When Buying, Dubai Real Estate For Sale Becomes Cheaper Than Renting20 Mar 2018
Expatriates and locals both contribute to the title of Dubai as the city with the most population in the United Arab Emirates, and the dilemma of buying or renting real estate for sale is ever present with these residents. Deciding whether to buy or continue renting properties in Dubai is a crucial question that many people living in this ultra-modern and luxurious city still struggle to answer. How do you weigh in on your decision in this matter?
Pros and Cons of Buying and Renting Property in Dubai
Renting and buying both have its advantages and disadvantages. To help you with your decision regarding real estate in Dubai for sale, here are some pros and cons with these two options.
Pros: less short-term expenses, easy relocation
Cons: unable to completely settle in or call it home, expensive rates, higher long-term expenses
Pros: long-term investment, comfortable settling in, more opportunities for revenue
Cons: high initial and more costs, unstable real estate market
When Buying is Better than Renting
Your decision of buying or renting a property in Dubai will ultimately be based on the length of your stay in this global city. Many recommend that if you’ll be staying for a couple of months to a year, then renting is the smarter option. However, for those who will live in Dubai for several years, purchasing a house may be better. There are actually many Dubai cheap houses for sale aside from the lavish villas and mansions usually seen in this place’s scenic landscape.Buying property in this luxurious city with so much to offer becomes better when you plan to stay there long term and when you have absolute job stability. Although the initial cost of purchasing is quite high, it is an investment that will pay for itself in the long run.
These are the upfront costs you need to take into consideration when you plan to buy a house in Dubai:
•Mortgage down payment – usually 25% of the total price when it’s your first property in Dubai.
•Dubai Land Department fee – 4% of property price
•Broker’s fee – 2%
•Mortgage processing fee
•Mortgage valuation fee
•Other admin fees
These numbers may be confusing, but if you’re determined to own property in
Dubai have Zawaya Property assist you in learning these figures and finding the
perfect real estate property. Learn when it is better to buy rather than rent in a
city with one of the fastest growing economy. Learn from Zawaya Property.