Question: What are your thoughts on buying a property at Dh1 million ($272,260) now with the hope that I can flip it for between Dh1.2 million and Dh1.5 million?
A builder launches a bunch of properties in the same location, they will have a lot more units available. Why should I buy now?
If the argument is that in a couple of years, the same builder would have bumped up the price to Dh1.5 million to Dh1.7 million where I try to flip it for Dh1.3 million to Dh1.5 million by the time it is handed over, in that case, there is always a cut-off beyond which the prices will not be bumped up, meaning, the same property after five or seven years cannot be sold for Dh5 million to Dh6 million.
What is your take on this? JT, Dubai
Answer: Buying a property for purely investment purposes and expecting its value to go up quickly is risky because when the market does go up, it typically doesn’t do so at great speed.
Property price inflation during a buoyant real estate market takes many, many months, in fact years to appreciate, and then there are several factors to consider. Your point of more inventory is a fair one, but that’s why any investor should look for distinctiveness in the unit they are buying.
Try where possible to buy something that has some uniqueness about it. This way, it will stand out when you come to sell. There have been clear winners among anyone who bought in the past three to four years, especially those who bought at the end of the pandemic.
But buying just to sell quickly or flipping, as some call it, can be risky especially if the investor is not able to hold on to the unit long enough, or in the case of an off-plan property, is not able to keep up with the payment plan milestones. This is how investors get into trouble when entering into the real estate investing game.
My advice to anyone wishing to invest in property, especially if it is to then sell at a later date, is to buy well and by this, I mean to do your due diligence on many factors.
Look into the location of the unit, the facilities within the building or community and surrounding areas. The transport infrastructure, is it near a metro or tram station or good access to road links. What amenities are around? Is it close to landmarks or tourist attractions? Does it have a view? Are high quality materials used? What is the reputation and history of the developer?
These and more need to be considered and if all these points are answered positively, then go ahead and buy what you can afford.
The Dubai real estate market is presently on an upwards trajectory, but again, caution is needed because what goes up can also come down. The question is when is that likely and that’s anyone’s guess.
Q: I'm facing an issue with my current landlord (a real estate agency) in Abu Dhabi. My current tenancy started on March 10 last year and is ending on March 9 this year. On January 8, the agency sent me an email asking whether I want to renew the contract, to which I replied on January 11 saying I want to renew the contract. On January 14, the agency sent me an email saying the landlord wants to increase the rent by 5 per cent and sent me a renewal offer letter of intent (letter validity: 14 days). On January 22, I replied accepting and signing the renewal letter, but the next day the agency sent me an email saying it does not want to renew the contract and asked me to vacate the property by March 9.
I have tried contacting the agency since then, with no reply.
I know the law requires two months of advance notice for either rent increase or not renewing the contract, so I believe I don't risk eviction, but still my wife and I are stressed about this situation.
Are they entitled not to renew the contract with less than two months advance notice? How can I ensure my tenant rights are protected? GG, Abu Dhabi
A: A landlord can change his mind about things, but when it comes to not renewing the contract, the law is clear, two months’ notice is required to evict a tenant in Abu Dhabi. So, despite his change of heart, you ought to be protected, but I presume only if you file a case at the rent dispute centre.
At this point, it’s all about negotiations. The law is on your side, but owners can sometimes be difficult, so trying to get an agreement before having to go further is preferable.
My advice, therefore, would be to try to arrange a face-to-face meeting with the landlord to ensure your rights are protected. Failing all of this, your only other recourse would be to file a case at the rental dispute centre. You can contact the judicial department at info@adjd.gov.ae.
The opinions expressed do not constitute legal advice and are provided for information only. Please send any questions to mario@novviproperties.com
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.
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Four tips to secure IoT networks
Mohammed Abukhater, vice president at FireEye in the Middle East, said:
- Keep device software up-to-date. Most come with basic operating system, so users should ensure that they always have the latest version
- Besides a strong password, use two-step authentication. There should be a second log-in step like adding a code sent to your mobile number
- Usually smart devices come with many unnecessary features. Users should lock those features that are not required or used frequently
- Always create a different guest network for visitors
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
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
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.
More on animal trafficking
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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THE SPECS
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