Related to Dubai Properties,

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From Habib realted to Dubai Properties

Dear Dubai.
I am also in UAE and I considered this when there was Crash of property in 2011, 2012. It was right time though.
I did not do that, One Strong argument was that Property buying and selling time is not as per your wishes, it is cyclic business if you buy now in 1.5 Million Dhs. And then due to some reason you have to wind up ,and reach dealer , I want to sell this month … You can’t say how much price you get, my be 1 million. You may get favorable price in after 2 years [during next boom], But you can’t hold that long. If it is Pakistan I will hold it and not sell.
There are many reasons of Quick wind up [I wish you will not have]
1/ you lose good Job.
2/ Medical Not clear this year they discover you had Subtle TB.[ My friend in Sharjah’s wife was refused after 15 ys of stay all family had to go he is Living alone]
3/ Was Caught in Fight with XYZ
4/ CID says you are so and so sect, go home now [It happened with one of my friend Dentist very thorough gentleman]
5/ Was caught in driving had some small accident, Unfortunately was under mild Alcohol Influence.[One of my friend's elder son all family had to go altogether]
6/ One retired Person [From Adnoc] invested all in Property there was massive fall in Price he got very sick and I don’t know what happened, his daughter was my Colleague in Pakistan.
The Property Prices are not going up and up in Dubai as in Pakistan the reason is Old Buildings lose their value fast in UAE.
Initially Maintenance is hidden and they say maintenance free or very low cost 3 years. And then you discover they are asking 30% of rental value as maintenance charges and this correct as well that these buildings are high maintenance cost design.
I tell you my experience
In 2012 when there was rental crash one tower was asking 60% of rental value as maintenance + Ac Charge, The Company Argument was right that if rents have crashed how can we decrease maintenance to that proportion. It was Nicely Built Building and price in Boom was 1.6 Million I was getting in 8 Lac only. As I am not living in Dubai But in other emirate. The only option was to rent for almost nothing or Keep it for holiday use. It was quite likely but I was Not sure when next boom will come as people was saying there is Maaaaasssive over supply of Property in Dubai [which I still believe it is true], I did Not go for that.
The last thing it is not right time to invest, {as per cyclic phenomenon]
I have many friends who bought there
30% Lost money bitterly
30% could get out with minimal loss [one had to hold 5 years and had to postpone immigration to Canada he had strong family support was sacked twice from job but due to connections got next job]
30% are living there and tell we are saving our rents Ok not bad
10% earned great