Bullet-Point Property: Dubai No. 52
Did you know that overseas residents are able to obtain mortgages from UAE Banks to purchase property in Dubai?
Dubai developers selling off-plan properties have payment plans of 30%, 40% or 50% due during construction and the final payment can be paid using part cash and/or a mortgage.
Clients purchasing property can take full advantage of the developer's investor-friendly payment plan and in some cases will obtain the 50% LTV mortgage during construction and then re-mortgage once the property is completed and is rented, at which time they can obtain a Maximum 75% LTV based upon the property valuation and applicant circumstances.
Read more here
Some of this week's property discussions have been on the following:-
- I visited an Azizi sales event for their Riviera project at Meydan, and the massive function room was brimming with buyers and salespeople discussing and reserving properties. Studios with 303 sq. ft. of internal living space and balconies of 56 sq. ft. Selling from AED 540k and one bed at AED 786k for an internal living area of 451 sq. ft. and a 24 sq. ft. balcony at an average price per sq. ft. circa AED 1,470, compare that with the AED 1,275 per sq. ft. offered at my "Property of the Month" which is in the same community and finished to a higher standard.
- Belgravia 5 will be launching later this month, but for now, we are assisting on some high yielding investment deals for entire floors consisting of 2 x studios, 6 x one beds and 3 x two beds – I will be updating you on the individual pricing, brochures and payment plans as soon as I have the information
- I spent all of Thursday in Ras al Khaimah, took me 55 minutes to get there, some excellent roads and mostly free of any traffic. I often spend up to 90 minutes on the evening commute from the office in Dubai Marina to my home in Downtown which puts today's journey into perspective. I made site visits and met with the developers to five projects. My favourite by far was the Pacific project which has handed over and where you can buy a studio on the beach of a man-made island for AED 355k or £74k, one bed for 575k or £117k, a two bed for AED 1m or £208k and a two bed duplex from AED 1.2m or £250k. A perfect holiday home in the UAE which can be rented out for the long or short term and with some excellent structured post-handover payment plans for selected apartments.
- The Residences at Marina Gate 1 will hand over in a month or two, and they are now offering a two-year post-handover payment plan on their final stock of two and three bedroom apartments – pay 10% now, 30% on completion and 60% over two years or take out a mortgage for the balance. They have three bedroom apartments at around AED 4m, and their two beds are available from AED 2.391 m.
- The same developer of Marina Gate has just released some three-bed apartments and penthouses in the No 9 located on the opposite bank of the Marina and across the yacht moorings, full marina views from AED 3.6 m for the three beds and AED 7.3 m for the penthouses. Has to be worthy of further investigation, I am waiting for a brochure and floor plans, but I do have some photos of the views taken by a drone.
- My October "Property of the Month" has managed to slip into this month and I am waiting for them to release the 2nd and final building on Monday 13th November. One bedroom apartments for under AED 1m and two beds for circa AED 1.4m within sight of Downtown is great value, and I expect high yields and growth during the two years of construction
Looking for more information? AskSteven and stay informed about what is happening in the Dubai property market. You ask, we answer.
For a more detailed discussion or to meet me in Dubai, please call or email and I will be sure to respond as soon possible.
Have a great weekend