Depending on whether you plan on living in Dubai on a long- term or short-term basis, buying Property in Dubai is a worthwhile option to look into.
Our Top Content Quality Agent Allsopp & Allsopp provides our property buyers with reasons behind buying a home right now:
Why would now be a good time to buy for you?
Purchasing a property in the UAE is not for everyone, it depends on your future plans, financial feasibility ie. if it’s something you can justify to yourself on whether you should own vs. rent and the current market conditions. Below is some advice from experts in the industry on why they think now is a good time to buy. We hope this helps you make a well-informed decision on whether to buy or rent a home.
1. Rent to own and make it yours
In the majority of situations, paying rent is far more expensive than buying. Quite simply put, you are paying your landlord’s mortgage and service charges and building their equity and credit.
2. Sense of security
Buying a property gives you a sense of security and you will finally find a place to call home.
Steady payments that won’t go up unlike renting, where prices are susceptible to increase, depending on the rental market, with a fixed mortgage payment, you know exactly what to expect each month and each year.
3. Long term investment
The UAE is considered a country of transit; there is continuous influx and outflux.
Buying a property is potential for future rental income even if you don’t initially think of your home as an investment property, you can easily turn it into a source of income at a later date, thus creating a role-reversal.
4. Freedom & privacy
Everyone wants the freedom to do as they please in their home. Whether it means painting the walls to the color of your choice or renovating the interior architecture in your home.
You have the freedom to change your home to suit your needs and taste.
Nobody can tell you no! Some rentals come with a hefty list of do’s and don’ts. For instance, if you have an unexpected addition to the family, you could easily convert or build a nursery and wouldn’t have to ask permission to paint or put a nail in the wall. Another example is most rentals will not allow pets.
Last, but not least you won’t have to worry about the owners checking up on you which means you will finally have independence and privacy!
5. Be a part of a community
Buying a home gives you a sense of belonging in your community. It helps you set your roots and get established especially if you have children and plan to stay in UAE on a long-term basis.
Do you fancy living by the metro station? Choose from the 33k properties live on dubizzle right now and find properties for sale in Dubai which are a walking distance from the metro here.
6. The pride which comes with owning a home
Buying property in Dubai comes with the pride of saying you own something, this makes one of the major reasons people own property.
Whether it’s a small apartment or a villa, once it’s your home you can do with it whatever you please and for that, a person should feel proud, ownership is regarded as an accomplishment.
You can have the kitchen and bathrooms you want. You can move the walls, build an extension or even paint everything bright orange! Few landlords are so indulgent; for tenants, these types of
changes are often impossible. You’ll feel better about your own place if you own it than if you rent.”
7. Build equity
One of the best reasons to buy property in Dubai is to build equity, equity gives more freedom financially.
Your home isn’t a stock or commodity market and historically, real estate prices have always increased.One lesson from the last few years is that stocks are incredibly hard for most “normal” people to own
in large quantities. Equity in a home is another way of linking part of your portfolio to the long-term
growth of the economy and still manage to be able to sleep at night.
Initial Cash to have in Hand
If you’re planning to take out a mortgage; you’ll still need a good amount of savings to purchase your home. Give or take you will need to have 32-35% of the total value of the property (inclusive of the 4% transfer fee) to dish out upon purchase of your property.
Choose a reputable agency to guide you through the buying process, a plus point would be if they have an in-house mortgage brokerage.
Here’s a good place to start: below are properties in Dubai that are in the range of less than 1,000 AED per Sq. ft.
Looking to buy property? Browse our Property section here.