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Abu Dhabi Woman
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desertrosie

Buying Property Here

Question

Good morning

Well, we're actually considering taking the plunge and buying a property here.

I'd appreciate any views regarding the pros and cons, which as relative newcomers we may have missed.

The job is quite stable and should see us here for around 8 years. If we bought, the company rent allowance would go to us; theory being in around 8 years a modest property would be virtually paid off.

If this comes to fruition we would have to downsize and would be looking at a 3 bedroom villa in say Al Reef for around 1.4M DHS( our budget). Our logic (such that it is) being that prices have already fallen and after a few years the company rent allowance has already paid for a good percentage of the mortgage.

Before we go deeper into this venture, I'd be very happy to receive any opinions or dos n dont's that we may not know.

Thanks

Desert Rosie

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The only developments for expats are Al Reef, Raha Beach (Bandar, Muneera and Zeina), Reem Island and Saadiyat. I'm not sure about Hydra Village which is still a work in progress...

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you get residency only if you buy property above a certain price - sorry, forgot how much it was...

I don't know where you buy for the state to grant you residency but we bought a villa here in al raha beach and we were not given residency. We heard about that but when we asked, they said they don't give it. Neither do they give it to Saadiyat property owners. It's okay anyway, we were not really gunning for it.

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Saadiyat....In my dreams. I would love to be able to buy one of those houses.

DesertRosie - Go for it. If the housing allowance is going to cover mortgage - do it! Should anything happen in the next few years forcing you to leave, you can just sell. Trust me - people will always be buying.

We bought in Al Reef last year. Haven't regretted it yet. The prices in Al Reef reasonable still, though not sure if alot available. What I would recommend is to watch the market. Pick an amount where you would sell at. Keep that amount in mind. Al Reef is new so it has a few years on it before it may start to look tired. Discuss it with your partner. If you do buy, with a 75% mortgage - you will be starting out with 25% tangible investment. Even with community fees, maintenance fees and mortgage we still pay less than most pay for 1 year rent.

Also if you find anywhere in Al Raha beach - Muneera and Al Zeina I think that would also be a good investment.

When you do buy, one thing I would say to avoid is spending extra money making modifications. At the end of the day we are all guests here and may have to leave at any time.

Good luck.

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