OfflineHi,
I am half way through Dean's book "30 days to real estate cash" and getting very motivated to become a real estate investor.
I am from Spain but came to live to Dubai a year ago. So I want to start investing in Dubai.
The challenge I'm finding is that the book is mostly focused on the US so trying to adjust the strategies to Dubai because I believe Dean's strategies will also work in other parts of the world. I have been looking around the forums but so far, haven't found much examples of investors/students outside the US. If anyone knows of any resources that can help me, let me know.
Happy to be part of the DG family.
__________________
Hi,
I have been distracted several weeks and advanced slowly but I have done some investigation and starting to figure out how things work here.
At a first glance, Dubai is a place with "no taxes". However, the reality is that although you don't have income taxes or VAT (yet) you have multiple fees that need to be considered.
For example, when buying a second hand apartment in Spain you have to pay 10% VAT of buying price + transfer costs approx 1%.
In Dubai you don't have VAT but the transfer fee to pay to the government is 4% + other minor fees less than 0.5%
I guess the US is similar to Spain?
I have found that RERA is the regulatory agency that defines the rules for real estate and how agents and agencies should work. There are lots of unprofessional agents only seeking a commission and giving very bad services that the government wants to get rid off so they are putting in place stronger rules.
http://www.dubailand.gov.ae/English/Pages/RERA/AboutRERA.aspx
I found an interesting website with government statistics that is helping me with the market research and demographic trends. I have seen that Dubai population has been growing consistently over the last decade at a rate of +100k people per year even during times of crisis like in 2008.
https://www.dsc.gov.ae/en-us
On the negative side, the rental and purchase prices in Dubai are going down but still need to figure out why. The economy is growing almost at a 4% and population is growing. The only thing I can think of is that there has been a lot of construction in the recent years and the offer is now higher than the demand. I will keep investigating this part.
Until next time.
Henry
Such an inspiring story from successful power couple like you! Networking is not easy especially if you have few networks. its very important that start creating Hit The Grade circles whom you can educate and rely on all the time.