Since 2008, UAE mortgage market had not been performing well. The economic crunch that hit Dubai economy in 2008, proved to be worst for its real estate sector. The investor’s confidence on Dubai real estate was badly shattered due to glut of oversupply. This kept the investors away from investment, which even made the situation worst. There was a time when owners of the ready properties were reluctant to take over their ownership due to fear of losing their money. People, who were availing mortgage loans started to make defaults, which increased the portfolios of non-performing loans of the banks. As a result, almost all the banks operating in UAE devised out stringent mortgage policies to secure their investment.
Since 2010, UAE real estate sector have been moving gradually towards stabilization. Prices across many regions in UAE like Arabian ranches and Palm Jumeirah are inching up. The current low prices and their higher probability to increase drastically in the near future is tempting astute investors to invest in Dubai real estate for long term yield. Banks are realizing the need of mortgage loans in the market and are thinking on ways to reduce their lending criteria’s.
The value of total mortgage loans issued in 2010 was up by 15% as compared to the loans issued in 2009. No severe default examples were reported in 2010, which motivated bankers to reduce their lending criteria further so that more and more people could apply for the mortgages. In 2011, Central bank of Dubai has reduced EIBOR, which has decreased the mortgage loans of every single bank operating in UAE.
Currently mortgage rates are 8%-9% down from 2008. This shows that banks have greater liquidity and they can easily uplift demand of UAE properties by offering easy and cheap mortgage loans. Prices of Dubai properties currently touching bottom level and low mortgage rates are encouraging buyers to have their own homes in UAE.
Not only this, UAE banks are also introducing new and unique mortgage products that favour buyers from every aspect. Besides that, lenders are also advising buyers on different types of mortgage finances. To name a few the most active banks in this regard are Abu Dhabi commercial bank, RAKbank, Dubai Islamic bank, Standard Chartered bank and Mashreq bank. Moreover, Barclay’s and HSBC are also offering lowest rates at easy terms and conditions. All this is increasing the appetite of home loans in UAE and as a result, UAE’s mortgage market is springing back to life.
Many people are interested in buying gold in Dubai but would like to know how can they make it. To help them out with my personal experience as my dad has short stint as a jeweler and Kish’s jewelry buying experience in Dubai and so I would like to share with you of what I know regarding buying gold and silver in Dubai.
Dubai is dubbed as the “City of Gold” by a lot of people. You are going to get amazed if you happen to have a chance by visiting the Dubai gold market, which is also generally called Dubai gold souk. The Dubai gold and silver market will provide you with the top quality, the most range as well as the most reasonable prices on both gold and silver.
Today, there are a lot of foreigners going to Dubai with the sole purpose of buying gold and silver in Dubai. This can be seem as a silly thing when you first heard about it, however the price variation would just makes most people think is worth for them to do so.
What is the best time to shop for silver and gold in Dubai?
If you wish to get the best offers, you should not go there during shopping carnivals (you will know why by keep reading on).
If you want to have a wide variety of choices, then yes, you should go during the shopping carnivals. Most of the gold stores are typically open to do business at 10am and close at 2pm. They will then re-open again at 5pm and will remain open until 10:30pm. If you don’t want to be rush, it is advisable for you to get there in the early morning so that you will have enough time to choose for your ideal stuff.
Where are the location of the Gold Souks?
Most of the gold souks are actually located at Deira. In order to go there, you need to take a taxi and most of the taxi drivers will be able to recommend you which place to go. If you want to have more scenic ride on your journey to Deira, then you should think of taking the Abra ride to cross the river from the Bur Dubai side to Deira.
Mind-boggling Choice
You are going to find everything you want in gold and silver in Deira. The available choice could be mind-boggling and most of the times those shoppers end up over buying and running out of their traveling money simply because of the attraction and the best bargains.
The Dubai gold and silver market is constituted by hundreds of gold vendors. The entire region of the UAE is regarded the biggest importer of pure silver. You will be able to get almost all types of choices in gold and silver jewelry which included Arabic, Indian, Italian and many more.
Tax on Gold and Silver
The best thing for buying gold in Dubai is you will not have any worry about the tax since no tax is going to charge on any gold that you buy. Furthermore, since vendors don’t need to pay for any heavy trade taxes and tariffs, so they are able to offer customers with more discounts.
Price Negotiation
Almost all gold vendors in Dubai know that many customers will want to negotiate and bargain for the best price before making the deal, so at first they usually will quote for a higher price for the item. If you simply agree to the price that they first quoted to you, then you are almost guarantee that you would be overpaying. To avoid that happen to you, you should asking for discount until they give you the prices that you think is reasonable and you will save yourself money and feeling happy because of doing so.
