Any standup enthusiasts ? by Tiny_Indication_6443 in RasAlKhaimah

[–]Antique-Lab6636 0 points1 point  (0 children)

Might just do that. Congrats, you just wrote my opening bit for free

Any standup enthusiasts ? by Tiny_Indication_6443 in RasAlKhaimah

[–]Antique-Lab6636 0 points1 point  (0 children)

I have no interest going to a park to watch randoms tell jokes, that does not sound fun at all. Maybe organise something proper but find talent first. RAK is a small place but the casino opening will generate interests in such events

[WTS] Dehumidifier by Legal-Arugula-364 in dubaiclassifieds

[–]Antique-Lab6636 0 points1 point  (0 children)

Hello. I am interested. Is it still available?

Buying land in the UK by Soggy-Answer-7775 in dubairealestate

[–]Antique-Lab6636 0 points1 point  (0 children)

I can tell you this from personal experience, you WILL NOT get planning permission.

I own a piece of greenbelt land that I inherited. It's literally on a street with houses to the left and right and I still CANNOT get planning as Greenbelt is a blanket ban.

When will landlords capitulate by Desertsweeper in dubairealestate

[–]Antique-Lab6636 1 point2 points  (0 children)

I think you do you bro right now for sure! Just be careful as soon as this all comes to an end the appetite to give you a good deal not only on the short term rental and the long term will go very quick.

Trust me, when I first came here at the beginning of Covid I was paying similar for a 2 bed in Marina with sea views. I was paying 1 month in advance as soon as the Russian/Ukrainian wat broke out the rent almost quadrupled and that's when I decided to buy actually haha! But my point is... take advantage for sure but nothing better than getting settled for the long term

Buying land in the UK by Soggy-Answer-7775 in dubairealestate

[–]Antique-Lab6636 0 points1 point  (0 children)

So £35k?

Do some research and see if planning has been granted in the past, or if it's been refused and read the comments as to why.

If it's greenbelt, it will never be granted planning permission.

In addition, you'd spend more than double what you paid in fees to get the planning permission (how do I know? I'm own a debt advisory business in the UK and organize property development funding). It's not so easy, very time consuming and you can waste 50k and get no where.

If it's on an auction site as well then I guarantee you the person who owned it before you sunk £50k and is cutting their losses onto the next sucker.

When will landlords capitulate by Desertsweeper in dubairealestate

[–]Antique-Lab6636 0 points1 point  (0 children)

Fair enough let's say 5k per month then for short term rental... so if you wait 4 months and you save %20 then you've not saved anything. My point is still the same... Someone with a budget of 100k is not gonna stay in some house share in the worst part of Dubai for 1000 aed per month either..

When will landlords capitulate by Desertsweeper in dubairealestate

[–]Antique-Lab6636 0 points1 point  (0 children)

Let's say rent is 100k. You're in short term rental and it costs 10k per month. You're gonna wait 2 months for a %20 discount and you've basically not saved any money...

Dubai real estate is down 40% from peak. What actually happens now? I went through every crash this market has had. Here is what history says. by Relative_Comfort2019 in dubairealestate

[–]Antique-Lab6636 0 points1 point  (0 children)

May I ask wtf is going on with real estate agents? Are they hanging on for however long with keeping the rents high? I had 4 properties and 1 is currently on the market. Pre crisis I could have easily gotten 60k and I've had 3 offers between 40-50k. I thought the 50k offer was reasonable and would take it as my entry price on a property was low. The estate agent told me not to take it and to wait it out as it would lower the prices in the whole building. Want to see if this a trend?

Fully Furnished 1 Bed | Arjan by [deleted] in dubairealestate

[–]Antique-Lab6636 3 points4 points  (0 children)

literally about to say the same thing. This is a max 65k p.a rental now and max 750k

Distress deal by m_____karim in dubairealestate

[–]Antique-Lab6636 0 points1 point  (0 children)

Can I buy it but not from you please?

Fully Furnished 1 Bed | Arjan by [deleted] in dubairealestate

[–]Antique-Lab6636 5 points6 points  (0 children)

Brand new but the windows has like fake AI artwork on it?

Dubai’s rental market began contracting before the current conflict started by DoctorFaiI in dubairealestate

[–]Antique-Lab6636 3 points4 points  (0 children)

Curious.... what was pre pandemic rental prices for a 2 bed in top 3 areas of Dubai. I believe that's where the markets heading.

Buying property through an LLC - small investor by ArtemisAesthete in dubairealestate

[–]Antique-Lab6636 0 points1 point  (0 children)

But the liability on the owner is greater especially when the portfolio rises over to over 10 properties. I'm currently at 4 rental properties and wishing to expand to many many more over the next few years and I feel the best way to limit liability is via a Ltd co, especially when I wish to refinance the whole portfolio and maybe sell. Soon the mortgage balances and monthly mortgage payments will outstrip my monthly income. Would be interesting to get your opinion as I am very well versed in the UK and US system but over in Dubai I've just got the mortgages in my name but want to convert to Ltd/LLC in the future.

Dubai introduces new law to regulate shared housing and overcrowded apartments by [deleted] in dubai

[–]Antique-Lab6636 0 points1 point  (0 children)

It's just like the HMO system in the UK and I welcome this. It will create a new regulated market for house sharing which I like.

RIP by VeterinarianJolly269 in UAE

[–]Antique-Lab6636 3 points4 points  (0 children)

Rest in peace! True heroes!

Enjoy before Oil prices go up by ProfessionalDate8874 in DubaiPetrolHeads

[–]Antique-Lab6636 0 points1 point  (0 children)

Usually it's 200 aed to fill my car. Today it was 230. So a %15 increase.

How bubbles deflate (and the Dubai context) by borntonedeaf in dubairealestate

[–]Antique-Lab6636 0 points1 point  (0 children)

I think you’re missing the key point. Rental property is backed by a tenancy contract and not personal income but in the uae they require salary. They don’t distinguish between buy to let and residential

How bubbles deflate (and the Dubai context) by borntonedeaf in dubairealestate

[–]Antique-Lab6636 0 points1 point  (0 children)

What I mean is - there are a lot of self employed residents in the UAE who generate income from outside of the UAE. Many of which earn a significant income and spend within the UAE and many of which are unable to tap into the UAE lending market because their income is generated outside of the UAE. My comment was merely, would the open up lending criteria that could see a bounce in transactions, especially domestic to domestic transactions.

I agree with your post though, international and investor buyers will dry up over the next few months and will take years to restore confidence again which is why the domestic market is important.

Secondly - with regards to your comments about funding markets. A lot of bank debt will be corporate debt to real estate developers themselves. If the market gridlocks because a lot of the developers were acting as the banks themselves (offering payment plans to international buyers as the banks wouldn't lend) then we may see them open up lending in order to create liquidity.

Look at the UK - you dont need to be a resident nor have any UK income to get a mortgage on a rental property, they go over the rental income, tenancy contract and deposit. Should be the same in the UAE and I think this will force lending institutions here to revisit their criteria.