Traditionally, to save the money in Dubai, many people that move to Dubai rent an apartment instead of purchasing it. The people who are staying in the country for a long period have an experience that the real estate prices continue decreasing, so the expats saying buying a home in Dubai can save money and bring a good return on investment. Following are a few reasons why it’s the best time you should invest in Dubai Real Estate.
Buy Vs Rent
Buying a property in Dubai is beneficial for those who planned to stay in Dubai for a longer period. It is cheaper to buy a home in Dubai for those who are staying for seven years or more.
But does this mean that it is now cheaper to buy than rent?
If anyone is not staying for a long time than renting an apartment, to live is a better option. Driven Properties advice the investors to hold the property ladder now while the prices are good value and will offer a great ROI in future.
Finance rate as low as 3.99%
The finance rate makes it easier to buy a home in Dubai. The US Federal Reserve in April decided to hold the rates steady and suggested that the market will remain like that for some time. For the customers who are planning to invest in the residential property of the UAE, driven properties have the best option for financing.
New Visa Rules
The new visa rules in the UAE are expected to boost the demand for buying a home in Dubai, rents in the long term and pushing up prices. The UAE government last year approved a series of measures aimed at encouraging long-term investment and inspiring the economy.
This new rule allows the people over 55 to have 5 years retirement visas if they have a property of AED 2 million or have saving of AED 1 million or earning an income of AED 20,000 a month. For the key workers including the engineers and doctors, this new rule offers access to long term visa.
Right now, Dubai is a buyers’ market, and it is currently estimated that the average prices in Dubai for the residential projects has gone down since they were at their peak in 2014. In 2019 it was estimated that there was 9% of fall in the prices of villas and 10% drop down in the prices of apartments.
There are several new projects coming in the market, and it is predicted the real estate prices sector will fall by 5 to 10% this year so its a great time to buy property in Dubai.
The investor in Dubai even try to buy the property in Dubai and take advantage of the high return on investment; the brokers are of the option that buying the property in Dubai still make financial sense. They make it clear that investing in Dubai currently stands at around 6 to 8%. So if the investor buys the property in Dubai, they will get a high return of investment with lots of other benefits.
Dubai is the perfect destination where the expats can come from around the world and can invest in the Dubai property and be a part of the city.
Dubai is designed as the most happening city in the world. Shaping in the heart of Dubai there are lots of projects for the luxurious lifestyle sport and business.