The Debt Panel: ‘I am struggling to pay for an $816,000 off-plan property’ – The National

The Debt Panel: ‘I am struggling to pay for an $816,000 off-plan property’ – The National

I bought a property worth Dh3 million ($816,882) in Dubai this year. Because it is an off-plan property, I will only be eligible for a mortgage once it is ready for handover in 2026.

My wife and I pay about Dh13,000 a month for the property as per the developer’s payment plan. However, this huge financial outlay, combined with the Dh60,000 yearly rent for the property we currently reside, in is taking a big chunk out of our monthly income.

I have a monthly wage of Dh22,000 and we are living from one salary to the next. After paying for our children’s school fees, car loans, fuel costs, maid’s salary, credit card bills and miscellaneous living expenses, we are left with no savings.