I was born in Dubai and have lived here all my life. I’m constantly surprised by how I find myself a stranger every day in the city’s changing landscape.
But this is what I love about Dubai. I am Indian and an account director at an advertising agency. I find Dubai to be an extremely adventurous destination with its properties always pushing boundaries, whether it be on a man-made island, amidst an artificial marina or lake, or even in the tallest tower in the world. I find it extremely exciting to be a part of this living culture.
In 2006, real estate in Dubai was booming and everyone who was anyone was desperate to buy property. I was in a good place career-wise and felt the need to make sensible investments, and real estate seemed to be the obvious choice then. I was keen on buying from a reputed developer like Emaar, Nakheel or Trident. There were properties opening up all over Dubai, including far out in Dubailand, but I wanted to stay close to town around the Media City area where I was working. Luckily, there were still units available in Mosela Tower in the then upcoming Views development by Emaar. I managed to get a good deal on a one-bedroom apartment and jumped at the opportunity.
The price at the time seemed reasonable compared to other developments in the market. The common facilities within The Greens, proximity to a golf course, the malls and my office made the property ideal to live in.
I had previously rented an apartment in the Al Fairooz Tower, one of the first six towers by Emaar in Dubai Marina, and was very impressed with the general finish of the property. I felt Emaar had changed the game when it came to fine living in Dubai. Living in an Emaar property appealed to me and I therefore knew I wouldn't be terribly disappointed by investing in the Mosela Tower.
I paid a down payment and took up a mortgage with Amlak. The process was straightforward. I had a lot of questions and they seemed to have all the answers. I was extremely cautious through the entire process. The various steps took time, but I didn't get too lost in red-tape, conflicting discussions or complex documentation.
I think the recession has exposed the weaknesses of the property market. I wouldn't know which community could promise a sound investment at the moment. I find myself in an odd situation where I bought my property at the peak time, but with the recession, I seemed to have missed out on getting any good deals out of this investment.
Be extremely cautious as to what you're getting yourself into — there's no harm in being careful, especially when you are investing a lot of money. Make sure you get what your developer promises and nothing less. During sales, you could be promised the world and on handover, you find the unit to be a complete disappointment and you know you haven't got your money's worth. Also, if you have a property that's mortgaged, then it's your responsibility to check regularly on the accounts aspect of the property.
Never expect the developer or the financier to worry for you or you'll find yourself in an extremely difficult situation.
