This is the mini-model of the Living Legends development. Currently on the market are the 12 buildings you see towards to top of the model, each with studio, 1, 2 and 3 bedroom apartments at various stages of development. Buildings 5, 9, 10, 11 and 12 are scheduled for completion in early 2015, while the others are in the pipeline for the following year in 2016.
There are three main reasons I would invest in this development:
1. Dubai is a tax-free Emirate. No property tax (which can be significant portion of your maintenance expense), no sales tax, no income tax, no capital gains tax. You can either work there and keep more of your income in your pocket, or you can keep a second home there with reduced maintenance expenses.
2. New Legislation setting clear guidelines for residential loans, such as a 65% loan to value limit for foreigners (50% for pre-construction), including a contingency of max loan term of 25 years and for principal to be paid off by 65 years old. As well as being able to own the property on a freehold basis (all yours, land and improvements, with no restrictions or long term leases from the government).
3. The prices are….reasonable! While granted, many of the properties in prime locations can be wildly overpriced and unachievable to the average folk– I thought the offerings at Living Legends not only were beautiful but reflected thoughtful market pricing. Here are the average offer prices:
Studio: $110,000 USD
1 Bed: $170,000 USD
2 Bed: $295,000 USD
3 Bed: $380,000 USD
The developer requires a series of deposits, including in most instances the 35% down payment at the time of contract, and three other payments over the 6 to 9 months leading to completion of the project, with the full balance paid at the time your keys are handed to you. If you wanted to avoid the red tape of having to qualify for a loan in a foreign country, you and a few of your buddies can save up your bonus money and time-share the apartment over the year—and be one of the few lucky ones to have a place to crash during the World Expo in 2020. Sigh…will my dream ever come true….!?