Iqama Holder Buying property in Dubai

Has any fellow expatriate had any recent experience of buying any sort of property in Dubai in recent times? specially at localities of the likes of Emaar or nakheel etc ? how good has been the experience and how were the rent returns ? because the prime purpose of buying flat in Dubai is to invest to rent it out for better returns,, also if any one bought it on lease?

DrHassanMalik :

Has any fellow expatriate had any recent experience of buying any sort of property in Dubai in recent times? specially at localities of the likes of Emaar or nakheel etc ? how good has been the experience and how were the rent returns ? because the prime purpose of buying flat in Dubai is to invest to rent it out for better returns,, also if any one bought it on lease?

Buying property in UAE !
Well , what are the options of a residency visa along with the property ?

Why don't you think of buying something in Bahrain ?

Apartments are quite reasonable , plus you get your own "Self Sponsored Visa " no hassles like you have in Dubai :P

And seeing expats in Bahrain , specially Pakistanis , getting Bahraini passports it's a good deal you know :)

gunner757 :
DrHassanMalik :

Has any fellow expatriate had any recent experience of buying any sort of property in Dubai in recent times? specially at localities of the likes of Emaar or nakheel etc ? how good has been the experience and how were the rent returns ? because the prime purpose of buying flat in Dubai is to invest to rent it out for better returns,, also if any one bought it on lease?

Buying property in UAE !
Well , what are the options of a residency visa along with the property ?

Why don't you think of buying something in Bahrain ?

Apartments are quite reasonable , plus you get your own "Self Sponsored Visa " no hassles like you have in Dubai :P

And seeing expats in Bahrain , specially Pakistanis , getting Bahraini passports it's a good deal you know :)

In dubai you also get a residence visa (provided the amount of investment is above 1 million). on this residence visa you cant work but you are allowed to sponsor your family. But being already an Iqama holder this residence visa is not an attraction. the attraction is investment and returns.. In Bahrain firstly rents are not as high as Dubai, so naturally the rents are lesser and thus returns are lesser for an investor. Even investing in Al Ain or Abu Dahbi in real state is not that profit oriented as in Dubai. Plus Dubai is a global hub whereas Bahrain is not that a global attraction for tourists or workers. Also the stability and economic factors of Bahrain are surely not that sound as compared to UAE as a whole.

I am investing in property in Dubai.  First off, are you sure that you get a residence visa?  I am investing in the region of 4-5 million but the only visa available for that is a 6 month renewable visa (the real residency visa is between 2-3 years).

It's better to invest in Dubai vs. Bahrain if returns and stability is what you are after. 

In Dubai, it depends on the area that you are investing in.  For apartments, returns are good in areas like Greens, motor city, downtown etc.  Also depends on what size of apartment e.g. studio and one bed seem to rent quicker and vacant for shorter periods of time. Villas are generally good value in Springs / Meadows, Arabian Ranches etc.

Just 6 months visa for 4 million AED worth property ?  :o

Wasn't the minimum requirement 1 Million for 99 year visa which is renewable every two years ?

Or was it Qatar I read about  :unsure

XTang :

I am investing in property in Dubai.  First off, are you sure that you get a residence visa?  I am investing in the region of 4-5 million but the only visa available for that is a 6 month renewable visa (the real residency visa is between 2-3 years).

It's better to invest in Dubai vs. Bahrain if returns and stability is what you are after. 

In Dubai, it depends on the area that you are investing in.  For apartments, returns are good in areas like Greens, motor city, downtown etc.  Also depends on what size of apartment e.g. studio and one bed seem to rent quicker and vacant for shorter periods of time. Villas are generally good value in Springs / Meadows, Arabian Ranches etc.

im planning a one bed appartment in discovery gardens, and yes i know we get a 6 months residence visa on investments above 1 million but as I am saudi Iqama holder so I am not really interested in UAE visa as I can get visa on arrival anyways.. and there is one more lil info I would like to get your advice on. Does the financial value (price) of apartments in Dubai depreciates with time or it holds its value or it increases when we plan to resale the apartment after 10 to 15 years? im talking about a free hold apartment in a newly constructed building ready to be rented out.. (e.g in nakheel/discovery gardens etc).. e.g after 20 years if I want to sell the apartment I bought for lets say half a million,, how much it will give me back in resales..

because for example in Pakistan properties not just hold their value but also increases its price when you resale it after 10 or 20 years.. But i guess in dubai resales of old apartments is not that healthy. May be for villas its a different scenario but im not sure at all.. need your input that what is better to invest from your point of view. Dubai or Islamabad/Lahore. Over all after rent values and resales what is a better buy !

gunner757 :

Just 6 months visa for 4 million AED worth property ?  :o

Wasn't the minimum requirement 1 Million for 99 year visa which is renewable every two years ?

