Also looking for property investors happy to work collectively on property opportunities.
The question is whether you can rent all the houses and then you are allowed to sublet them. I guess subletting would an agreement with the Landlord. The buyer was looking into their options and found that the developer has a terrible reputation and has dozens of people trying to get refunds. The developer grossly exaggerated the returns and did not receive the payments through a escrow account are just two of the many grievances people have against this developer. They refuse to talk to me after agreeing to refund.
After some research I have found that there are a lot of other people haveing similar problems with this company.
I thought the authorities were on top of the situations? Are there not regulations now whereby funding is put to one side in case there are financial issues going forward? I have been in touch with The Land department in Dubai and they have done nothing. If you look at their page on Trustpilot and other sites you will see that I am only one of many that are having problems. I thought the authorities were on top of the situations? Are there not regulations now whereby funding is put to one side in case there are financial issues going forward? Yeah, the money is supposed to be in an escrow account, and the withdrawals from the account need to be relatively equal to the completion percentage of the project. Yeah, the money is supposed to be in an escrow account, and the withdrawals from the account need to be relatively equal to the completion percentage of the project. I found an old forum where someone was trying to get a group to work together and I wonder how far they got. I have a big problem with them too and am seeking legal action. I found an old forum where someone was trying to get a group to work together and I wonder how far they got. I have a big problem with them too and am seeking legal action.
I would be grateful for any feedback on the following: I and my two adult children are UK residents and own a property in Italy we want to sell. We did not buy this property but inherited it from my father. We have agreed that the funds will go to me as I have no savings, no property in the UK (I rent a small flat) or income except for pension credit and attendance allowance. The property in Italy was not rented out and therefore generated no income. I was not able to live there myself as I depend on one of my children in the UK for care. My children are self-employed UK tax payers, currently not earning because of COVID, in receipt of SEISS grants. One has a low income and no property (and is also my live-in carer),the other earns more and owns a property, but as I said the plan was for the proceeds of this sale to go to me towards buying a property in the UK. Will I need to pay Capital Gains tax and if so roughly how much?
If you are resident in the UK and when you dispose of the overseas property then you pay capital gain tax. There are special rules if you are a resident in the UK but your permanent house is abroad. You may also have to pay the tax in the country you made the profit. CGT is not due in Italy as it has been owned for over 5 years and was inherited. How can I calculate how much CGT would be due in the UK where I am resident? Having said that, I have roughly 13K in a help to buy ISA, so if i put this fund towards a property I would recieve a 3K bonus as part of the scheme - this makes me think about possibly buying a cheap buy to let.
Im very new to this and this simply seems to good to be true, is this the case? Commercial real estate may be a great investment for some, but I prefer residential real estate and I think most investors are better off with residential rental properties as well. Investing in residential properties is sometimes more be beneficial, because there are more of them, and it is easier to buy them below market. But if an investor is well versed in commercial and willing to work hard, you can make a lot of money with commercial real estate as well.
The Middle East has long been a conundrum for investors and business owners due in the main to a very different political and regulatory environment. There are obvious differences between the Middle East property markets and European markets but there is no doubt there are opportunities for lucrative investments across the Middle East region. Oil has been a major component of the Middle East economy for many years now and will continue to be so long into the future. If you dig a little deeper you will be surprised to learn that not all countries are as dependent upon oil as you might think. We have seen a significant increase in the services sector across the region not to mention property investment. So, while it is obviously very useful to keep a close eye on the oil price this is not the be all and end all of the region. There is a very different type of politics across the Middle East and while from time to time we will hear of new political trends and movements, more often than not they come to nothing.
There are some very powerful figures in the Middle East and while there have had to dilute their influence somewhat to attract overseas investment it is a very different environment to that in Europe and the US for example. As we touched on above, the economy is heavily dependent upon the price of oil but there are also other prosperous areas such as property investment. This particular area of the market obviously depends upon a strong economy and the creation of new employment opportunities. The expat community has a significant influence on real estate investment in the Middle East although unfortunately expat workers are often the first to lose their jobs in challenging economic times. As we saw with the rise and fall of the Dubai real estate market, property regulations in some of the Middle East markets do not compare favourably to the likes of Europe. Investor confidence plays a major role in any property market and therefore the ongoing improvement in regulations will help to increase activity in the longer term. It is all good and well having the best prospects in the worldwide property market but unless there are regulations to protect investors and developers there will be issues. Many experts believe that the Middle East real estate market is something of an untapped treasure which is now being reflected in rising property prices. The key to overseas investment in the Middle East will revolve around tighter regulations to protect investors as well as the removal of restrictions on overseas investment. In many ways it is the stigma of years gone by which continues to impact the impression which many property investors have of the area. As this stigma fades we will see an ongoing increase in overseas real estate investment which bodes well for all involved. However, bear in mind that regulations are different across the Middle East and you need to know your market if you are investing in real estate. I would also like to mention the concept of freehold and leasehold properties in Dubai. If you own the building and the land both till perpetuity and it is registered in your name then it is essentially a freehold property. In addition to this freehold property owners and their families get renewable residence visas.
In leasehold the buyer is granted the rights to the unit only and not of the land on which it is built on. Practically speaking freehold property gives you more control as compared to freehold. But 99 years in also a long time and it all depends on how far down the future you are thinking.
If you plan to live in the country for a long time then the best option would be to freehold a home that you and your family loves and would want to keep it in the family.
No matter which option you choose it is important to understand the responsibilities and legal rights of each type of ownership.