai by 2010. Developers expect to accomplish this goal by creating a tourism, entertainment, and leisure destination that will attract visitors not only from surrounding countries but also from Europe and Asia. On a longer term basis Dubailand is seen as a way to phase out Dubai's dependence on oil revenues by establishing a sustainable economy through higher value added services. The venture is expected to attract approximately 200,000 visitors daily and cost $20 billion."

Sorry, not to sure about how to go about buying though.

Rikos · May 19, 2007

If you end up buying and let out do we get gold members discount :D

Tyger · May 20, 2007

You need to be careful where you buy - some reports indicate many holiday lets are not being filled. It is very location dependent.

Dubailand seems v promising.

When I've sorted mine out I'll let you know where! ;)

Scarlet Pimpernell · May 20, 2007

I've never been there - so need to go and take a look around...too confusing on the web!

Anything near the Aerodrome or Sport City would be great - I reckon that'll scoot in value!

paul_k · May 20, 2007

I've been to Dubai 5 times now and have considered buying.As a holiday destination it really is impressive.

However if buying caution is advised...It appears to be a speculators market where a lot of the properties are leasehold not freehold. Good independant legal advice is crucial as there are also a number of legal issues relating to ownership of the land etc.

Have heard a few horror stories of developers going bust, rents being doubled and places filling with water when it rains (which is rare) years late on completions and horrendous slave labour camps with one bog between 75 and tiny rooms with 8 people in them....

Having said that IMO Dubai will overtake florida by 2012 as the place to be.Everything is the biggest or best in the world. :D and money really is no object. I have been to the Burjalarab hotel in the sea, it is truly mind blowing :P

Paul