N Yogesh, an Indian expatriate, has been residing in Dubai for the past seven years.
His pre-approved mortgage from a local bank expired recently as he couldn’t decide what property to buy.
“I am really confused whether it is the right time to buy a property or not. Some experts say the market has bottomed out, while some say it will continue to slide,” he told Emirates 24|7.
“When I check the newspapers, I see the asking prices going up for certain areas. What does that mean? So I have decided to continue staying on rent, even though I lost some money my pre-approved mortgage.”
R Aslam, a British expatriate, also echoes the same sentiment, but insists his decision is not based on any reports released by research agencies.
“Yes, I do read them for better understanding of the market, but my decision will never be based on those reports. I would rather do my own homework first, negotiate hard to bring the price down and most importantly stick to my budget.”
Moving back to Dubai after 22 years has been an experience! Back then we didn't have the internet or blogs. Now we do I can jot down my thoughts on daily life, things we come up against, things we enjoy, the multi-national society, the laws, the weather...plus other things in general which catch my attention.
Comments are welcome but I'll delete those which are obscene, racist, libel, advertising or completely off-subject. Or stupid. She not only lives on the Dh2,500 a month, she saves between 20% and 40% of it and is helping her brother buy a property back home. The story tells us that in three years she has almost fully paid the equity line on the new home, which is equivalent to 19 per cent of the property value. "I'm almost down to a zero balance. And I did it without borrowing money! I paid the equity line in cash". We lived in Dubai from 1977 to 1984, visited on a couple of holidays, then moved back again in 2005. We came because we wanted to watch the incredible development as it happened - when we get tired of it we'll go back to Australia.
I welcome comments & debate on the blog, but insults are unnecessary and inappropriate. I will delete any which are libel, racist, obscene, advertising or which are simply to make a point but are completely off-subject. If you want to do that, create your own blog. Oh, and I've decided to add a new category to the delete list because there are too many of them left on blogs - stupid comments.
Buoyed with the new oil discovery report in Dubai's Al Jalila offshore oilfield, the marginal buying momentum on the UAE bourses is expected to get a boost and more »
Aldar Properties was the most active in terms of value while RAK Properties was the most traded in terms of volume. The Dubai Financial Market (DFM) index and more »
Most of our short-term properties are in Dubai Marina, which is an ideal location for short lets," she added. "Buyers who favour short-term rentals are and more »
I don't believe all this they will all go to Dubai. Who the hell wants to live in Dubai? Not me and I haven't even got any money. Even Switzerland. and more »
Office buildings were promoted by Dubai developers near the peak of the residential property boom in 2007 and 2008, when the Dubai office market had 100 per and more »
Buoyed with the new oil discovery report in Dubai's Al Jalila offshore oilfield, the marginal buying momentum on the UAE bourses is expected to get a boost and more »
Most of our short-term properties are in Dubai Marina, which is an ideal location for short lets," she added. "Buyers who favour short-term rentals are and more »