In a Sydney Morning Herald article (29 October 2008) Mark Armstrong gives Aussie buyers advice on buying property overseas and some specific words about buying in Dubai.In general Armstrong says:
1. Buying overseas carries a high degree of risk.
2. Research the market in person or engage someone with local knowledge.
3. Understand the financing, purchase and negotiation processes.
4. Get to know the legal and regulatory environment.
5. Find out about your tax liability in the country of purchase, and in Australia.
Property in Dubai
One of the specific things Mark Armstrong says about buying property in the UAE is this:
“The regulatory environment in other countries may be different. In Dubai in the United Arab Emirates, for example, foreign owners are limited to new and established property in high-rise towers, along with a few designated enclaves where they are able to buy established property.”
To check out all the property purchasing tips:
Mark Armstrong, Be Wary When Buying Properties Abroad, SMH, 29 October 2008.
Dr Geoff Pound
Image: The Opus Tower, Dubai.
