7ad3b57ff8868210VgnVCM200000e66411acRCRDapproved/thenational/Articles/Migration/2009-Q3Real (estate) bargains6ad3b57ff8868210VgnVCM200000e66411ac____With banks and developers overseas competing to find buyers for repossessed or unsold properties, here are some remarkable deals in the UAE.<p><embed src="http://multimedia.thenational.ae/pic610_new.swf?xmlfile=http://multimedia.thenational.ae/ssp_director/images.php%3Falbum=1468&xmlfiletype=Director" quality="high" bgcolor="#FFFFFF" width="440" height="360" name="The National" align="middle" allowScriptAccess="sameDomain" allowFullScreen="true" pluginspage="http://www.macromedia.com/go/getflashplayer"/></p> <p>Barney York and Lyndsey Steven met in Dubai after moving there in 2005 from the UK. Three years later, the couple were engaged. The next step, they decided, was to buy their first property in the city. But this part didn't go to plan. The couple are now renting a three-bedroom apartment in Satwa, and they have no plans to move. Instead, they are seeking a real estate investment abroad. "Over the past few years we'd considered buying in Dubai several times, as the market seemed so strong, but thank goodness we didn't," explains Mr York, 37, a director of sponsorship for Centre Stage Management, the company behind Dubai Desert Rock. "We considered Ireland, where I'm from, and South Africa, Lyndsey's home, but for various political and economical reasons, we decided London would be the best bet."</p> <p>Ms Steven, 32, a magazine editor, says while they could get more for their money in South Africa, aspects of the country are too unstable. "We decided to look at London because people are always going to want to live and study in London, even in a recession," she says. The couple are seeking a large one-bedroom apartment or a smaller two-bedroom house with a garden, preferably in North London, which they will rent. They plan to use the rental income to cover their mortgage, with hopefully a little bit of profit. They want to secure a place by the end of the year, when, according to their advisers, prices will stabilise.</p> <p>This Dubai couple's quest to purchase an affordable and dependable property investment is a common endeavour, and question mark, for many expatriates. And with faith in local real estate on the wane, families and prospective investors are seeking bargains - and long-term investments - abroad. Amid the meltdown, a financial truism has resurfaced - one man's pain is another man's gain. And of course, regardless of what hidden bargains you may find, it matters little without the proper funding to make it happen.</p> <p>In order to make their London dreams come true, Mr York and Ms Steven turned to Holborn Assets, a financial services company located in Dubai that had previously provided the couple with financial advice and savings plans. The company has suggested two offshore mortgages, one with Lloyds and one with Royal Bank of Scotland, which the couple are currently considering. "I couldn't get a mortgage with my Irish bank, the Bank of Ireland, whom I've been with for 20 years, because it simply doesn't have the money," says Mr York. "The rates for an offshore mortgage are also better, and it is easier to get one if you are working outside the United Kingdom. It is also easier if the banks know it is an investment property because then they know you are more likely to keep up the repayments."</p> <p>The second step was a medical for Mr York. If you're over a certain age lenders want to know you're in good health. This expense was paid for by his life insurance provider, Friends Provident. Mr York recently returned from a trip to the UK during which he looked at several North London properties. After meeting with estate agents, he says that more people are renting than buying because the property market is weak.</p> <p>"The area is popular, and it's expanding. The Olympics will have an impact and upper Islington Street is very trendy, with popular bars and restaurants," explains Ms Steven. "The prices have gone down but you're not getting bargains, it's still quite expensive." Daren Haysom, the manager of the Foxtons branch in Islington, a leading UK estate agent, says that Islington has held up well during the past few years in terms of property prices.</p> <p>"It is an established area with a classic housing stock within close proximity to the city and West End," he said. "A large one-bedroom in the area may sell for upwards of £350,000 (Dh2.1 million), with an extra bedroom taking the price up to £500,000, and beyond. " The best houses in the area - larger houses and prime properties - can fetch up to £1m and upwards." Mr Haysom explains that London continues to be popular because it is a leading global financial centre, indeed, some consider it the world's premier financial centre.</p> <p>"Then there are the geographical aspects to the market: restricted housing stock - especially period housing - protected by a 'green belt' planning act, restrict the capital to a certain size. An ever-growing population puts extreme pressure on the housing stock, keeping values high." Mr York and Ms Steven have good reason to be looking in this area, as there are other deals to be had. In north Islington, London, properties at Kinver House, a 54-unit apartment complex, have been discounted by around 26.5 per cent. Prices now start from £175,000 for a one-bedroom apartment with Property Frontiers, the agents; the assessed market value of the one-bedroom units is £237,500.</p> 101,233,555YYPERSONALFINANCE2009070400000020090704000000100ARhttp://adedit.ad.atl.publicus.com/apps/pbcs.dll/article?AID=/20090704/PERSONALFINANCE/707039968707039968200907041000000007df64e1e4c968210VgnVCM200000e66411ac____6ad3b57ff8868210VgnVCM200000e66411ac____5291c4bf8c268210VgnVCM200000e66411acRCRD