Dubai

The best I've heard in a while is from a broker writing for the Sunday Times and he was just emphasing how people rush into property investments....he tells the story that he got a phone call from a customer stating -'I'd like to buy in Dubai' -'Where is it'
I kid you not.

Did anyone see the notice in the Irish Times over the weekend where Nakheel, one of the main developers in Dubai, was warning purchasers in International City and Discovery Gardens that if thay had not purchased direct from Nakheel their purchase may not be legal. Nearly all the adverts I've seen here were for re-sale of contracts.

If this notice is been put in the Irish press by Nakheel they must feel there are a lot of Irish purchasers in this position.

Another warning on the pitfalls of investing in property in a different jurisdiction!

Another warning on the pitfalls of investing in property in a different jurisdiction!

Click to expand...

That's a fair point for Dubai and I certainly wouldn't consider purchasing property there.

It's not a reason for avoiding purchasing property closer to home within the EU.

I'm living in Dubai and have been since the property boom started over here. Be very wary if your thinking of buying over here, even the expats over here are staying well clear now.

was at a property exhibition today given by a company called kmm whose brochure stated that "dubai offers freehold properties to all new purchasers"

can anyone confirm and have they dealt with kmm international properties?

Finners said:

I'm living in Dubai and have been since the property boom started over here. Be very wary if your thinking of buying over here, even the expats over here are staying well clear now.

Click to expand...

Wel I hope all is well o're there Finners...perhaps you can elaborate on your statement above for the benefit of others. Be wary for what reasons?

ninsaga

we had 2 stage payments made on an apt in international city but got contract for the wrong apt,contract from selling agent which isnt valid,must come from nakeel.pulled the plug on it and are glad we did.stay clear!!

I thought all property was purchased on a 90yr leasehold in Dubai ?