As a foreigner or a new resident you have several queries. And as a top real estate company in Dubai, our responsibility is to provide you with the best solutions and Renting vs. Buy Property in Dubai? What should you prefer?

We have repeatedly come across a question that is, “is it better to rent or buy a property in Dubai? Of course, the simplest answer is it depends on your personnel preference. Although, there are multiple factors that significantly influence Dubai real estate. And you should never overlook these factors.

The final decision you make will not only have a greater impact on the standard of living but it will also affect your future financial standing. So it is imperative that you consider these factors so you can come up with a better decision.

Before investing in Dubai real estate market you must undertake the assistance of real estate agents in Dubai. Going through this guide you will have enough information so you can make a better decision for yourself. We have tried to communicate all the information we had to comprehensively guide. So you can invest in Dubai property market with a peace of mind.

For how long you will stay in Dubai?

The first most important factor to consider is how long you will stay in Dubai. Most people stay in Dubai for less than 5 years. And if you have arrived in Dubai to spend a couple of years or are not sure how long you will stay in Dubai, renting a home is an appropriate option. The significant benefit of renting a home in Dubai is that you are free to move from place to place. Additionally, if you got a better job opportunity in Dubai. So you can immediately move to a new location with short 3-month notice.

On the other side, buy home in Dubai is a preferable option if you have planned to reside in Dubai permanently or have some long-term plans. In addition, if you have purchased an apartment or a farmhouse in Dubai, you may get incredible profit due to the rising demand of the Dubai market.

Comparing the cost

Before making a final decision, you should consider your financial status. Whether buying or renting a real estate property in Dubai, you must always be prepared with a huge budget. If you have some long term plans to settle in Dubai, plus you are financially stable, buying a property is a preferred choice. Or, if you don’t want to invest all the money in Dubai real estate, you can consider the option of banks or lending institutions. For foreigners and new residents, the minimum amount for a down payment is 25%.

Similarly, renting a home in Dubai requires paying the rent amount for a specific period. But one thing that makes buying a property a beneficial option is that you will be the owner of Dubai property after 5-10 years based on the contract. You can also make a good side income from the property you have purchased. For example, due to personal reasons, you have to leave Dubai and move back to your native county. You cans make good money by renting the property to another person.

Flexibility

Renting a property brings flexibility and mobility that you cannot experience when you buy home in Dubai. Dubai is widely known for its luxurious life style and diversifying culture. And as a new resident in Dubai you are looking to explore Dubai, renting is the best option. Also, as Dubai increases business opportunities, you might be frequently moved to a new location. In such cases, if you have rented a property, you can move freely. Freedom and living the dream can only be possible with peace of mind.

Control over the property

One more important factor that can influence your decision is how much control you will have over the property you have purchased or rented. Talking about the property you have purchased, you will have the authority to modify or renovate. Contrastingly, if you are looking for a minor change, you are required to take permission from the property when you have rented a property.

Not forget, if you are living in a rented property, the property owner will pay an annual maintenance fee service charges and are liable to finance any repairs or modifications. On the contrary, the property owner will be responsible and liable for any construction as now he has control over the property.

Benefits of buying property in Dubai

Buying a property in Dubai is valuable for many reasons. More people are looking forward to investing in the Dubai property market because investors can earn incredible returns on their investment. Also, the prices of properties in Dubai are comparatively cheaper than many real estates. The government of Dubai allows local residents and foreigners to buy property in Dubai and further detail is here.

Dubai is full of investment opportunities. You can purchase your desired farmhouse, apartment, or villa at reasonable rates. Also, the rising Dubai property market has a greater value of the purchased property, and it can also be called a tangible financial asset.

As an owner of a property, you can customize your property as you like. However, if you reside in a rented property, you cannot make any major construction without notifying the landlord. Also, you can start a side business or income by modifying your property to the highest standard and reselling it to a profitable price. Or you can rent the property you have purchased.

Drawbacks of buying property in Dubai

Financially, buy home in Dubai requires a big budget. Also, there are many fees incurred that you have to pay until you become the owner. If you have planned to stay in Dubai for less than 5 years or you are on a working visa, you must avoid the buying option. Buying a property will restrict your movement. And you might not explore the luxurious life of Dubai.

Renting vs. Buy Property in Dubai? What should you prefer

Benefits of renting property in Dubai

Dubai is an economic and business hub. And people from all over the world visit Dubai to earn a living. Since more than 88% of Dubai’s population are expats, that makes Dubai rental home a preferable choice. You will have endless options, and based upon your budget and requirements; you can rent a property.

Another benefit you can enjoy while renting a property is affordability. When you compare the rent of two years with the property’s value, you will find a huge difference. For foreigners or temporary residents of Dubai, renting a fully furnished apartment or flat is a cost-efficient opportunity. Rather than renovating a property from scratch.

If you don’t want to stick at a place, renting a property is the best option. People who reside in rental properties have the freedom to move with peace of mind. In addition, the more often you move from one place to another, you can experience the diverse standard of living in Dubai.

If you are not a city person and prefer privacy with your family. In that case, you may go with a townhouse to rent in Dubai. On the other hand, if you are interested in exploring Dubai and the lavish nightlife and incredible infrastructure, you may choose apartments for rent al furjan.

Conclusion

You may get in touch with Time homes real estate and get the best assistance from the professionals in the industry. So whether you are looking for renting or buying a property in Dubai. For helpful advice and suggestion, get in touch with us. Or go through our blog. Renting vs. Buy Property in Dubai? What should you prefer?