dreamin of dubai
Guys and Galls,
Whilst doing research into Dubai with a view to taking a job there I got a lot of info and help from expats based in Dubai through this forum. Whilst doing research I came across this info on a website which may be useful to others in my position:-
The most popular residential areas for western expatriates are Jumeirah, Umm Suquiem and Safa. These are upmarket, expensive areas, located between the coast and the Sheikh Zayed Highway, south of the Dubai Creek. One of the newest and largest developments is the Palm Island resort. Other new developments targeted at expatriates include the 20-storey residential tower at The Waterfront, Andalucia villas at Emirates Hills, a Spanish-style villa development with beautiful landscaping, and Jumeirah Beach Residence, which is to consist of 35 residential towers.
More reasonably priced can be found in Satwa and in Garhoud, while apartments are mainly found in the Bur Dubai area, the Sheikh Zayed Road and, at lower cost, in Deira, Satwa and Karama. The lower cost property areas of Rashidiya, Mirdif, Al Barsha and Al Quoz are also becoming increasingly popular with western expatriates who are looking for reasonably priced accommodation.
The mortgage market in Dubai is not well developed, but there are opportunities for expatriates to obtain property loans from local lenders such as Amlak, who offer up to 90% of the purchase price to UAE residents, up to a maximum of Dhs 5 million. The loan is payable over a maximum of 15 years for non-UAE nationals. Borrowers have to be in full-time employment and must be able to meet the repayments using no more than 55% of their monthly salary. For Muslims, property loans of up to Dhs 150,000, payable over 12 years, are available from the Dubai Islamic Bank. Major local and international banks may also offer finance for the purpose of buying property in Dubai. Many property developers have links with financial institutions that provide loans on satisfactory evidence of at least three month’s salary and a recent bank statement.
If you are , you are likely to have to pay a 10% reservation deposit, with subsequent payments to be agreed with the developer and made in advance of completion of the development. There are no property purchase taxes in Dubai, but you may have to pay municipality tax to contribute to the funding of public services.
To , you will generally be asked to pay a whole year’s rent up-front, or with up to four post-dated cheques, and a refundable security deposit of up to Dhs 5,000. There will also be a fee of around 5% payable to the estate agency if used. Most properties are rented out unfurnished, but furnished accommodation can also be found.
Typical annual rental costs are around Dhs 50,000 for an unfurnished apartment, and between Dhs 110,000 to Dhs 265,000 for a 3-bedroom villa, depending on quality, location and facilities. Utilities costs are normally additional, and bills are sent out every month depending on usage. There may also be maintenance charges for communal facilities, and you may be asked to pay municipality tax, usually 10% of the rent. Landlords are not allowed to increase the rent during the contract period, normally one year, and there is currently a limit of 15% on the amount of any increase on renewal of the contract.
It is quite easy to find a house or apartment to buy or rent in Dubai, because there so is so much residential development, with new properties constantly becoming available. You can find details of available properties via a large number of real estate agents who advertise in the classifieds sections of local newspapers, and online, or direct from property developers who also advertise widely. Houses and apartments for rent are also often advertised by private owners on supermarkets noticeboards
_________________
SHOULD I OR SHOULDN'T I - THAT IS THE SIX MILLION DOLLAR QUESTION
arniegang
Dreamin
with respect there is nothing in there that us "savvy ones" dont already know.
dreamin of dubai
Sorry Arnie mate, my post was not intended for masters of expat life like yourself . But for newbies like myself who are thinking about taking the plunge, so that they could read it and get some basic info.
Regards
dreamin
arniegang
Cool and no probs.
As you know, there a a few of us always willing to give our time and advice.
fayz
For those that are willing to give their time, is there a mortgage calculator somewhere online for typical UAE mortgages? I'm trying to figure out what a 2.5 million mortgage would be yearly/monthly.
Liban
- fayz wrote:
For those that are willing to give their time, is there a mortgage calculator somewhere online for typical UAE mortgages? I'm trying to figure out what a 2.5 million mortgage would be yearly/monthly.
Just to piss you off Fayz here is my answer:
Call up customer service of any local bank... They are filled with knowledgeable people eager to assist you in your queries...
fayz
- Liban wrote:
- fayz wrote:
For those that are willing to give their time, is there a mortgage calculator somewhere online for typical UAE mortgages? I'm trying to figure out what a 2.5 million mortgage would be yearly/monthly.
Just to piss you off Fayz here is my answer:
Call up customer service of any local bank... They are filled with knowledgeable people eager to assist you in your queries...
Have you called up a local bank? Dude even the newbies on this board know more.
