As a Mortgage Consultant who has worked in the real estate industry in the UAE for several years, I have had many expatriate clients from various backgrounds interested in putting down roots and purchasing a property in Dubai. The common theme between them is that they are tired of renting and would like to purchase a place that they can call "home".
If you have lived in the UAE for a few years, it is likely the thought of purchasing property here will have crossed your mind along the way. You may even have gone as far as doing some research into your affordability, what to buy and where to buy. But what is stopping you from taking that step?
One of the most frequent reasons for sitting on the fence, that I have heard, when it comes to purchasing property in the UAE, from both potential clients and friends, is that they are "watching the market" or "waiting for a change". My general response is to ask about their long term goals.
I can understand and appreciate the importance of purchasing a property in optimal market conditions so that you feel you are getting the property for the best price. However, if your long term goal is to remain in the UAE and you are interested in the prospect of owning your own home here, then now is the time to buy.
I often explain to clients that, in my view, if they have the down payment ready and have no financial restrictions, then holding off and waiting another 6-12 months for a possible change in the market is not necessarily the best way forward. This is because peaks and troughs are normal in any mature property market across the world, including Dubai. Movements in the market can be difficult to accurately predict, even by experts. So waiting a further 6-12 months to progress with your property purchase might not always be the most financially beneficial option for you, especially if you are still paying rent which could go towards your own mortgage.
For those clients in a situation where they are ready to buy without financial restrictions with regard to the initial down payment and transaction costs, then calculations suggest if the market did fall slightly, the comparative cost of buying vs renting would still end in break-even over a five year term.
International interest in the Dubai property market, and the UAE as a whole, has remained strong. Investors and residents are in a great position to take advantage of the price movements, which are now at 2010 levels. If your long term goal is to remain in the region and you are interested in purchasing here, then now is the time to buy.
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Author:
Ian Vaughan
Mortgage Finder
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