Besides, you could as well price it out to the a huge selection of other gold and silver shops to see which shop could offer you with the best price. Trust me, no vendor would want to loose your business. They’ll do anything to get your sale. You can do an experiment by going to a shop, asking for the price for an item, and when the vendor quote you the price and you said too high and ask him to cut down the price, after a few bargain you still feel the price is too high, you can then try to say “no thanks” and walk out of the store, you will see the vendor going to chase after you and offer you with a much lower price.
What Type of Gold Will You Find?
Anything and every thing. Gold bars, gold pens, gold watches, gold wallets, gold clocks, cufflinks, diamond rings, sets, chains, money clips and holders, bangles and etc. You’ll discover yellow gold and white gold (increasing over time). But a single point is for sure, you’ll rarely find something reduce than a 22 carat concentration. Dubai gold is going to be some of the softest and the yellow-est silver you’ll ever see. It tend to be pure as the holly water.
Gold Pricing
Price is generation determined by the concentration (carat) and also the thickness. These two components figure out most diamond jewelry pricing. The price will vary daily, however it is usually the same from shop to shop. Check the gold price for that day before heading out for shopping. Price is measure in Bucks or Dirhams every gram.
See in the West, most jewelry is priced every piece and no breakdown is provided to the customer. In Dubai, you are able to break out the price from the actual gold versus the cost of the workmanship or style. This way you can truly negotiate.
So for example, you just like a gold necklace and you are quoted a price of $150. You find out the weight and concentration of gold and you do the math. You come to a calculation where the gold is worth $100. That means you’re getting charged $50 for the labor (the make of the necklace). That is where you can haggle and provide the cost down.
Is Artificial Gold A Major Concern?
This really is of most importance when come to the practice of how to buy gold. Artificial gold is not a concern as of from the time this discussion was made. I doubt it’ll actually be a worry. Dubai includes a really high status to preserve. The Federal government has implement with rigid laws on unfair company practices, including selling duplicates and fakes. There is a lot of monitoring and oversight that continues, so you can be 99.9% certain which you are obtaining a good product. Nothing in life is 100%, not even life itself.
When The Time To Get The Best Designs?
If price isn’t a concern and you would like the best and newest styles, I recommend you go during the Dubai Shopping Festival or the Dubai Summer Festival. This is when foreigners from all over the globe come to Dubai for shopping. Sellers release their new styles at this time as well. Be ready to pay a premium nevertheless. Greatest bargains on Dubai gold are discovered when shopping during off-season.
Can You Sell Your Aged Gold?
Some sellers will purchase your aged gold while others might not. Just be prepared to solve a great deal of questions. Vendors are really cautious in purchasing gold. They require to make sure they are receiving the real thing the same as you would like to ensure you receive actual gold whenever you purchase. Trust me; they know how to buy gold. I suggest getting old gold melted and getting some thing made away from it rather than promoting it. You can try.
Can You Have It Custom Made?
Of course. These vendors are great. They’re experts. Just provide some pictures of what you would like, or instruct them on what to complete and how you can do it. It’s greatest if you get in touch with them ahead of time, leaving enough time to inspect the piece and having modifications made to it.
It isn’t uncommon for foreigners to bring pictures of designer jewelry and get pieces created the same as them.
How to purchase Gold in Dubai for the Best Price?
There are two ingredients to this equation. 1) carry money and 2) negotiate hard. With cash in hand, vendors know that you are prepared and most importantly able to invest. They’ll treat you with all seriousness and make certain they get your sale.
Bank cards are accepted everywhere, but if you have other things that speaks louder than money? The great point is the fact that it’s secure to bring cash in Dubai. Many often do and come out with the best offers.
Where the precise place to purchase gold in Dubai?
For me, I preferred Alukkas. They’ve usually stood out from the crowd to me. They have a huge choice of Indian jewelry and are located throughout the UAE. They’re large, reputable and also have often given me a few of the greatest deals when buying for gold in Dubai. Their representatives are also of the greatest to inquiries about how to purchase gold.
But very honestly, buy from anywhere you find the best offer on an item you like the best. You’ll definitely get a good offer as long as you purchase gold in Dubai. But shopping for gold is not an daily occurrence. It is really a luxurious experience that you would like to consider time with and appreciate each and every bit of.
