Dubai is unparalleled in that both renting and buying are popular. Depending on your situation, there are distinct advantages to both. When choosing to rent or buy, your lifestyle will be a crucial factor.
Choosing to buy or rent a home in Dubai is an important yet challenging decision. The outcome will not only affect your lifestyle; it will also affect your financial health in the long term.
Since most people living in Dubai are expats (more than 88%), renting property is the most popular choice for residents. The options are nearly endless, and every budget range is well-represented in available properties. There are rental properties located in various areas to suit every type of lifestyle i.e. Apartments for Rent, Villas for Rent etc. Choose between a property set in or near the urban center with all the advantages and excitement of city living or a family-centric community with plenty of privacy and space. Whether you’re looking at luxury villas, fully furnished apartments, or new residential projects in Dubai, you’ll find a wide range of rental options on the market.
For newcomers to Dubai, it’s easier and more cost-efficient to rent a fully furnished apartment or villa rather than move all their belongings or fill an entire home from scratch. Others like the flexibility that renting affords them. Rental tenants have more freedom and can move yearly or even every few years with ease. This allows renters to try living in various areas of Dubai or in different types of spaces (such as going from an apartment to a villa, for example) at their leisure. Moving so often would be extremely difficult and impractical for homeowners.
Renting is more affordable, too. If you have budgetary constraints, renting is an economical choice. The deposit and related rental fees to secure a lease are far less than you would pay to buy a home in Dubai.
The Advantages of Renting Property in Dubai
- Affordable on any budget
- Provides more flexibility
- Good for short-term residents
- Allows more freedom of movement
- Will not accrue debt or lose value
On the other hand, individuals employed or have a personal business in Dubai are now more inclined to purchase their personal property and not rent them out because of the loosening of restrictions imposed by the government. If your goal for buying property in Dubai is to live, you should consider whether the site is close to hospitals, supermarkets, restaurants, and schools. Raising your family in a progressive and developed city like Dubai can be an advantageous experience.
Furthermore, the real estate market in UAE is trendy, and there are many benefits of buying a house in Dubai. These include high rental yield, high market capitalization, and a transparent process for businesses. Most foreigners or expatriates hope to purchase affordable homes in Dubai to get a massive return on their investment. A thorough assessment of the market can help to buy an apartment in Dubai at a reasonable rate.
Factors to Consider before Renting Vs. Owning Property in The UAE:
- How long do you plan to stay in the UAE?
- How are you doing financially?
- What’s the market like?
If you are currently looking to rent or buy property in the UAE, register your interest with Driven Properties, Best Real Estate Company. We’ll be happy to help you find your next home in the UAE, regardless of where you land on the ‘rent or buy decision.
Read More: Why choose Dubai for Property Investments?