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
Qasim Sharif works in finance within the hospitality industry and took the plunge to buy an apartment when asking prices became more attractive during the pandemic-induced dip.
The 48-year-old from Britain moved to the UAE five years ago and is married to Saima, 43, a public relations professional, with whom he has a daughter, 13.
A combination of factors prompted them to switch from renting a home to becoming owners, including the undesirable prospect of continuing to pay rent and a need to remove the uncertainty of cost fluctuations and eviction notices.
The family decided to buy in the popular Dubai neighbourhood of Town Square, finding greater value for money after they previously paid a premium to live closer to the coast.
Mr Sharif took The National on a tour of their modern home.
Tell us about the property
It is a three-bedroom apartment, with three bathrooms. We have two balconies and our double bedrooms all have fitted wardrobes. The third bedroom allows us to have guests come and stay.
Our kitchen/dining/living room is all open plan so we effectively have one living area.
We moved in April 2021 and paid Dh880,000 ($240,000).
What made you buy your property?
During the Covid-19 lockdown, I started working full time from home, so there was an opportunity to move further out where we could buy the size of home we wanted for a lower price.
We could also save money on ever-increasing rent and avoid moving house every year. Rent for a three-bedroom apartment here in Town Square now is Dh120,000 a year ($25,896).
Why choose this area to live in?
The reason to move to this side of the E611 motorway was first of all price because we wanted at least three bedrooms.
We looked at both Damac Hills 2 and Town Square and found Town Square was much better developed and relatively better linked to main roads.
We also managed to get a very good deal, which was a plus.
The current price for a three-bedroom unit is approximately Dh1.7 million, so we benefited from buying as the prices shot up over the last couple of years substantially and the rents just keep going up yearly.
How did you find the purchasing process?
It is quite different to the UK, where I already have two properties.
In some ways it was more straightforward as once you sign the MOU [memorandum of understanding] no party can come out of the contract easily, as opposed to frequent ‘gazumping’ [where a seller accepts a higher offer from a rival buyer above an already agreed price] incidents that happen in UK.
But, also unlike the UK, there is no solicitor supervision required so it leaves you without any support in case it is your first experience of buying.
I paid extra to my mortgage adviser to ‘hold my hand’ through the process, which turned out to be a good investment.
Where were you renting before?
Previously we were living in Dubai Marina, in a similar-sized apartment.
We were paying Dh160,000 a year.
What benefits do you feel from owning rather than renting?
I see a family home not just to provide a roof over our heads but also as part of my retirement planning.
Considering the good price we paid, this apartment is putting us in good stead to benefit even further as we are already thinking of buying a town house along the D54 road and renting out this apartment.
There is big confidence in the stability of the Dubai housing market compared to before.
What is frustrating is that banks in the UAE discourage you from moving mortgage or going up the property ladder since there are high ‘fines’ for even remortgaging and taking out equity.
How have you personalised your apartment?
It is a relatively new development so we never needed to do any remodelling.
We haven’t made any upgrades apart from a yearly painting of the apartment due to the discolouration that occurs. We also had a leak from upstairs so we repaired the toilet, which maintenance helped us with.
We have made the apartment more homely by putting up family photos that we brought back with us from the UK that we have had for many years and some items that we have collected since we have been here.
What advantages are there to living in your neighbourhood?
It is a very good area for families, well-developed and well-organised.
We have excellent manned security 24 hours a day who you can get on the phone any time. Maintenance are also available whenever you need them. We have a good selection of shops downstairs, a dry cleaner, barber shop, Starbucks, and a Life pharmacy.
In the vicinity you have a dog park, many good restaurants, a park and a bistro.
We are most impressed with how family-friendly the area is and how many facilities the area has. We even have a great doctor’s surgery here who we are always able to get an appointment with.
Any other community facilities?
The apartment has a ladies' and a mixed gym. On floor one we have a kids play area and a pool.
We have a small Spinneys [supermarket] downstairs and a larger one just down the road, and a Carrefour and a smaller Geant also a couple of minutes away, so the area does really cater for everyone.
For kids and adults, we have basketball courts, tennis courts, a skateboard park, table tennis, padel courts … most sports are covered.
The only downfall is the traffic in and out [of the community, on to Al Qudra Road].
Do you think you will stay in this property?
If all goes well, we will move to a town house this year.
Then, hopefully, this apartment will be a good rental earner for us.
SANCTIONED
- Kirill Shamalov, Russia's youngest billionaire and previously married to Putin's daughter Katarina
- Petr Fradkov, head of recently sanctioned Promsvyazbank and son of former head of Russian Foreign Intelligence, the FSB.
- Denis Bortnikov, Deputy President of Russia's largest bank VTB. He is the son of Alexander Bortnikov, head of the FSB which was responsible for the poisoning of political activist Alexey Navalny in August 2020 with banned chemical agent novichok.
- Yury Slyusar, director of United Aircraft Corporation, a major aircraft manufacturer for the Russian military.
- Elena Aleksandrovna Georgieva, chair of the board of Novikombank, a state-owned defence conglomerate.
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Company%20profile
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Our legal advisor
Rasmi Ragy is a senior counsel at Charles Russell Speechlys, a law firm headquartered in London with offices in Europe, the Middle East and Hong Kong.
Experience: Prosecutor in Egypt with more than 40 years experience across the GCC.
Education: Ain Shams University, Egypt, in 1978.
Teenage%20Mutant%20Ninja%20Turtles%3A%20Shredder's%20Revenge
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MATCH INFO
Champions League last 16, first leg
Tottenham v RB Leipzig, Wednesday, midnight (UAE)
HWJN
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The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
COMPANY%20PROFILE
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The Orwell Prize for Political Writing
Twelve books were longlisted for The Orwell Prize for Political Writing. The non-fiction works cover various themes from education, gender bias, and the environment to surveillance and political power. Some of the books that made it to the non-fiction longlist include:
- Appeasing Hitler: Chamberlain, Churchill and the Road to War by Tim Bouverie
- Some Kids I Taught and What They Taught Me by Kate Clanchy
- Invisible Women: Exposing Data Bias in a World Designed for Men by Caroline Criado Perez
- Follow Me, Akhi: The Online World of British Muslims by Hussein Kesvani
- Guest House for Young Widows: Among the Women of ISIS by Azadeh Moaveni
More on animal trafficking
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