Concord
Try this site,
Just plug in the numbers, etc. (interest type, term, etc.)
the_zooter
Does anyone know how much you can borrow?? Eg is it 3 times your annual salary or some different computation in the UAE?
fayz
- Concord wrote:
Try this site,
Just plug in the numbers, etc. (interest type, term, etc.)
Thanks C, I'm just not sure that morgages calculated here are done like in other parts of the world with a reduing balance. I have no money anyway so rent for me is the way it'll be this year just something nice to know for the future. I'll call a bank and try to get the skinny on how things work here.
1 Dubai Jobs .com The First Place to Find a Job in Dubai
Concord
If it is a "simple interest amortization" is should be straight forward. The bank should tell you (more importantly read their literature and the mortage itself to make sure). I know someone you got a mortage from RAK bank under same terms than any mortgage in the USA (except for the prevailing rate here, of course).
Hey, once the IPO is out you can pay cash for the palace.
fayz
You are right as long as the environmental department doesn't get in our way but I know K's boss and a range rover should eliminate any problems on that front.
Liban
- fayz wrote:
Have you called up a local bank? Dude even the newbies on this board know more.
Yeah but when you have nothing to do with your time, its always fun to call and ask all kinds of complicated questions like "what kind of accounts to you have" and sit back as they fumble their way through what can remotly be referred to as a halfassed response :D
beaujarle
- dreamin of dubai wrote:
Guys and Galls,
Whilst doing research into Dubai with a view to taking a job there I got a lot of info and help from expats based in Dubai through this forum. Whilst doing research I came across this info on a website which may be useful to others in my position:-
The most popular residential areas for western expatriates are Jumeirah, Umm Suquiem and Safa. These are upmarket, expensive areas, located between the coast and the Sheikh Zayed Highway, south of the Dubai Creek. One of the newest and largest developments is the Palm Island resort. Other new developments targeted at expatriates include the 20-storey residential tower at The Waterfront, Andalucia villas at Emirates Hills, a Spanish-style villa development with beautiful landscaping, and Jumeirah Beach Residence, which is to consist of 35 residential towers.
More reasonably priced villa accommodation can be found in Satwa and in Garhoud, while apartments are mainly found in the Bur Dubai area, the Sheikh Zayed Road and, at lower cost, in Deira, Satwa and Karama. The lower cost property areas of Rashidiya, Mirdif, Al Barsha and Al Quoz are also becoming increasingly popular with western expatriates who are looking for reasonably priced accommodation.
The mortgage market in Dubai is not well developed, but there are opportunities for expatriates to obtain property loans from local lenders such as Amlak, who offer up to 90% of the purchase price to UAE residents, up to a maximum of Dhs 5 million. The loan is payable over a maximum of 15 years for non-UAE nationals. Borrowers have to be in full-time employment and must be able to meet the repayments using no more than 55% of their monthly salary. For Muslims, property loans of up to Dhs 150,000, payable over 12 years, are available from the Dubai Islamic Bank. Major local and international banks may also offer finance for the purpose of buying property in Dubai. Many property developers have links with financial institutions that provide loans on satisfactory evidence of at least three month’s salary and a recent bank statement.
If you are buying a new property, you are likely to have to pay a 10% reservation deposit, with subsequent payments to be agreed with the developer and made in advance of completion of the development. There are no property purchase taxes in Dubai, but you may have to pay municipality tax to contribute to the funding of public services.
To rent property in Dubai, you will generally be asked to pay a whole year’s rent up-front, or with up to four post-dated cheques, and a refundable security deposit of up to Dhs 5,000. There will also be a fee of around 5% payable to the estate agency if used. Most properties are rented out unfurnished, but furnished accommodation can also be found.
Typical annual rental costs are around Dhs 50,000 for an unfurnished apartment, and between Dhs 110,000 to Dhs 265,000 for a 3-bedroom villa, depending on quality, location and facilities. Utilities costs are normally additional, and bills are sent out every month depending on usage. There may also be maintenance charges for communal facilities, and you may be asked to pay municipality tax, usually 10% of the rent. Landlords are not allowed to increase the rent during the contract period, normally one year, and there is currently a limit of 15% on the amount of any increase on renewal of the contract.
It is quite easy to find a house or apartment to buy or rent in Dubai, because there so is so much residential development, with new properties constantly becoming available. You can find details of available properties via a large number of real estate agents who advertise in the classifieds sections of local newspapers, and online, or direct from property developers who also advertise widely. Houses and apartments for rent are also often advertised by private owners on supermarkets noticeboards
_________________
SHOULD I OR SHOULDN'T I - THAT IS THE SIX MILLION DOLLAR QUESTION
Any possibilities of an updated review?
