My Own Home takes you inside a reader-owned property to ask how much they paid, why they decided to buy and what they have done with it since moving in
Ali Khan bought his first one-bedroom flat in The Greens, Dubai, for Dh760,000 last year and is already in line for a substantial profit on his investment.
His home, in Al Alka 1, was his first property purchase since moving to Dubai five years ago – until then, he had rented another flat in the same building, on the floor above.
Mr Khan, 38, who is British-Pakistani, currently lives alone and works at Heriot-Watt University as a global office manager, bringing international students to the UAE.
Here, he invites The National to take a brief look at his home, and why he believes it makes such a great investment.
Please tell us about your home
It’s on the second floor of an Emaar building where I had previously rented for five years, so I knew what I was getting myself in for.
The apartment is 800 square feet in size and I currently live here alone. The building isn’t very new but it’s in a lovely location and near to my work in Knowledge Park.
It’s been almost a year, and already the value of the apartment has risen to around Dh950,000 so it has been a very good investment so far. It has encouraged me to invest back in the UK, and I’m currently in the process of looking for a buy-to-let property in Belfast, Northern Ireland.
What made you want to buy your own property?
To me, paying rent is like putting your money into a black hole and you’ll never see it again. You get to the stage in your life where you feel like you need to start investing in your future and putting into your pension.
The market was really good at the time, so I made the most of the opportunity. If I’d had the funds during Covid I would have bought then, when prices were as low as Dh550,000.
My advice to anyone is to look at the long-term investment rather than the short-term. If you see a property and you can afford it, then you should go ahead and buy it. The market is moving really quickly at the moment, and if you want something you need to act fast.
Why did you choose this area?
The community is great and the building is really well-kept. Some of the new communities in Dubai have lovely buildings, but you’re literally stepping out on to sand with nowhere to park your car.
You don’t realise how close The Greens is to all the popular places like The Palm, Burj Al Arab and Dubai Marina, just because it’s so quiet. The Greens also has a lovely, homely feel that comes with decades of being lived in.
How did you discover this home?
Once I’d decided I wanted to buy I kept a close eye on sites like Bayut and Property Finder and connected with lots of agents.
It was a struggle initially to find anywhere in The Greens because the area is so popular. I saw this property and put in an offer on the same day. It took a couple of months to get the keys but I knew straight away that this was the one for me.
How did you find the purchasing process?
It was pretty smooth because banks in the UAE are digitised and everyone keeps in touch via WhatsApp, which is such a fast medium of communication. In Belfast, everything has to be done by email or over the phone, and it takes so much longer to get organised.
Of course, you have to pay a lot of money here in service charges and agent’s fees, and it will probably cost in the region of Dh40,000 to Dh50,000, but you’re paying for a service and time is money.
What do you gain from owning rather than renting?
Having your own place gives you a sense of security and it’s an investment for a lifetime. I was paying Dh5,500 a month in rent before, but now that Dh66,000 is going toward my mortgage, so I’ll see some of it back when I eventually sell the property.
What upgrades are you planning?
The building I live in is quite old and although the apartment is a safe investment, it could do with a full renovation at some stage.
Fully renovated one-beds in this building are now selling for as much as Dh1.3 million so it’s definitely worth spending Dh20,000 to Dh30,000 to get an extra 20 per cent out of the property. Ideally, I’d like a new kitchen, new flooring throughout and a new bathroom.
What are the advantages and disadvantages to living in The Greens?
The community, location and proximity to work are all advantages. In terms of disadvantages, I’d say there’s nothing major, but it is a very family-centric community, and in some areas the children can be quite loud.
During Covid, a lot more families moved in when rent prices dropped, but now it seems to be shifting back towards single occupancy and there are a lot of young professionals moving back in.
Will you stay in this property?
It all depends on how the next year goes professionally and financially. I think my next move would be to buy a town house or a small villa, and I quite like the idea of having some more space and a little garden.
It all depends on my savings and bonuses, but I didn’t buy this apartment with a quick turnaround in mind. If I do buy somewhere bigger, I intend to keep this as my retirement plan and rent it out.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
Dubai Women's Tour teams
Agolico BMC
Andy Schleck Cycles-Immo Losch
Aromitalia Basso Bikes Vaiano
Cogeas Mettler Look
Doltcini-Van Eyck Sport
Hitec Products – Birk Sport
Kazakhstan National Team
Kuwait Cycling Team
Macogep Tornatech Girondins de Bordeaux
Minsk Cycling Club
Pannonia Regional Team (Fehérvár)
Team Auvergne-Rhône-Alpes
Team Ciclotel
UAE Women’s Team
Under 23 Kazakhstan Team
Wheel Divas Cycling Team
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Results
6.30pm: Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m, Winner: RB Money To Burn, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby
7.40pm: Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m, Winner: Secret Protector, William Buick, Charlie Appleby
8.15pm: Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m, Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass
8.50pm: Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m, Winner: Zakouski, William Buick, Charlie Appleby
9.25pm: Handicap (TB) $65,000 (T) 1,000m, Winner: Motafaawit, Sam Hitchcock, Doug Watson
SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Cricket Stadium
August 12-16
First ODI, Rangiri Dambulla International Stadium
August 20
Second ODI, Pallekele International Cricket Stadium
August 24
Third ODI, Pallekele International Cricket Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
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In the Restaurant: Society in Four Courses
Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
