Dubai - To buy as 1st time buyer??

godeas

I want to get on the property ladder. The apartments in Dubai are dirt cheap, I've been there and love the place but I want to know if it's a good idea to buy a little place there first and eventually here in Ireland? plus would I have to pay stamp duty? :rolleyes::)

positron

Dubai property prices, like here, went thru the roof in last five years or so, and is now rumored to be crashing, and overall building activity also seems to have gone down there. All this before you even consider the risks of buying in country run by kings etc... Try searching "Dubai Property British Expat" and that should bring back BritishExpats in Dubai discussing the situation..

Senna

So the irish property market collapses and many of the canny mcsavy's lost a lot of money. But rather than learning from the mistake that property should be either your home or your business (renting), you want to get on the property ladder by buying in dubai and hopefully then buy something in ireland.
Save your money for a deposit here and buy when you can afford a suitable house for your needs. Renting here is getting cheaper, safer and allows you to save. If you do buy in dubai, you are no longer a FTB over here so would have to pay stamp duty.


If you do want to peruse this, what would purchase price be, what does it rent for, what's the renters market like over there?

DublinWriter

When you think Dubai, don't think potential property collapse, think potential property apocalypse.

uncanny

godeas wrote: »

I want to get on the property ladder. The apartments in Dubai are dirt cheap

How many square metres
How many bedrooms
How much are they
Whats the rental yield
What is the management fee
What are the taxes
What is the exchange rate
What is the interest rate
What are the agents fees
Is there an oversupply of apartments in Dubai relative to rental demand

Answer those questions and I'll tell you if they're dirt cheap or not.

Baybay

Another point to consider is access.

I don't know if the property is investment only or to be mixed with personal use for you but, as the recession bites, there is every chance that cheap flights to some of the more exotic locations favoured by the Irish abroad may become prohibitively expensive, if not cut out completely.

On the other hand, maybe when everyone else is selling, there are bargains to be had. The same could apply here. You need to do more research, I think.

johnnyskeleton

If you are thinking of buying in Dublin to get on the property ladder, I'm guessing you don't want to live there, just to own it. Ask yourself why you want to buy. Is it because you want to own property somewhere in the world just to say you own it? If so, you won't really own it if you take out a mortgage. The most logical conclusion is that you want to buy a property to make money out of it, so how do you expect to make this money? What are the rents like in Dubai and are they likely to keep up? Are property prices going to go up or down? Property is not a one way ticket to riches, although this view has been prevalent for the last 10 years or so.

You could also read this:

http://www.thepropertypin.com/viewtopic.php?f=11&t=15845

Pa ElGrande

Unless you are living and working in Dubai do not even consider buying. If you follow the link to thepropertypin.com above, you will get an idea about the meltdown that is underway there. You probably also have contacts in Dubai who can backup what's happening.

World trade is collapsing as a result of de-leveraging on a scale that has never happened before in the history of the world. We are now in a global depression and will be for several years to come.

One aspect of depressions is this: the first year eats up all the wild bull market guys. The second year eats up all the bargain hunters. The third year eats all the bears. Only after all three are devoured and lose their money (if they are playing with borrowed funds) does the depression begin to lift.

Then, the bear market lifts. It always does this, it lifts in a false recovery. Then continues to decline until most of the debt is annihilated. This only ends when there is no easy access to credit, with the bailouts ongoing we are no where near the bottom yet.