The real estate market in Dubai and the UAE continues to grow rapidly. This has been attributed to positive economic growth of the emirates and the development of Dubai city as a great business hub. According to some analysts’ reports, the value of property has risen by over 30% of their value in the last 3 years. The rise has been so sharp that foreign investors are taking note.
The development of Dubai as a safe haven for investments is also another factor that is causing increased demand for properties in the UAE.
House Designs Available in the UAE
The construction boom in Dubai and the UAE has made it relatively easier to get property to rent or buy however; this condition is not going to last long as the demand is growing fast.
The rental designs available in the UAE and Dubai vary from one to five bed roomed apartments depending on your preferences.
For individuals buying houses for rent in Dubai, villas are available for rent as well as apartment for sale in Dubai. Some of the areas where they can be found are in the Arabian ranches, the Al Barari, and even in the Jumeirah islands.
Purchasing or Renting Property in the UAE
The process of renting house in Dubai requires signing a lease for the house.
- Property owners will require one-year upfront payment before getting the house. If you don’t have the upfront payment right away, you may negotiate with the owner on payment using post dated cheque. The rent payment is not inclusive of the utility charges thus you need to incorporate these charges in your budget. These are charges for house maintenance, gardening fees and general property upkeep.
- It is advisable to sign a renewable lease to avoid the hassle of having to look for another house once the twelve months duration is over.
- Thorough research has to be done before buying property from the UAE. There are certain areas where foreign investors cannot buy free hold land but only on lease. It is important to seek the services of a lawyer to help read the fine print before signing the contract.
- After locating the property, you place a formal offer through an agent. Once it is accepted, you are required to deposit at least 15%of the total payment. A transfer fee of about 7% must also be paid as well as a 2% agent fee.
Depending on the individual state that the property is located, you must check that you have fulfilled the requirements of the state usually listed on a checklist for each state.
The rate at which the demand for houses in Dubai is growing will ultimately be exceeded by the supply. This will cause an unprecedented increase in the prices of housing making them unattainable. This situation has also been prompted by the huge improvement in the economy of the emirates.
Acquiring property in the UAE is relatively easy due to the guidance offered by the real estate agents. Houses for rent are also available and are usually obtained on a twelve month lease. It is always advisable to seek the guidance of a lawyer while buying or renting property to avoid mistakes that could be costly.
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