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
After more than six years working in Dubai’s real estate sector, broker Charlotte Walton put her skills to the test when she snapped up a two-bedroom villa in Springs 15 for Dh1.8 million ($490,000).
After keeping a close eye on the property market, Ms Walton, 31, from the UK, bought her dream home in 2021, which she shares with her two French bulldogs, Bear and Peanut.
Since buying the property two years ago, she believes its value has soared by more than Dh1 million, with similar properties now on the market for Dh3.1 million.
Here, she invites The National to take a look around her fully renovated home and gives tips to would-be buyers in the Emirates.
Tell us about your home
The villa cost Dh1.8 million to buy and I spent about Dh300,000 on renovations. The built area is 1,743 square foot and the plot area is about 3,500 square foot in total, including a big garden and a patio area where I have barbecues.
I changed the flooring throughout, put in a new kitchen and three new bathrooms, replastered the ceiling and landscaped the garden.
I also had the central wall taken out to make it open plan and extended the lounge area to make it more spacious and airy. I basically did everything you can think of.
What made you buy your own property?
I had been renting in Dubai for six years before I bought my villa, and I didn’t like having a landlord because maintenance was never up to scratch.
Rented properties in Dubai also tend to be quite dated and I wanted something more modern without paying a fortune for it in rent.
It made sense for me to get my own property instead of paying off somebody else’s mortgage. It’s nice to have the freedom to do what I want to my home without relying on anyone else to keep it to a decent standard.
Why did you choose this area?
The Springs is a nice green area, with big lakes and parks where I can walk my dogs.
I love how family friendly it is and it has a great sense of community. It’s also really close to Downtown Dubai and it takes me just 15 minutes to get to work in Dubai Marina.
From an investment perspective, it’s close to lots of schools, which means it’s always going to be a desirable place to live for families so I know it will always sell or rent out if needs be.
How did you discover this home?
As a real estate broker, I always have my eye on the market and kept a close eye on The Springs as I knew that was where I’d ideally like to buy.
I came across this one on Property Finder and it was exactly what I was looking for so I immediately got in touch with the owner and made him an offer the same day, which he accepted.
How did you find the buying process?
The buying process was relatively straightforward. I took a mortgage, which makes it a little bit lengthier as the seller had a mortgage too, so the banks needed to settle between themselves.
We completed in four weeks, which is quite quick for a mortgage-to-mortgage deal, although I was already familiar with the process because I’ve guided so many other buyers through it in my work.
A good tip to save some cash is to take fee financing, which is where your buying fees such as agency fees and Dubai Land Department fees can be added to the mortgage. I did this so I would have extra cash to spend on renovations.
I’d also definitely recommend using a mortgage broker because they’re really helpful with guiding you through the sales process and will shop around to get you the best deal.
What gains are there from owning rather than renting?
When you own your own home, you can keep it up to a really nice standard without relying on anyone else.
You’re not limited to using whatever contractor materials your landlord chooses, you can pick quality materials for renovations that you know are going to last.
It’s also reassuring to know that you’re not going to be evicted or face rental increases every time the contract renewal rolls around.
What upgrades are you planning?
I would like to change the AC units because I didn’t do that when I moved in and they are quite old.
I’m also potentially putting in a pool for the winter months, which is exciting, although I’m not sure how I’ll manage to keep the dogs from jumping in and wreaking havoc.
What are the disadvantages of living in The Springs?
The main disadvantage I’ve experienced is mosquitos, because it is a very green area with lots of lakes.
Aside from that the community is a little bit older so if you haven’t renovated then the building might not be in the best condition, but as long as you maintain your home properly it’s not a problem.
Will you stay in this property?
I’m hoping to stay here for another couple of years. But in the future, I plan to upgrade to a larger property.
Depending on how the market is at the time, I’ll either sell the villa or rent it out.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Rating: 4.5/5
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
