Question: I intend to move to the UAE this year but am in a quandary about what to do with my property in the UK.
I have a flat in Windsor with a mortgage. It is worth about £850,000 ($1.1 million) with about £500,000 equity. Should I keep that property and rent it out, or sell it now and invest in buying a property in the UAE?
If I were to go with the second option, I am concerned about whether I would be able to sell my UAE property easily if I want to return to the UK. I do not want to lose money.
I am also concerned about getting a quality property because at 59 years of age, I will struggle to get a decent mortgage and it will be expensive.
I think my best strategy is to rent in the UAE and rent out my UK property, but I am interested in your opinion. PP, UK
Answer: I would like to address your concern about selling in the UAE. You don’t mention where you want to move to in the Emirates, so I’ll assume it is Dubai.
You should not worry about the selling aspect. Unlike the UK, where it can take up to six months to sell a property, the process in the UAE is very quick.
Even if you were to buy with a mortgage, the time from making an offer to having the keys in hand should be no more than 45 days, or two months maximum. So, if you did buy and needed to sell, you should be able to do so in a relatively short period.
Your strategy of renting over buying is, I think, very sensible. I’m not sure what the market is like in Windsor at the moment, but if you let your property, you are likely to achieve an income which you can offset against your UAE rent.
Where you decide to live will determine the level of your rent, but rents have been steadily rising for several years in the UAE so take this into consideration.
Renting in the UAE is also very fast. You can view today and move into the property a few days later. All that is required is a residency visa, the deposit and the rent payments. No references are required.
Q: I’ve been following the Dubai real estate market from afar and I’m seriously considering buying an investment property. I own a duplex apartment in Fulham, west London, which I may remortgage to raise funds.
My first-floor maisonette has a shared freehold title with the ground-floor apartment. My question is, does Dubai have shared freehold or freehold apartments or are they all leasehold and if so, what is the term of the lease? I am keen to understand whether the markets are similar or not. JV, London
A: The Dubai property market underwent a radical change in 2002 when foreign ownership was opened up in designated areas where previously only locals or Gulf nationals were allowed to buy. This change started the transformation that has created today's Dubai property market.
In a nutshell, Dubai was sectioned into freehold zones where expats can buy. Areas reserved for locals or Gulf buyers also remain.
Whether you buy an apartment or a villa in the permissible zones, it will have a freehold title, without a time limit. Having said this, there are also a few areas of Dubai such as Silicon Oasis and Dubai Investment Park that have leasehold properties.
These leases typically start at 99 years and the term reduces annually. Unlike the UK, where the Leasehold Reform Act (1993) allows leaseholders the right to extend the lease from the freeholder, no such law exists in Dubai. If you buy a leasehold unit here and the years reduce to zero, at that point you will no longer have rights over the property.
More areas have been opened up where expats can buy, including some along Sheikh Zayed Road that this year were re-zoned from leasehold to freehold. I expect more of these areas will get re-classified to enable expats and foreign nationals to buy.
The opinions expressed do not constitute legal advice and are provided for information only. Please send any questions to mario@novviproperties.com
The bio:
Favourite holiday destination: I really enjoyed Sri Lanka and Vietnam but my dream destination is the Maldives.
Favourite food: My mum’s Chinese cooking.
Favourite film: Robocop, followed by The Terminator.
Hobbies: Off-roading, scuba diving, playing squash and going to the gym.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
UAE currency: the story behind the money in your pockets
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
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Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
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Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
UAE currency: the story behind the money in your pockets
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
