Renting or Buying a Dubai Property - which is the best option?
It is always best to plan all your investments well in advance dedicating a considerable amount of time and effort to research. The same applies in the case of deciding whether to buy or rent a Dubai property. There are many factors you need to take into consideration including the market conditions and your personal requirements and preferences. This should all be done with having your budget and financing options in mind.
At the moment both the sale and rental Dubai property prices are considerably lower compared to their levels in the years before the market crush in the last quarter of 2008. In the first quarter of 2009 the decline continued, although the prices did not reach the expected bottom. Most experts suggest that the recovery of the market has already begun and that the prices will increase again in the future, but without reaching the former heights. So, at present the market is quite favorable for any type of action. The demand is also increasing, with the three and four bedroom properties being the most popular ones with the two and five bedroom apartments and villas following close behind.
If you have the available sum or have secured reliable financing, you are highly recommended to buy a Dubai property. The prices are more than affordable and you can always mortgage the apartment or villa you have bought to make the most of your investment. Furthermore, you can always rent it out during the periods you are not going to live in it. Eventually, when the market recovers completely and the prices go up again you can resell it and make a profit. When making a deal, make sure you include all the maintenance and legal costs in your calculations to get a better idea of the expenses you are going to have over time.
Renting a Dubai property is definitely a short term option for the non-permanent residents of the emirate who are planning to stay for less than a year or two at most and then leave. Holiday makers and students will find it very beneficial to live in a fully furbished rented apartment. The business people and professionals might require a more luxurious suite or even a whole villa if they have moved to Dubai with their families. If you intend to travel a lot and leave the property for considerable periods of time, you might also consider properties having a professional management and maintenance to facilitate your stay in the emirate.
Overall, it can be safely said that the Dubai property market offers everything for everybody. The lavish and luxurious apartments and houses have superb locations and offer amazing additional facilities to residents. The more affordable mid level ones can also boast with good quality construction and convenience. Most properties are within residential complexes, which provide safety and usually have parks, children playgrounds, shops and other benefits you can readily take advantage of. The majority of the so called community developments normally have available properties both for sale and for lease.
The global financial crisis affected the cost of Dubai property. As most of you have expected the prices have dropped slightly. So the end of September can be a good time for 