The deal is lucrative but it's those damn annual hidden charges and the bullying that spoils the taste. And what a Pakistani gonna do with a posh flat anyways? Lots of People's businesses are barely surviving there so whom you gonna rent it out? Maybe a select few? Just check out the current rent rates in business bay and compare them with the previous year.
Besides the thing which annoys me the most is that there's no remedy against the govt at all and all big giant developers like NAKHEEL and EMAAR are govt owned which have been royally screwing people since lately. Moreover you can get deported in a matter of hours by an Intel guy for littlest of the things like a face book post, coz that guy also is not local and is after achieving his target.
Therefore I advised first visit the place ask for people's opinion already working on ground and don't fall for the rosy promises of govt newspapers like gulf etc and if you've made your mind to do bsusniess only keep a limited amount of capital to survive, make your money, get out and invest in Pakistan or Europe.
@Trango Towers
Last paragraph was unnecessary, Perhaps if you want any advices for that region, the genuine problems expats face, You can ask me anytime, I don’t need to ask others for that
And btw, I can’t disagree with you on this one though, One could invest but then what?, still a normal expat, Don’t get any special privilege over others, get deported anytime over the smallest thing and that too in a small deadline of just hours. However, Bitter truth people must accept is
“If you want to live somewhere with your WILL, You have to submit yourself to their laws, no matter what, and you don’t have rights to object, just an option to leave”
As for the expenses and all, Too much, Yes, But the problem lately isn’t the expenses but the average loss of revenue per year and that the graph seems to fall every year steeply, Businesses open and close, Those who are new can forget to operate for more than a year if on loans, old businesses are also shaking and many have closed, all huge markets where people didn’t have place to walk, are not “SunSaan”.
There was a time in dubai that these expenses were there (not as much as today), But Due to good business and trade, good revenue, these expenses didnt matter and people were saving up big cash.
Business crisis, Over production and supply, lack of demand, And for UAE Specifically here that those customers who used to order products from UAE in bulk whole year, have run elsewhere for the supply as VAT even though just 5%, but has had a high impact on the overall costs the foreign customer faces, let’s say that you are from Sudan, Now, UAE is the exporter to Africa, Middle east and Central Asia.
Chinese goods, USA, Australia, Even Singapore and Thailand use UAE for this purpose, and in turn UAE local businesses or free-zones forward these products to the above respected regions.
So if you are from Sudan, Let’s say a product xyz costs you around $230 ex factory price, It comes to UAE, If you buy it from local market (which is actually the most probable case), you add up a 5%VAT On top of that, and if the product has been through multiple stages of supply chain (Importer=>Dealer=>Retailer=>You), every stage, the VAT increases minutely, so in the end the overall cost increases significantly.
Now before the VAT was implemented, this same product could have been sold in Sudan for around $260 (cost to the seller after the product lands in sudan is let’s say $255), and now that VAT has been implemented, it costs you around $270 landing in Sudan, Just imagine how negatively the local market prices are impacted even with 5%, the consumer retail price would be set around $275 including profit for the seller or best he would try to minimize his profit to compete with other local sellers in order to attract customers so the window narrows and not much room left to do good business.
Singapore has up’ed their game, took advantage of the UAE situation, and business has moved back to Singapore to quite extent, Dubai and Singapore and let’s say business rivals