2008 New Year’s Resolutions

Dubai. First trip this year is to get my Dubai properties registered. If, like me you have purchased property in Dubai recently, it is important to register the purchase with the Dubai Land Department.

Registration costs a nominal two percent of the original purchase price. As a buyer you are responsible for half the cost and the developer the other half.

According to Mohammed Sultan Thani, the director of development and marketing at DLD, less than a quarter of sales have been registered over the last two years and they will shortly be applying an increased 2% fee based on the property’s current value for any unregistered units – some when mid-2008. You have been warned.

The English-version DLD website can be found here.

Spain. Next stop Spain to sell my last few Spanish properties. The tax on rental income is killing me and the money would be better invested else where. Gone are the days when this was an avoidable tax.

U.S.A. Foreclosure rates are still increasing in the U.S and I feel it is time to get over there and so some on-the-ground research. There are bound to be some Foreclosure Deals outside of the usual NY/Chicago/Miami high end stuff and that’s where my focus will be early next year.