Renting property in the UAE has a number of benefits, including the flexibility to move from one place to another or even country if you decide to. It also enables you to have very little in terms of personal belongings, which is perfect for people who are on the move and don’t want to be weighed down. However, there are drawbacks associated with renting property. One is that you don’t have control over how much you can alter your rental unit when it comes to comfort and style. Another one is that moving from one place to another will end up being quite costly because your landlord might make you pay for all of the administration costs involved with moving into a new apartment.
HOW LONG DO YOU PLAN TO STAY IN THE UAE?
Before you make any decisions about what type of property to buy, check your long-term plans. Are
you planning to live in the UAE for at least the next few years? Buying a home is a big decision with
lots of factors that matter.
If you are not sure how long you will stay at your property then renting might be your best option. The
downside with renting is that there is a contract so when you want to leave you to need to give the
landlord notice.
HOW ARE YOU (REALLY) DOING FINANCIALLY?
If you are in a stable job and have a reliable source of income, then whether or not to buy property will be easier. First, you need at least 20% as a down payment, which can be difficult. However, if you know that you will be able to pay off the mortgage monthly, then investing in property will be easier for you. When you are renting a property in the UAE, think about how much better it would be to save for a house rather than keep paying rent. This way your long-term compensation is owning a home.
You don’t need to keep the property you purchase. You can put your home up for rent and pocket the income while still owning the property. Purchasing a home is a great investment, even if you are just renting it out once in a while.
Expats may wonder about property ownership in the UAE for foreigners. By exploring this topic, we hope to offer a better understanding of how ex-pats can successfully invest in the UAE real estate market.
WHAT’S THE MARKET LIKE?
To do your finances well, look at the real estate market before making an investment. The real estate market in the UAE is currently favorable to buyers, with high returns available across the emirates. If you are considering, investing in property in the UAE or renting, it is best to stay updated on the current market conditions. Prices have fallen, so now is a good time to invest, but it will not be forever. Be aware of what the market trends are and plan accordingly.
HOW MUCH CONTROL DO YOU NEED FOR RENTING OR BUYING PROPERTY IN THE UAE?
If you want to make custom changes to your property, it is typically easier to do so if you own the property. This is because if you rent the property, a landlord needs to approve any changes before they can be made. When you rent rather than own property, you usually have to pay an annual fee. Landlords are also responsible for repairs and modifications, as well as leasing the property. Whether or not you rent a property is fairly straightforward – if it’s a leasehold property, then the owner is leasing it to you. If the property is freehold, then the owner holds title to it and can sell it without your permission.
