# any hidden costs for buying property?



## vince3777 (Sep 3, 2009)

Are there any costs associated with buying an appartment in Dubai other than the real estate agent commission? Thanks


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## marc (Mar 10, 2008)

No,

If your getting a mortgage there should be a processing fee.
deposit
agency commission

service charges for the building your about to buy in? - check management costs e.t.c


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## Elphaba (Jan 24, 2008)

Read EVERTHING. Companies have a nasty habit of charging very high management and maintenance charges.

Employ a lawyer to assist you. There is no requriement to have your own lawyer, but failing to do so is foolish considering the amount of money being risked.

-


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## Helios (Oct 22, 2008)

When a price is listed as "all inclusive" it is meant to include everything.
If it is listed as net to owner then you'll have to add agency fees 2% or 3% and transfert fees (some developers) around 2%, that's it.
If maintenance has been paid in advise by the owner, you'll need to pay the pro rata of the remaining months.


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## marc (Mar 10, 2008)

oh yeah Transfer fee as well at developers office, this can be 2% of value, or if Nakheel property 5,000 AED, depends and varies on developer...


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## titirangi (Aug 14, 2008)

Research property rights in the UAE. Basically as a non-emirati you have sod all, and therefore as a long term this is a dumb place to invest. As a short term it's been spectacular for flips with loads made by the lucky few in previous years.

Not a good idea to try picking the bottom in this market either. Loads of supply is planned for later this year and this will likely result in downward pressure on rent/sale prices. Demand side is always murky over here, don't believe what you read in the DXB/AUH media!

If you are heading here for work, Just Rent.


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## vince3777 (Sep 3, 2009)

thanks for the information and advice guys, it was very helpful. I'm here for work, seems it's best to rent at the moment and save as much money as possible.


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## merlin the learned (Jun 12, 2009)

vince3777 said:


> thanks for the information and advice guys, it was very helpful. I'm here for work, seems it's best to rent at the moment and save as much money as possible.


I agree with Titirangi, although not based in Dubai I'm here often enough that having a base camp is a better option than hotels.

I took a long hard look at the prices, build quality, regional investment confidence and what volume of new releases will be coming on line plus some local querky rules. I decided to rent only. 
In my opinion and I'm sure others will agree Dubai property is not a good investment now or for another few years. 
Many Europeans I know holding property want to off load asap, others tell me the market place investor has lost confidence of a return in the region. 

Reason being the value collapse in comparison to other countries with simular os investors i.e. Turkey revealed the degree of inflated overvalued prices being asked.


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## marc (Mar 10, 2008)

Yes Merlin, but theres still so much money to be earnt, 

you have to take risks to get real rewards...


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