# property purchase price vs asking price



## graham mcgeachy (Feb 1, 2013)

We would like to buy a freehold property in AD and it looks like Al Reem Island is our best location. I am interested to hear from expats who have purchased freehold there and how the purchase price compared with the asking price. Please advise.
Also, is there any mortgage insurance to cover payments if job is lost?


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## AlexDhabi (Aug 23, 2012)

I don't know the answer to your question other than to say when I looked into property purchase in UAE the sellers were unwilling to negotiate much on price. You need 25% deposit (minimum) to get a mortgage and you cannot get a mortgage past age 60 (official retirement age for expats in UAE).
One other important point to note in addition is that the term "freehold" is completely meaningless in UAE and is not what you would expect coming from the UK. All property is leasehold and annual "maintenance" fees apply.


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