Im new to buying foreign property but im seeking advice on how to actually pay for it. Im looking at a 1 bed apt in GoldCrest Dreams, Ajman, Dubai. The initial payment will be about 42,000 dirhams. Has anyone got any recommendations of which foreign currency exchange companies offer the best rates, and easiet way to transfer? Further payments will be made every 3 months, so its important that i use a company that doesnt charge alot of commission.
I have got 2 flats in the England cluster in IC, can anyone please advise me if they have got a mortgage in place for IC,as I was originally told that i would be able to get 70% finance as a non UAE resident but this might not be the case now??? Thanks
Ian131, I don't think Foreign nationals have yet to be offered 70% LTV in Dubai. The banks are only just now considering it. It might be that there is a special deal with a bank on a certain deveolpment, but rare. By Xmas, there should be plenty!
Just spoke to my agent he believe once the first lot go in Dec there will be a flood of banks all offering finance on IC, so fingers crossed it will be much easier for me by March 2007.
you CAN get a mortgage in dubai even if you don't have a resident visa. Most of the banks here offer it. Generally, they give non-residents 60% not 90% as for residents. And its very easy to organise - my sister, who is a UK resident, got a mortgage for her apt in Dubai Marina.
But ian131 is right, you can't get mortgages on most of the IC buildings. However, once the apartment is registered with the Lands Dept, which should start soon, then you can get a mortgage on any registered apartment.
and this is not an initial discounted rate. in fact, the rate is likely to fall to a more reasonable level as more banks start offering mortgages and the land registry is done.
Hello everyone, I am Hamed from Rustar Real Estate. We have many ready buyers looking for Studios and One-Bedrooms in International City. The buyers are ready to purchase so please if you want to sell your property even if the completion is mid 2007, let me know and I can offer it to my clients. Please mail me to the email mentioned in the contact details and mention all the details (bedrooms, building, original price, selling price, completion). Contact me on my email if you require any information.
It seems to be a bit of a lottery for IC if you can get finance. As Nakheel has sub contracted all the work out it depends on who is the developer responsible for your building and if the bank like/trust that developer.
X18 in England is not by one of the developers who Tamweel can guarantee the standard of work and therefore they won't finance on it. They did have a list of buildings that they do finance on as did Amlak bank.
You would have thought that Nakheel being the master developer they would have had to put their name to and sign off on each buliding, but that is not the case and so the lottery exists.
