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Any universities still pay housing allowance?

 
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Fatboy



Joined: 23 Aug 2010
Posts: 52

PostPosted: Sun Dec 02, 2012 6:50 am    Post subject: Any universities still pay housing allowance? Reply with quote

Hi, I was wondering whether any universitity still gives you an allowance for housing. One of my friends suggested that I could actually buy an apartment and use the housing allowance (if paid) to pay off the morgage.

I know most universities are wise to this; are there any that are not? Very Happy
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veiledsentiments



Joined: 20 Feb 2003
Posts: 16066
Location: USA

PostPosted: Sun Dec 02, 2012 3:03 pm    Post subject: Reply with quote

As far as I have heard all of the universities allow the option of an allowance rather than one of their flats. I haven't heard anything about them trying to stop teachers from this option. Why would they care?

As to purchasing real estate in the Emirates, many more lost their shirt than made money. One catch in the system is that purchasing does not provide you with a residence visa... so if you lose your job, you lose your residence visa... and are forced to firesale your purchase. I heard of some that had to just abandon it...

I wouldn't touch their real estate market with a barge pole...

VS
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Gulezar



Joined: 19 Jun 2007
Posts: 241

PostPosted: Tue Dec 04, 2012 2:27 am    Post subject: Allowance Reply with quote

If you opt out of university housing and take the allowance, most places do not allow you to revert back to university housing. Dubai, in particular, has had a wild ride on rental swings over the last 10 years.

Common sense would say that buying and living in a flat would save one money, but this is the UAE. In Abu Dhabi the rental market has dropped by about a quarter over the last five years. A few years ago, the money for a place in Al Reef outside of Abu Dhabi would have seemed fair. After all, three years of an inflated housing allowance could have bought the flat, and yet now once the buildings have come online, their rental value has dropped by a quarter.

Remember that the UAE is a place where some builders can't figure out how to put a bathroom floor slope in so that the water actually makes it to the drain. Car-parks sometimes cave in on the vehicles.
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Pikgitina



Joined: 09 Jan 2006
Posts: 371
Location: KSA

PostPosted: Thu Dec 20, 2012 6:34 pm    Post subject: Reply with quote

VS, I agree with you. However, the visa situation has changed a lot. You don't have to be employed to be able to live in the UAE if you are a home owner anymore.

I have colleagues who bought on Reem Island and persisted through the difficult times. Things are starting to look up for them again now.
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veiledsentiments



Joined: 20 Feb 2003
Posts: 16066
Location: USA

PostPosted: Fri Dec 21, 2012 12:37 am    Post subject: Reply with quote

Pikgitina wrote:
VS, I agree with you. However, the visa situation has changed a lot. You don't have to be employed to be able to live in the UAE if you are a home owner anymore.

I found it ridiculous that they were selling real estate to foreigners, but not providing them permission to stay in the country... ridiculous in that whyever would anyone buy under those circumstances. Though many did, apparently without thought. (only with fantasies of making a bundle...)

Still consider it a VERY risky investment... only to be done if you can afford to lose it all as many have.

VS
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Gulezar



Joined: 19 Jun 2007
Posts: 241

PostPosted: Fri Dec 21, 2012 5:28 am    Post subject: Rent to own Reply with quote

There's a new twist on the real estate market:
http://www.thenational.ae/business/property/rent-to-own-at-the-sun-tower-a-first-for-abu-dhabi
http://www.ameinfo.com/abu-dhabis-tdic--314443
There's always a new crop of newbies eager to bite on a scam.
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