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Dubai Q&A

Frequently Asked Questions

Every individual thing you encounter with Dubai fills you with awe – from building the largest man-made islands the world has ever seen, and then deciding to build the world in islands, to indoor ski slopes with real snow in the middle of the desert. With the dizzying heights of the new Burj Dubai tower, already the tallest in the world long before it has been completed, the speed of development in Dubai is equally dizzying.

This means that the property market, which only a few years ago barely even existed, can be confusing, and many questions as to the way in which the buying process is conducted are thrown up.

Below is a selection of some of the most common queries about buying a property in Dubai.

Future Prospects

Do you have any advice about buying on Dubai Marina? My concern is that this area will not complete until 2010 or later and with the completion of so many other apartment units in this time (along the marina), can increases in property prices be sustainable? Is it a worthy investment?

Dubai’s marina area is one of the most exciting areas for development in the world at the moment, and it is certain that there is a huge amount of potential for growth there. I understand your concerns about the amount of properties coming onto the market in the next few years, and in truth the rental market, both for long-term and vacation rentals, has yet to be tested. Development continues apace on residential units and on the attractions that will bring the tourists in, so we should soon see how the market reacts. Figures suggest that up to 69,000 residential property units are being delivered to the market in the course of 2007, and the amount of new developments being announced still continues to grow.

Legal Advice

I have just listened to your very interesting programme and am one of those who have put 50% deposit on an off plan property in Dubai and am now worried that I have not received any legal paperwork. What can I do to check out the agents and should I have legal representation between myself and them?

Make sure you are using a qualified legal representative with local knowledge and experience. This should be the first thing you do, before you pay over any more money to the agent or developer. They will be able to go through your contract and make sure you are properly protected and represented at every stage going forwards. In the meantime, you can check to see whether the developer/agent is a member of any professional regulatory bodies or associations, ask for details of their previous projects, or testimonials from previous customers. When you source your legal representation, make sure it is someone truly independent, not the company suggested by your agent or developer. You need someone who is acting solely in your interest at this time.

Best Locations

I am looking to buy an investment in Dubai. Where is the best place for capital growth – by the coast or more inland?

You are probably sensible to be looking more at the captial growth in a region like Dubai, rather than seeking to make money from the rental yield side of things. Predicting where the best capital growth will come is very difficult, but when you are looking at properties think about how easy it will be to re-sell. Location counts for a huge amount, as does aspect, or direction the property is facing. Also, you can often expect the properties on the higher floors of a development to sell better than those nearer the ground levels. Always try to buy a 'best of breed' property if you have the choice, and this doesn't necessarily mean the most expensive you can afford. For example, you are better to buy the best two-bedroom apartment in a building rather than a mediocre three-bedroom — not only will it be easier to sell, but the capital growth should be at the top end of the spectrum.

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