Dubai Forums Dubai Expat Forums Accommodation in Dubai

If I were to buy a property via a mortgage with say Amlak or the other big company whos name escapes me Am I able to sell that place on to someone else before I move in? Say it is ready in 2007? What am I charged for? Anyone know?

Urgh! Mortgages, my advice to you is don't get one with a company in Dubai!

It's all still very new for them here and there's so much red tape it's not true. The amount you have to pay as a deposit is ridiculous you might as well just buy the thing outright from the start, only 25 years tenure and because everything is leasehold you don't get any papers saying you own the thing should you forclose on your mortgage. Plus the companies here or very few take into account rising market value and only offer mortgages to the value of the original purchase price.

Need I go on?

The market for mortgages needs at least 10 years to aspire being on par with a western concept of a mortgage....

Exactly so to my previous point - don't bother! In a market which is aspiring to be as upto date as the rest of the world, it's falling well short of the mark so far.

Dubai is just not upto this yet.

How do you guys means? What i have read so far I will need like 30% deposit and then as an expat I only get a 15 year term....

depends on who you deal with some only offer 70% morgage on the original release price of the property - you have to find the balance.
some offer 70% of the current value, you have to find the other 30%

the normal repayment period is over 14 years i think and not 15....