The most obvious expense you have as an expat in the UAE is rent. Experts estimate that if you live in Dubai, you will spend 40% to 60% of your salary on rent. So, is it better to rent or to buy? Many expatriates in Dubai are asking themselves this question. Most expatriates choose to rent, especially if they are new to UAE and are unsure about where to live. Furthermore, they must be a resident with WPS Salary transfers for at least six months before applying for a mortgage with a UAE bank; hence, for at least the first year, they will most likely choose for rental housing.
The answer to the million-dollar question is that it depends on how long you stay. Rent is more cost-effective if the lease is only for a few years. If, on the other hand, you intend to stay for an extended amount of time, buying is likely to be more advantageous. When asked about expats considering buying an apartment in Dubai, a real estate specialist advised, “I encourage you to become an owner in the United Arab Emirates only if you have an extremely stable work.” Committing to mortgage payments over a lengthy period of time when you aren’t even sure you will stay here for a long time might be inconvenient. The two main benefits of living as a tenant are flexibility and a low level of responsibility for the home. The whole sum you pay for renting a two-bedroom flat in Dubai over a few years, on the other hand, can simply be utilized as an instalment for buying your own house in Dubai.
If you decide to become a home owner, you must make the down payment (a deposit of 20% to 31% of the purchase price is necessary), as well as other administrative expenses and the intermediary’s commission. If that is covered, then considering any of the flats for sale in Dubai is a wiser decision in the long run. You will not only be the proud owner of a home in Dubai, but you will also be able to rent it out and earn a return on investment over time.
Finding the proper real estate company in Dubai to provide you with the support you require is critical when shopping for your dream apartment. XSITE Real Estate Brokers, offers an exceptional range of houses for sale in Dubai because we are committed to finding one-of-a-kind, classically beautiful homes for individuals and families.