Or was it Qatar I read about  :unsure

for properties above 1 miilion you get a 6 months visa which can be renewed as many times as you want unless you sell your property. and the 99 years clause goes for lease hold where as for free hold properties there is no such restriction of 99 years even..

Property in Dubai does hold it's value and also appreciates.  I think the confusion stems from one fact i.e. 2008 crash.  Basically, till 2008, the property market was booming and was reaching sky high rates which were artificial.  After the crash, there was a correction.  Now, if you had bought the property before the speculation started, you still had a higher value but if you bought during the middle, you lost.  This is true for markets everywhere and even in Pakistan.  I have friends and relatives who lost money in Pakistan in DHA when they did the same speculation during the boom times.

In terms of facts, when I moved to Dubai in 2010, you could get a 4 bedroom villa in Meadows for around 3.5 mn AED and now the same villa is in the region of 5.5-6 mn AED.  A studio apartment in greens was going for 400K and now it's going for 750K.  A one bedroom was around 800K and now it's 1.2 Mn.  And I could go on and on.

The important thing is to buy in the right location and at the right price but that is true everywhere in the world.

XTang :

Property in Dubai does hold it's value and also appreciates.  I think the confusion stems from one fact i.e. 2008 crash.  Basically, till 2008, the property market was booming and was reaching sky high rates which were artificial.  After the crash, there was a correction.  Now, if you had bought the property before the speculation started, you still had a higher value but if you bought during the middle, you lost.  This is true for markets everywhere and even in Pakistan.  I have friends and relatives who lost money in Pakistan in DHA when they did the same speculation during the boom times.

In terms of facts, when I moved to Dubai in 2010, you could get a 4 bedroom villa in Meadows for around 3.5 mn AED and now the same villa is in the region of 5.5-6 mn AED.  A studio apartment in greens was going for 400K and now it's going for 750K.  A one bedroom was around 800K and now it's 1.2 Mn.  And I could go on and on.

The important thing is to buy in the right location and at the right price but that is true everywhere in the world.

Thanks alot for your inputs ! Highly obliged.. There is one thing coming into my mind that as the Building/Apartment ages, even then the price appreciates ? I mean Lets suppose a New flat (by a good builder like emaar or nakheel e.g dicovery gardens) bought today if sold in 2035, will it also appreciate in value as it would be 20 years old then? Also in current market how much is the price difference between a totaly new and a 5-10 years old flat ? In pak price difference in a new house and a 5-10 years old is not that significant. And in DHA Islamabad people did loose a lil bit but the way it bounced back after wards is excellent as people getting double the amount they got 10 years back.. although we are talking about plots and land value in case of DHA, Bahria etc.. however in Dubai if we invest in flats I dont assume we have that privilege of gaining such profits on land value of that flat (as the flat would be old by 20 years).. what is your opinion about it..

meanwhile if you dont mind can you send me your contacts in PM as I wanted to be in touch with you for these things,, Thanks in advance !

Hi dr Malik
I am also an iqama holder in Saudi Arabia , and I am in the process of buying an apartment in Dubai my problem is that I have no bank account in Dubai ,and my real estate agency suggested that I can transfer money to the agency account ,I do not know is it safe to do that and if not what are the other possibilities ,really need your advice

you absolutely dont need to transfer money in agency's account. Rather you can easily open an online account with banks like ADIB or else I would recommend to make a short trip to dubai and open an account in person before transferring money. Secondly, can you kindly share which place you are proceeding to buy Flat ! Is it a studio or a 2 bedroom apartment ? Make sure its Freehold property or Lease-hold.. And which bank you are engaging for mortgage ? I wish you best of luck !

Ayaa :

Hi dr Malik
I am also an iqama holder in Saudi Arabia , and I am in the process of buying an apartment in Dubai my problem is that I have no bank account in Dubai ,and my real estate agency suggested that I can transfer money to the agency account ,I do not know is it safe to do that and if not what are the other possibilities ,really need your advice

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