Should I continue to rent a property or buy in Dubai? It is the million-dirham question playing on the minds of expatriates in the UAE. Many people arrive in the Emirates thinking they will do a two to three-year stint but before they know it, they start to see the country as home. Whether you ultimately decide to rent or buy is a personal decision depending on your own circumstances. Here is what the experts think. If you are only planning to stay in the UAE for a couple of years, you are better off renting. However, if you live here for longer than five years you should at least consider purchasing a property. “Many people here are only on short-term contracts, so they don’t want to make a long-term investment if they are only here for a couple of years,” says Craig Plumb, Head of Research for the Middle East and North Africa at JLL. “Because of that there is a relatively low percentage of people who have bought.”
Dubai is still an attractive market for investors, offering a yield of around 6-7 per cent, which is far higher than other major global cities. “If you compare prices to London, Hong Kong and Singapore, Dubai is attractive on three points,” says Garg. “The entry point is far lower, which is the price per square foot, the rental yield is far higher and the tax rate is low.”As a truly customer-centric real estate agency, we offer a range of related services that are designed to make your property journey stress-free and successful from start to end.