Dubai currency issues, banking in Dubai and real estate in Dubai

Banking in Dubai is something you must familiriase yourself with if you intend buying real estate in Dubai and living in the city. The unit of currency in Dubai is the Dirham (Dhs), which is linked to the US Dollar. Dubai currency issues can make a huge difference to the price of property.

Banking, Dubai and property

Banking in Dubai
You do not need to open a Dubai bank account to buy real estate in Dubai. However, if you intend living and working in the city you will need to do so. To open an account for banking in Dubai you must firstly obtain a residency card to present to staff.

Banks in Islamic countries often do not pay or receive interest so obtain information about banking in Dubai and what your particular account offers.

Opening hours for most banks in Dubai are Saturday to Wednesday 8am to 1pm, Thursday 8am to 1pm.

Dubai currency issues affecting real estate in Dubai

When you buy real estate in Dubai the actual cost will not become known until you have bought the currency to complete the purchase of your home. Fluctuations of the Dirham against Sterling means real estate in Dubai could become a good deal cheaper or more expensive in a short space of time.

Many people underestimate the importance that exchange rates have on the cost of real estate in Dubai. Consequently, a few months later they face paying thousands of pounds more for their home.

A reputable currency specialist can help with these matters. They will be able to advise on Dubai currency issues and minimise the cost of real estate in Dubai.