Is it better to Own Property in Dubai than rent?
The real estate market in Dubai is booming, with rising rents and cheaper property prices making it an attractive proposition for tenants to become owners. Below are the reasons justifying to own a property in Dubai.
Rising Rents
The average rent for a two-bedroom apartment in Dubai has increased by 15% in the past year, according to property portal Property Finder. This is putting a strain on the budgets of many tenants, who are now looking at buying a property as a way to save money in the long run.
Cheaper Property Prices
In addition to rising rents, property prices in Dubai have also fallen in recent years. This is due to a number of factors, including the COVID-19 pandemic and the global financial crisis. As a result, there are now some great deals to be found on properties in Dubai. The trend of new properties are on the rise.
Other Factors Driving the Trend
In addition to rising rents and cheaper property prices, there are a number of other factors that are driving the trend of tenants becoming owners in Dubai. These include:
- The availability of mortgage finance: It is now easier than ever to get a mortgage in Dubai, with a number of banks offering competitive interest rates.
- The UAE’s stable economy: The UAE has a strong economy with low inflation, making it a safe place to invest in property.
- The UAE’s attractive lifestyle: Dubai is a vibrant and cosmopolitan city with a lot to offer residents, including world-class shopping, dining, and entertainment.
Conclusion
The trend of tenants becoming owners in Dubai is likely to continue in the years to come. With rising rents and cheaper property prices, it is now more affordable than ever for tenants to buy a property in Dubai. In addition, the UAE’s stable economy and attractive lifestyle make it a great place to invest in property.
If you are a tenant in Dubai who is thinking about buying a property, now is a great time to do so. Contact a real estate agent today to learn more about your options.
