Ok,

I intend to stay in Dubai for at least 3 more years, maybe more.

If I renew my rental it effectively costs me 7500 per month.

I figure that I can buy something for about 700000 (1 bed in discovery gardens or similar) and finance it over 5 years (in UAE) for about 12000 per month.

Obviously over 5 years this means I spend about 300000 extra on accomodation. But at this point I will have a property to sell and as long as it's worth more than 300000 then I am in profit. If it's maintained it's value (700000) then I am 400000 in profit (not to be sniffed at).

Basically my question is - why are so few people doing this? I have been here 1 year and know very few people who have bought. I am certainly not a finance expert but this seems a no-brainer to me.

What are the potential pit-falls etc.

Has anyone else done this recently and if so how is it working out?

THanks in advance.