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Rent or buy?

Discussion forum for expats moving to or living in the United Arab Emirates (UAE).

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Rent or buy?

Post Posted: Thu Oct 09, 2008 8:14 pm

can anyone help?
Am I right in thinking that it is only AD that you cannot buy property, yet dubai and surrounding areas you can, if this is the case can you get mortgages there or are they difficult to get? also if you bought a place could you not rent out rooms to pay mortgage quicker or is it against the UAE law Question

 

Banditgolfer
Newbie
Newbie
 
 
  
Re: Rent or buy?

Post Posted: Fri Oct 10, 2008 10:53 am

in dubai you can buy to live in, its only in ad that you cannot, this is because they are presently building stuff but wont be ready until late 2010 or so. mortgages are now even harder to get, apparently now you have to put down a 40% deposit, they will only lend you 60. if you own your own house then you are allowed to rent out a room, you can only do this with the landlords permission so if you are the owner then that should be fine. but i would think long and hard before buying here, redtape etc.

 

busybee2
Frequent Poster
Frequent Poster
 
 
  
Re: Rent or buy?

Post Posted: Fri Oct 10, 2008 5:51 pm

Thanks BB2,
looks like I'll be renting then, can u tell me, if the landlord wants a year up front, do most companies pay the allowance in 1 hit in advance?

 

Banditgolfer
Newbie
Newbie
 
 
  
Re: Rent or buy?

Post Posted: Fri Oct 10, 2008 11:09 pm

you have to pay 1 year in advance, yes a lot of companies will give you the advance and then pay you either an allowance x 12 you pay it back, but now a lot of companies will give you a lump sum per month and so you need to find the accommodation/money yourself so people then have to get a loan, it all depends on the company's policy etc. but if you are in dubai a lot of landlords will accept 2 or more cheques, ie you pay the whole year but in post dated cheques etc so then the money doesnt come out all in one hit. less likely in abu dhabi always want 1 cheque

 

busybee2
Frequent Poster
Frequent Poster
 
 
  
Re: Rent or buy?

Post Posted: Sat Oct 11, 2008 3:06 am

I don't think it's fair to say Abu Dhabi landlords always want a single yearly cheque? Private landlords perhaps? (but don't rent from private landlords eh BB2?)

The major letting agents, for example Green Emirates, accept 2 cheques, so you would have to ensure funds available to cover 6 months rent in that case.

 

youngandfoolish
Forum Leader - UAE
Forum Leader - UAE
 
 
  
Re: Rent or buy?

Post Posted: Sat Oct 11, 2008 10:37 am

ok in all of my experience we have always had to pay in 1 cheque, and thats from banks as well as private landlords and i know that in dubai you can sometimes pay in 4 cheques, but i was saying more likely in dubai than abu dhabi

 

busybee2
Frequent Poster
Frequent Poster
 
 
  
Re: Rent or buy?

Post Posted: Sat Oct 11, 2008 12:32 pm

Absolutely BB2,

Just appreciate for example that I, non of my collegues or any of my friends have ever had to pay 1 cheque for the years rent, although I am aware others have. I just felt that "abu dhabi always want 1 cheque" as posted required a balanced opinion from others. fair enough?

 

youngandfoolish
Forum Leader - UAE
Forum Leader - UAE
 
 
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