Much appreciated.
ineedacoolnick
- fayz wrote:
For those that are willing to give their time, is there a mortgage calculator somewhere online for typical UAE mortgages? I'm trying to figure out what a 2.5 million mortgage would be yearly/monthly.
have a mortgage calculator on there website, BUT it doesn't include all the costs they'll throw on you later - house insurance, life insurance etc.
Also HSBC and NBAD if I'm not wrong have them on their sites.
How it works:
They tell you the amount of mortgage you can take and the tenor based on your income documents, age, company, and liabilities. A salary of about 20,000 dhs without ANY other commitments (car loan, credit card etc) would get you about 2 million or so.
Interest rates vary from between 7.5% - 9% or so from what I know.
If you're really interested in a mortgage, PM me and I'll ask mortgage guys from ADCB and NBAD to give you a call and let you know the exact details.
And ofcourse - buy from Damac Properties - ie - moi! :)
jabbajabba
- dreamin of dubai wrote:
Typical annual rental costs are around Dhs 50,000 for an unfurnished apartment
I would say 70,000 is a more accurate figure - and going up monthly at what i have observed, unless of course you don't mind a 4 hour commute everyday.
sage & onion
- ineedacoolnick wrote:
- fayz wrote:
For those that are willing to give their time, is there a mortgage calculator somewhere online for typical UAE mortgages? I'm trying to figure out what a 2.5 million mortgage would be yearly/monthly.
have a mortgage calculator on there website, BUT it doesn't include all the costs they'll throw on you later - house insurance, life insurance etc.
Also HSBC and NBAD if I'm not wrong have them on their sites.
How it works:
They tell you the amount of mortgage you can take and the tenor based on your income documents, age, company, and liabilities. A salary of about 20,000 dhs without ANY other commitments (car loan, credit card etc) would get you about 2 million or so.
Interest rates vary from between 7.5% - 9% or so from what I know.
If you're really interested in a mortgage, PM me and I'll ask mortgage guys from ADCB and NBAD to give you a call and let you know the exact details.
And ofcourse - buy from Damac Properties - ie - moi! :)
I see now you are giving away a free Jaguar and then a ticket to the draw for a free Executive Jet, you must really be having it tough selling those apartments. :wink:
ineedacoolnick
- sage & onion wrote:
I see now you are giving away a free Jaguar and then a ticket to the draw for a free Executive Jet, you must really be having it tough selling those apartments. :wink:
Well, that's the DSF offer. Many companies offer huge prizes and promos during DSF.
As for finding it tough to sell - honestly I wouldn't know - my office is doing very well (according to the bosses) and we just launched another project last night, so Damac are still going forward. :)
As any company expects, DSF is expected to bring in a huge response!
sauron
Fayz, Liban - you guys seem pretty sussed. Can't trust the guy from Damac for obvious reasons :evil3:
People here keep saying the property bubble is gonna burst pretty soon. Do you reckon it is safe to buy?
Burken
Quote:
- dreamin of dubai wrote:
[..]The lower cost property areas of Rashidiya, Mirdif, Al Barsha and Al
Quoz are also becoming increasingly popular with western expatriates
who are looking for reasonably priced accommodation.
Does anyone know how I can find a place that rent places in those areas
in Dubai?
When you write "lower cost", what does the definitation on that means?
Like can you find anything at a price for about 2000 - 2500 dhs a month?
And does those places also ask for one year renting and paying? Isn't
there any available for students just staying there for a while?
Are those places furnished?
Hope anyone can give some answers to anything I just asked!
manlivingincrappyengland
Is there a problem with Damac properties?
What about these people?
dave101
i am a newbie looking for help, so this thread, well the 1st post was useful.
im in a hotel in bur dubai, id like to live in an expat area, but my budget for the year is around 85,000 AED and i want that to include bills, so i guess i'll live in a 'slightly crummy' apartment in karama or somewhere, eitherway i need to find one in the next month!
kanelli
You can likely rent a room in a shared apartment downtown Dubai for 2,000 to 2,500 AED per month.
MaaaD
- dave101 wrote:
i am a newbie looking for help, so this thread, well the 1st post was useful.
im in a hotel in bur dubai, id like to live in an expat area, but my budget for the year is around 85,000 AED and i want that to include bills, so i guess i'll live in a 'slightly crummy' apartment in karama or somewhere, eitherway i need to find one in the next month!
you can get a studio in the greens for 70-75K these days, probably cheaper in barsha.
mighty.one
^^seconded.
Greekman
Hi everybody,
I'm staying in a hotel in Deira since the 17th of January, I'm paying 350 Dhs/night and i can't find any room to rent for at least a month!!!
I keep looking in the newspapers but it's difficult to find something because every ad is asking for a Keralite/Indian/Fillipinos to share a flat.
I'm really dissapointed :(
What shall i do???