Dubai is situated in the Arabian Gulf and is a very popular tourist destination for visitors from around the world. It is quite different from most of the other Arab nations. Unlike many other countries in the Middle East that are hotspots of terrorism and political upheavals, Dubai is refreshingly calm and serene with a laid back feel. It is liberal in its views and is modern with a global outlook. It has therefore managed to become a focal point in the Middle East for tourism as well as businesses. Companies as well as individuals have started to invest in Dubai. This is one of the main reasons for the liberalization of the region. The Royal family which rules the region wants people from all over the world to invest in Dubai and make it a major commercial and residential hub in the Middle East.
Why Invest in Dubai?
Dubai has extremely business-friendly policies which attracts a huge amount of investors. One of the reasons people invest in there is because full repatriation of profit and capital is permitted by state policies. Moreover, there is no sales tax or income tax over there which is another attractive feature. People therefore wish to invest in Dubai, work there or permanently settle with their families in the city. People who invest in the area by purchasing freehold properties, they are given the opportunity to either occupy the properties themselves or rent them out to tourists, visitors or people working in Dubai. Due to the tax-free lifestyle in the city, there are a number of people working in the region who live in rented homes. Therefore, people who wish to rent their homes to workers can easily find tenants for their homes. When they eventually sell their properties, they are also allowed to repatriate 100% of the investment.
Since the availability of land is limited in Dubai, the government has initiated one of the biggest land reclamation projects in the region. Huge man-made islands in the shape of a palm tree have been constructed in the ocean which has become the site for community residential construction projects. People who wish to invest in Dubai can buy freehold properties on these islands. Known as the Palm Islands, there are a total of three huge islands with a coastline extending to 520 kilometers. These islands are in the form of narrow strips of land where just two rows of houses are built with the sea on either side of the land strip. Therefore, everyone who opts to invest over there to purchase one of these properties gets access to their own private beach. This is one of the main reasons that people are attracted to invest in Dubai.
A large number of international investors have been lured in to invest in Dubai in the various freehold properties in many of the newly developed Palm islands. It is almost like a peaceful oasis in the vastly hostile Middle East region. Its stable political atmosphere combined with its liberal views has made it a very attractive investment destination. People therefore grab the opportunity to invest in Dubai as soon as possible.
Things and Documents Required For Doing Business in UAE
Doing business in United Arab Emirates(UAE) is rather simple as long as you have all the required documents and necessary things in place. Things and documents that you need to have including office space, sponsorship agreement, labor and Immigration computer cards, trade license, your driving license, your ‘Investor visa’ that stamped on your passport, as well as your bank account.
For years up to 2000, the UAE government has been desperate to have people setting up small and medium size businesses in the area from them to get investors. And as real estate and property seem to be a profitable investment, the focal point then shifted to larger business in UAE and this cause forever changing of the market particularly for the small and medium company owners.
Incorporation rules for doing business in UAE have grown to be less complicated, however there are still hundreds of license groups remain to be staggering. It tend to be less difficult to get a license for conducting business with numerous Free Zones in the UAE, however the costs for the visa have increased 8 times as well as the annual fees for trade license.
Conducting Business in UAE Business Centers
Currently there are about 20 Free Zones that represent UAE business centers and work out more easier for international investor and at the same time offering top quality facilities. Furthermore, people from other countries could own 100 percent of their businesses in the Free Zones in contrast to merely 49 percent if they own a business in the UAE. There are a lot of international corporations have openning shop in the Free Zones and you will notice almost any business that you can imagine of have been conducted in these business centers.
If you plan to setup business in UAE, you are required to get a local resident to be your local partner and the local resident need to hold 51% shares of the business. All these will be black and white written in paper with fine agreements to safeguard you. Determined by your needs, the ‘sponsor’ will be paid either a percentage of sales, profits or fixed fee even he has not put any money into the business. The advantage would be you don’t have to pay for corporate taxes nor submitting any audited accounts; you will need to do so if your business in take place in the free zones.
You need to keep in mind that in order for you to get a trade license for running business in the UAE, you are required to own or rent office space. It is illegal for you to run your business at home or through a business center according to the law. This may raise the cost for your business in UAE and you could wind up having to pay around US$ 50,000 every year for you to remain in business even you are making a loss!
Therefore, the policy may only sounds great for big corporates as even they are making huge profits, they merely need to pay about US$ 50,000 – US$ 100,000 each year for remain in the business.
There are business centers that will rent you office space or desks, and even this can be of attractive offer, but you may not allow to use the address as the place of your office to obtain the trade license.
