The debate between renting versus buying has been ongoing since time immemorial. Some people would prefer to buy a real estate Dubai property over renting because of ownership.
Also, there is no bureaucracy that comes with sorting out a massive number of properties to find a new one once the tenancy contract ends and the landlord does not want to renew.
Dubai houses a range of residential properties. As such, buying is always seen as the best option as compared to renting. But things change considerably when it comes to expats.
There is so much that goes in other than just owning a property in Dubai. Some aspects that make renting a property in Dubai more beneficial include:
Ideal for Short-term Stays
A lot of experts, especially those who are in the country for work, stay in the emirate for a limited time. Moreover, most live alone (not with their families).
Therefore, purchasing a property would not be ideal for them. These individuals prefer to rent shared apartments for rent in Dubai, which is rather cheaper.
Purchasing a real estate Dubai property for a short-term stay will only result in a lot of headaches in the end. Before your departure, you would want to sell your property at a higher price.
It is not easy to sell a property and get good returns within a short period, especially given the fact the market has an oversupply of modern residential properties.
As an expat, you can only buy Dubai properties in designated communities. These neighborhoods are known as “freehold areas.” This is a serious setback that may prevent you from purchasing a property in the city.
You don’t have this limit with renting. You can rent property in any part of the city. It is a key benefit in favor of renting.
No Maintenance Fees or Overhead Costs
Some don’t see any need of selling their properties once they return to the native country. You can use the home as a passive income. Truth be told- this is easier said than done. Regardless of the property type, you will always need to spend money on maintenance.
Additionally, if you decide to rent your property, you will have to deal with tenancy matters, too. It can be strenuous to manage remotely. Therefore, the best option would be to hire a property manager, which in turn, can be costly in the long-run.
Renting a property in Dubai allows you to be flexible. While you may not have sufficient information about the various areas in Dubai to live in, you can start your search on the internet. However, you cannot tell much of a neighborhood unless you live there.
Fewer Upfront Costs
Other than the cost of a residential property, you must have to cover other expenses as well, such as registration fees, DLD fees, DLD mortgage registration fees, maintenance, and more. While most of these fees are one-time payments, they can dig a big hole in your pockets.
You will not have to worry about these expenses with renting. But there are broker fees, Ejari fees, and annual rent, although this is something you can easily manage, based on your monthly earning.
Renting a property in Dubai is economical and convenient, especially for expats. If you are looking for properties to rent in Dubai, take a look at our expansive listings of townhouses, penthouses, villas, and apartments for rent.