It’s not a baffling question for just the permanent residents of Dubai. With the continuous and rapid surge in Dubai’s population, a substantial proportion of which consists of expats and temporary residents living in Dubai for employment reasons, the question of buying or renting a residential property in Dubai is the talk of the day.
Both the potential tenants and home buyers may be troubled by the question. But still reports on Dubai real estate say that the changing picture of global financial markets shouldn’t deter the locals from buying Dubai property if their plan is to stay there over the couple of years. As for those who plan to stay in Dubai for more than five years, buying a property ‘now’ can prove to be the wisest decision they ever made given the prices of Dubai real estate climbing higher and higher with each passing year.
But the option of buying real estate in Dubai doesn’t suit everyone. Most of the younger expatriates are not financially sound, so in order to qualify for a mortgage they need stable jobs with sufficient salary. There’s no certain criterion for the assessment of one’s financial situation – it’s rather a self-assessment process.
Borrowing can be a not-so-good idea if you are in Dubai for a longer period than five years. A wise act should then be to sit and calculate the total rent you’ll pay during your long-term stay and compare it with the current price of the mortgage. At the end of the day, you may find out buying to be a far wiser choice than renting.
Both the potential tenants and home buyers may be troubled by the question. But still reports on Dubai real estate say that the changing picture of global financial markets shouldn’t deter the locals from buying Dubai property if their plan is to stay there over the couple of years. As for those who plan to stay in Dubai for more than five years, buying a property ‘now’ can prove to be the wisest decision they ever made given the prices of Dubai real estate climbing higher and higher with each passing year.
But the option of buying real estate in Dubai doesn’t suit everyone. Most of the younger expatriates are not financially sound, so in order to qualify for a mortgage they need stable jobs with sufficient salary. There’s no certain criterion for the assessment of one’s financial situation – it’s rather a self-assessment process.
Borrowing can be a not-so-good idea if you are in Dubai for a longer period than five years. A wise act should then be to sit and calculate the total rent you’ll pay during your long-term stay and compare it with the current price of the mortgage. At the end of the day, you may find out buying to be a far wiser choice than renting.
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Want to add value to your properties apart from all this everything is available for sale and rent at one door step properties in abu dhabi.
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