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Hi I am an expat living in dubai and wanted to buy an apartment in discovery gardens, but i am quite unfamiliar with the rules and laws regarding this. First of all, is discovery gardens a freehold? As in do i get 100% ownership of the apartment? Also another doubt i had was that how do i get a financial help, for example do i need to talk to the real estate people or with my bank.

If you have any idea regarding this matter please do let me know as i am urgently looking to buy an apartment here in Dubai.

Thanks!!

Hi,

Yes Discovery Garden is under 100% freehold for expatriates. Purchasing an apartment here is similar to other parts of the world whereby you can obtain a bank mortgage in the range of 60-80%. Obviously in this currently economic environment securing bank finance is harder to come by, but if you have a stable job and good credit then that shouldn't be a problem.

What is you budget? I would suggest finding a place in Dubai Marina instead as the price differential is not so big, but with the Marina it is a superb location with better quality apartments.

Ansa wrote:Hi,

Yes Discovery Garden is under 100% freehold for expatriates. Purchasing an apartment here is similar to other parts of the world whereby you can obtain a bank mortgage in the range of 60-80%. Obviously in this currently economic environment securing bank finance is harder to come by, but if you have a stable job and good credit then that shouldn't be a problem.

What is you budget? I would suggest finding a place in Dubai Marina instead as the price differential is not so big, but with the Marina it is a superb location with better quality apartments.

for the bank mortgage do i talk to my broker or with my bank directly? Another problem is that I'm a student here and therefore i dont have a job, but i do have a decent credit in my bank. Will it be okay if i show them parents bank statement? because Im living in Dubai alone.. my budget is around 500k-600k. How much would an apartment cost in Marina?

Using a broker would say you a lot of headaches dealing with the banks here, I used one when I got my mortgage and glad that I did.

However without a job or stable income I doubt that you can get any finance from the banks here.

not even if i use my parents name to get the apartment? do you know any good broker or someone who helped you out?

Ansa wrote:Using a broker would say you a lot of headaches dealing with the banks here, I used one when I got my mortgage and glad that I did.

However without a job or stable income I doubt that you can get any finance from the banks here.

wats a minimum salary that i need to have for the banks to consider it? around 4000 dhs a month?

Basically if you do not have a job or salary then I'm afraid you won't be eligible to obtain a bank mortgage. Your parents could subject to them satisfying the requirements, however if they are not residents here in the UAE then it gets difficult.

The minimum salary varies from bank to bank but the general requirement is AED10K (you'd need to confirm this).

PM me if you wish to discuss this in more detail.