Dear Design Architect,
You are actually doing the right thing by asking the questions and seaching on the web and forums...its amazing how many people just buy and hope for the best...
I have always maintained the simple rule that if you plan to stay in Dubai for a minimum of 5 years, then buy.
As for the Marina, it would not be my own personal choice of place to live. But many factors then come into the equation and the end result is simply that you are happy with the property you purchase and live in. Please heed the reply earlier that some developments are of far superior build quility to others.
Having joint acounts will certainly help. Your best bet would be to get pre-approval. By doing this you will at least know you limits and if and when you do find the right property...you can act quick.I trust you have worked in Dubai over six months as you will requiring banking details to support this. The good news is mortgage rates have dropped and should drop further. For properties that are already completed you can also get an easy start mortgage where you pay only the profit portion of your monthly repayments for the first 4 years and then a marked up rate later. As more and more banks enter the mortage market we should see a wider range of products which is good news for us.
The buy-to-let (BLT) market is very good if you do your sums..I have made several excel calculators to compare yields, NOI and Cap rate etc. let me know when the time is right and I will send you the latest version.
Happy hunting...
f you like the marina then
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Originally Posted by Design Architect
Thanks Stephen,
As I'm at my beginning with investing, I would first buy something for myself - to live in (as I'm renting now). I'm thinking of Dubai Marina, as my thoughts are, that if Dubai property bubble would burst, Marina would still be Marina....I'm I right?
Currently - me and my wife are thinking of joining accounts - just to show to the banks that with our two salaries we can provide enough cash flow for the mortgage.
After that initial investment - we are looking at investing somewhere else - to try and make some money on resale, or to buy something in order to rent. But that's second step.
If we see that the price is right - maybe we would sell the apartment (where we would live) and try to use that money for new investments....hows that sounds.
Good thing is that I love Dubai Marina, and I see myself for couple more years in Dubai. So whatever happens - I will be here....
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