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The UAE property: to buy or to rent?

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Each expat has to weigh options of buying or renting a property in the UAE. Obviously, it mainly depends on the plans. There’s no reason to invest in square feet if you have a short-term contract. However, experts suggest considering a purchase in case you intend to spend at least 5 years in the country. 

The ratio of owners is constantly growing. In 2011, about 15% of expats wanted to own a property in the UAE, compared to 50% in 2016. Over a year, the number of transactions has increased by 17% totaling Dh132 bn. Moreover, the number of loans has also risen up by some 20% up to Dh60 bn. 

Dubai’s real estate used to attract foreign investors mainly, but now the foreigners show growing interest in purchasing a property for occupation. Meanwhile, the UAE banks rush to satisfy the demand and elaborate mortgage options for non-residents. 

Dubai has high chances to beat rival cities in a real estate competition. There are other popular real estate destinations among non-residents, including neighboring Asian cities or far London. Nevertheless, Dubai has more to offer. First, the price is comparatively lower, as well as the tax rate. Secondly, the rental yield ranges about 6-7%, which is rather attractive. Experts predict an increase of property market in a few years. Therefore, a purchase of an apartment, either to live in or as an investment option can turn into a lucrative long-term opportunity. 

Source: gulfnews.com            

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