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Hi just returned from hols in Dubai and loved it so much we are now thinking of purchasing apartment in JBR. What do you think of prices in current market now they are near completion - is it best to hold out for a while and does anyone know anything about predicted rental situation as we would like to rent for a few years until we move there for retirement. As we understand it there is access to the beach for these apartments - does that mean that if we bought elsewhere there is no access to any other public beaches? As it is a muslim country is it possible to buy wine and spirits from supermarkets for use in the home? I would like to know if apartments have to be purchased in males name for application for residency or can it be female. Any help appreciated thanks Michael

Mstopps wrote:Hi just returned from hols in Dubai and loved it so much we are now thinking of purchasing apartment in JBR. What do you think of prices in current market now they are near completion

A lot higher than they were when they were released off plan. Still some bargains around to be had though.

- is it best to hold out for a while and does anyone know anything about predicted rental situation as we would like to rent for a few years until we move there for retirement.

The first thing I will say is everyone has an opinion on what will happen with the rental situation. Some say it will go down, some say it will continue it's current trend... most are just basing it on speculation. Everyone seems to be an expert on this matter.

I would suggest you will initially get more than 20 to 30% on your motgage repayments per annum, but expect this to reduce to a sensible 8 to 10% over the long term.

The rest you should really discuss with someone who knows what's happening in the market here, and from my experience, very very very few people actually know what is going to happen. Very few.

As we understand it there is access to the beach for these apartments - does that mean that if we bought elsewhere there is no access to any other public beaches?

There are several public beaches in Dubai, so if you buy elsewhere you can go to one of them. I have heard that the situation regarding public beaches at the JBR waterfront hasn't been finalised yet. In my own opinion it is going to be very difficult to control given the number of residents, and will most likely be open to the general public.

As it is a muslim country is it possible to buy wine and spirits from supermarkets for use in the home?

Yes if you get a liquor license. Available from all good liquor stores, but there is a little bit of paperwork involved.

I would like to know if apartments have to be purchased in males name for application for residency or can it be female. Any help appreciated thanks Michael

Yes. However, the residency can only be extended to other parties through direct relationship, i.e. husband, children. It cannot be extended to a partner without marriage.

I hope that makes sense.

Thank you Ian for getting back so quickly, you have reaffirmed lots of points we had thought of, that it is a young and somewhat untested market. We need, personally above an 8% rental return to make it worth our while, do you think that the beach club situation with JBR is an added incentive for rental in the future and do you mind us asking what your experience in the Dubai market is? you do not need to answer this of course, ours is very limited! Our idea is to ultimately reside there, have you an opinion about health care, standard of living etc. Do you know anything about tax situation on rentals for uk citizens. Thanks and kind regards Michael

Mstopps wrote:do you think that the beach club situation with JBR is an added incentive for rental in the future

Being located so close to the beach and waterfront is definitely an added incentive, and waterfront property around the world attracts a premium, so I am sure rents will be at a slight premium.

and do you mind us asking what your experience in the Dubai market is?

Like many people in Dubai I work in the property development sector.

you do not need to answer this of course, ours is very limited! Our idea is to ultimately reside there, have you an opinion about health care, standard of living etc. Do you know anything about tax situation on rentals for uk citizens. Thanks and kind regards Michael

Dubai in general is like any big city. Health cover is available and up to Western standards in most areas, especially the American Hospital which has a good reputation.

Re: Tax - no idea sorry, but some other members should be able to help out here.

No tax problems here for UK citizens, with regards to the situation if you are residing in the UK and earning income from Real Estate here, then yes you would be subject to some form of Taxation, that is if you choose to declare it????

uhmm...wut about the obviously high density of that area (JBR has 5500 units)? Personally, I took 1 look at JBR and I thought of low cost apartments.

I mean being located in front of the beach is really really great.... but would I pay so much for something that is too hyped up?

if i were you I would hang on to my money and wait till 2008 when there are more choices and with Dubai's vibrant property market I'm sure you can find something that suits your taste when the market matures.

to be honest... if you buy now, you would be buying at the height of the boom and hype.....which may or may not bust.

dodgeek wrote:uhmm...wut about the obviously high density of that area (JBR has 5500 units)? Personally, I took 1 look at JBR and I thought of low cost apartments.

1 word - waterfront. Waterfront apartments in any Real Estate market throughout the world attracts a premium. They're also very nicely finished, but the density is of course n issue.

I mean being located in front of the beach is really really great.... but would I pay so much for something that is too hyped up?

Each to their own.

if i were you I would hang on to my money and wait till 2008 when there are more choices and with Dubai's vibrant property market I'm sure you can find something that suits your taste when the market matures.

That's always an option.

to be honest... if you buy now, you would be buying at the height of the boom and hype.....which may or may not bust.

Here is the speculation I am talking about. Very few people know what is going to happen, and even then I think it is largely guesswork.

hi ^ian^,

there was a property index launched by StanChart (see Gulf News today 06/11/06) and it clearly pointed towards supply exceeding demands in 2007 and 2008.

u prolly know more than me in this area since you are in the real estate business but do u seriously think that there are so many expatriates who come to dubai that can afford buying luxury homes (1 bedroom for 1 mil Dirhams) without burying themselves in debt?

sure...the population growth is estimated at 7-8% per annum... but who are these people that come here? Are they all General Managers and Company Directors.... or are they our humble construction workers and labourers....whom after their construction is completed will go back to wherever they came from?

i know of many people who are leaving the country as well... are they included in these statistics of population growth?

just take a look at the properties ad here.....there are prolly 10,000 units up for sale/rent at any one time. and u see some are asking for 0% premium.....obviously somebody's desperate to sell.

i saw one persistent ad in a dubai expatriates website, everyday that dude was posting the same ad over and over again saying 0% premium for the past 2 months....and yet no takers. why?