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Old 27th Feb 2015, 15:00
  #9 (permalink)  
p101
 
Join Date: Feb 2015
Location: Dubai
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If you can, then 'opt out'. It's a 180K+ bonus to your salary each year. That amounts to at least 15K dhs per month and that increases after you upgrade. If you are not in the situation to 'opt out' due to family or whatever then obviously don't do it. But if you are single, it's a no-brainer in my opinion.

Prices are relatively low right now. It's a good time to buy, maybe not the perfect time but close. Don't try to ''time' things perfectly, it's too unpredictable. But make sure you only buy in certain areas. DIFC, Dubai Marina, Shk Zayed Rd and perhaps a few other places.

Getting 15K dhs added onto your salary every months is something will benefit you massively over time. Any place you buy would have to drop 180K dhs each year, for you to lose out financially. You get a 44K Euro, tax free bonus to your salary each year.

There are some potential pitfalls to buying property in Dubai but the upside is amazing if you are smart. If you are living in a place and get an accommodation allowance, then things would really have to become very bad for you to not make money. I don't recommend this for pilots with families though, not enough allowance to provide a villa in most places. But a single pilot who will not be having kids in the next 2 years, it's a good choice. Don't buy 'off-plan' though, even though the Laws have changed for the better.

PM me if you want the 'skinny' on what to do and how to do it. I'm not a realtor or anything like that, just a pilot at EK. I have no vested interest in anyone buying property in Dubai, just my opinion about the accommodation allowance that is hugely beneficial if you can take advantage of it. It's not for everyone but it should be for all single 'everyones' for sure.
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