UAE - Ras Al-Khaimah - La Hoya Bay Residence

[Rishi Malhotra]

Originally Posted by want2invetinuae

I have finally commited to buying in LHB, around 850AED PSF (ie with 20% discount) with dream homes WW but that with 50% deposit within 14 days. The next price rise in JUNE 08 and its going to be 10%. It sounds too good and I hope its true. It means I will make 30% profit gross should I re-sale in July 08. I want to re-sale before the other 50% is due Q1 2009, unless there are further increases and the rent return is good as 8% rental return is not enough plus I may then want to invest in waterfront Dubai or Ajman. It costs me that much PA as I have to borrow money. Any thoughts!

Hi,
I believe the next price increase is june08 and it is 10% for sure, i bought in april08 before the increase, so with this one i would have made around £17,000 profit, completion is dec09 so plenty of quick appreciation, i am keen to...
Thanks Rishi

[Rishi Malhotra]

Originally Posted by want2invetinuae

i really need some info. I have been pressed real hard into buy an apartment here by dreamshomes worldwide. My worries are that they are based in spain and not in the UK and UAE. As UK investor I will end dealing with spain as well as RAK. Also there is no escrow account bt they assured me that I will be buying off khoie and Rakeen both part of the government and therefore my investment is safe. they only get my £2000 deposit the rest go into Abu Dubai bank.they have quoted 881 aed psf and 30, 20, 50 or 20, 20, 60 payment plan as well as 50:50 plan. Please advice about this company and prices. thanks

Hi,
DHWW is good i am in my final stages of getting a 1 bedroom in block D, i got mine on a 30/70 as that was the only price plan to suite me, you will be fine the price plan all depends on your buget, should be good returns on this project though...kep in touch

Thanks Rishi

[amzee]

guys, i was wondering if anyone could help or give me some advice - as you know im relatively new to all of this and LHB is my first purchase.....

i was under the impression when i bought the studio that if there was delays for more than 6 months, than after the 6th month, Khoie would pay you 1% for every month it is late......

i just recieved my contract through yesterday in the post and saw that there was no clause - when i questioned this, i was told by Khoie that this is no longer in their contract.......

i was wondering on what the best course of action is, im on a 30,20,50 payment plan. i initial thoughts were to change them to 30,70?!? or what should i do? is this something important?

anyone else had the same issue? please advise and thanking you in advance

Amit

[kk1974]

Does anyone know, how to get in touch with the Lahoya bay developer for an agency agreement?

Thanks.

[Rishi Malhotra]

Originally Posted by amzee

guys, i was wondering if anyone could help or give me some advice - as you know im relatively new to all of this and LHB is my first purchase.....

i was under the impression when i bought the studio that if there was delays for more than 6 months, than after the 6th month, Khoie would pay you 1% for every month it is late......

i just recieved my contract through yesterday in the post and saw that there was no clause - when i questioned this, i was told by Khoie that this is no longer in their contract.......

i was wondering on what the best course of action is, im on a 30,20,50 payment plan. i initial thoughts were to change them to 30,70?!? or what should i do? is this something important?

anyone else had the same issue? please advise and thanking you in advance

Amit

Hi Amit,
I got told by someone that there was something like that, but i was not expecting this in my contract, it depends how your finance is 30/20/50, i am on a 30/70, if you can change to that i would advise this to you as when it gets to december 09 there will be plenty of places where you can get finance from, i have bought a 1 bedroom in dolphin, its not sea view but to the rear, i paid 704,000 which is about 96k in pounds, its about 680sq ft, i went through dream homes and have an 8% rental option for the first year, let me know what you have and if i can advise you, just drop me a mail.

Take Care Rishi

[riverholt]

does anyone have any info on the quality of the apartments, or any info on the build quality of Kohie?.. just reserved 1 bed front sea view in block F... Looks like a nice development on paper.. Any views on Dream Homes .. They were the broker.... They seem very helpfull. Any views on wheather i t would be advisable to have asolicitor look over the contract before committing? This is my first overseas property... Ta

[vistana23]

I have just recived my contracts. I am on 30/70 split and my contract does have a clause covering penalty for delay beyond 6 months

[want2invetinuae]

Hi, are their UK investors here ie resident in the UK but investing overseas such as LHB, RAK, UAE. What is the situation with liability for UK taxes such as capital gains etc. also If you want your investment to remain in UAE you will have to open an account overseas in the UAE to keep your investment there. If you dont yet have residency visa then I think the only way you can open an account in the UAE whilst living in the UK is to open an account here in the UK with a bank such as HSBC who are also bassed in the UAE (wolrd's local bank!). What about protection etc for banking overseas. In the UK, you are protected upto £35000 if eg a bank goes bust. Are you aware of local UAE-wide banking legislation. The adavantage of having a UAE account is that you dont have to transfer money. My plan for now is to keep my investment in the UAE until I make a substantial capital and may then move to the UAE for living plus or minus working. What tax liabilities are there say if I bring back to the UK the original investment/capital and keep my gains in the UAE for further investment and growth. Regards

[richie83]

Originally Posted by want2invetinuae

Hi, are their UK investors here ie resident in the UK but investing overseas such as LHB, RAK, UAE. What is the situation with liability for UK taxes such as capital gains etc. also If you want your investment to remain in UAE you will have to open an account overseas in the UAE to keep your investment there. If you dont yet have residency visa then I think the only way you can open an account in the UAE whilst living in the UK is to open an account here in the UK with a bank such as HSBC who are also bassed in the UAE (wolrd's local bank!). What about protection etc for banking overseas. In the UK, you are protected upto £35000 if eg a bank goes bust. Are you aware of local UAE-wide banking legislation. The adavantage of having a UAE account is that you dont have to transfer money. My plan for now is to keep my investment in the UAE until I make a substantial capital and may then move to the UAE for living plus or minus working. What tax liabilities are there say if I bring back to the UK the original investment/capital and keep my gains in the UAE for further investment and growth. Regards

hi mate, i too am from UK and have invested on al marjan in another development. UK residents must pay capital gains tax on all worldwide gains. therefore is you make money in UAE when you sell your property, although you won't pay any taxes out there, you will have to declare your gains in the UK and pay capital gains, which from last month is now 18%. however you have an allowance of approx £9000, so you will only pay 18% tax on anything above it. i have put my property in two names, which means tht each of us have an allowance of £900) on our share, effectively meaning together we won't pay anything on the first £18000 (hope this makes sense!).

now if you want to bring the money back to UK, you will not pay any further taxes as you already paid capital gains, they don't make you pay twice...this is what i was told by inland revenue.

i'm not too sure about the UAE account, but i would imagine you might need one for the sale. or perhaps you can persuade your buyer to pay in sterling into your UK account, though i doubt they would agree to this .

hope this helps.

[amzee]

Rish,


thanks for the advice, when i bought i was told that there would be a 1% clause in there incase there was any delays and as it was not in the contract when it came through the post, then i will ask for my payment terms to be changed...unless they deicde to include it for me...

otherwise what are the rest of the people doing with their apartments who have bought LHB? are you going to rent it out privately (a holidays lettings website etc etc) where you can get 500-1200/week, are most people taking the 8% scheme? or are people buying ti flip before its made to realise their investment growth?

i just want to learn what kinds of options there are and what other peoples thinking is?