Hub For Health Care
UAE is devoting to be the regional hub for health care with the setting up of Harvard Medica Center and the Dubai Health Care City; Besides, there are leisure via Dubailand and the entertainment parks in collaboration with Busch Gardens, Six Flags, Legoland, Formula 1, Bollywood, Universal Studios, Sea World, Marvel and Dreamworks Studios; Education via Academic City and numerous universities from all over the world; Financial services via Dubai International Financial Center (DIFC) in alliance together with Nasdaq; Software via the Dubai Internet City and etc.
Now we can see that most of the UAE residents who are graduate from university have started to have strong interest in taking care of their personal investments. This is very different as compare to last time where they just gave all their money to Western money managers to do the investment jobs for them.
Investors from all over the world are flocking in to UAE for doing business and the architecture is receiving a free reign with amazing designs. UAE is a tax-free emirate and is one of the major advantages for investors conducting their business. The demand from customers for residential as well as commercial properties has escalated significantly with the admittance of multinational companies and this has increased the rentals and prices of most properties as well. And because of all these, UAE have become a perfect location for people to do business.
Reat estate and property investments in Dubai haven’t been so detailed before. The area is now divided into various designed zones, every single zone providing exclusive investment opportunities to foreign investors. At present, development is at its peak with many new investments plowing into the real estate and property field. At the moment you step into the area, it is going to show you the most significant cranes on the globe focusing on constructing some of the most remarkable buildings on the earth. In Dubai, the majority of new investments are plowing into specific freshly built free zones. Probably the most preferred free zone investments will be the Dubai Sports City.
Dubai Sports City
You need to think all over again if you’re still having your mind the impression that Dubai is well-known mainly because of the shopping malls. The emirate has constructed the first Sports City in the world which is now named as the Dubai Sports City. This city, other than getting certainly the most advanced sports academics venues, also offers residential and commercial buildings.
If you’re looking for residential buildings in Dubai, you will have a wide variety choices where you could select from the exotic and stunning exotic apartments, villas, and penthouses. In the event you have a chance to visit “The Cube”, then you will be able to discover some high-rise apartments and condominium towers that are being built. One other area in Dubai Sports City which is constructing rapidly would be the “Eagle Heights”, in which a number of new apartment buildings are under construction. Apartment buildings aren’t the sole buildings which have been built in the area. There are also many medical centers, colleges, schools as well as police stations have sprouted in the area.
For Dubai Sports City, the attraction center would be the outdoor stadium, developing with a capacity of catering 60,000 seats. Sport events such as track & field, rugby, soccer and other countrywide and international sports activities are going to be undertaken regularly with this outdoor stadium. Theere is an innovative cricket stadium alongside with this stadium where it will have a capacity of catering for 25,000 seats.
If you think this is it, then you should keep reading as the thrilling excitement doesn’t stop here. Other than outdoor stadium, you will also find an indoor stadium that is in a position of organizing sport games like hockey, basketball and volleyball. Aside from games, this 10,000 seat arena is a perfect place for exhibitions, shows and concerts. These types of sports amenities additionally feature in-house malls, where residents and visitors can have food and shop around. Dubai Sports City is features with swimming pools, health clubs, and many more of other facilities to fit in individual needs. A good number of these world-class amenities are generally done, or are on the way of going to complete soon.
Sport Events Held in Dubai Sports City
If you are a sport lover, you are able to watch your favorite sport event in Dubai Sports City from numerous state of the art academies. Butch Harmon School of Golf, The ICC Global Cricket Academy, Manchester United Soccer School, Lloyd Tennis Center would be some of the world-class academies which have been built in the area.
The city is going to has a fixed supply of residential properties, and that is very likely to produce sustainable demand for residential houses. A rise in demand from residents and foreign investors will caused the prices of real estate and property to increase as well.
Dubai Sports City is features with medical amenities which is going to house a specialist sports medicine center and sports rehabilitation center. These type of services is going to meet the needs of the instant as well as long-term requirement of professional athletes. Among these medical centers, some will incorporate with a 24-hour emergency ward, which is going to meet the needs of emergency unanticipated requirements of sport athletes.
Therefore, now most of the foreign investors found that Dubai Sports City not only offer them with an excellent investment, but also turn out to be a dream city for them to move in.
Dubai is a rapid growing county in the United Arab Emirates area. There are many property and real estate projected get dealed everyday. More and more foreigners are moving to this vibrant area and the jobs demand in Dubai are very high. If you are interest or wonder what is Dubai all about, come visit this site and you will discover a lot about it.
