There’s nothing astonishing about the volatile nature of the Dubai real estate market. The shifts in the property prices have always been unpredictable. But the year 2018 has turned out to be a sigh of relief for the buyers and renters as the prices have continued to fall.
In the Q3 of 2018, 3.8% decline in the property prices was witnessed. Whereas, the ultra-luxury properties for sale in Dubai experienced a 6.3% fall in prices. On the contrary, the increase in down payment has hindered many people in fulfilling their dreams of buying properties in Dubai.
Despite the rise in the down payment, people have benefitted from the decrease in the property prices in Dubai. A variety of buyers, from individuals to large family units, are witnessed who have managed to attain properties in Dubai after saving from the low prices.
We have been observing the buying vs. renting the game for a long time, with renting taking the lead. But the trends have taken a new turn in Dubai real estate. People now prefer to buy property in Dubai instead of paying a good amount in rent every month.
Who would like to pay Dh 2,500 or Dh 3,000 in rent every month? You might reward yourself with your own apartment in Dubai if you sacrifice luxuries and fun activities for some time. Buying is, for sure, a better option than renting if you plan to settle and stay in Dubai.
At Ezestate, we believe that the Dubai real estate market has given an opportunity to the buyers to take advantage of it. If you ask for an advice, we would suggest you to be bold and step ahead. Pursue the decision of buying properties in Dubai and fulfill your dream to own a property in the emirates.
If we consider The International City, the average rent for an apartment is AED 33,000 per annum. While the average sales price for an apartment in The International City is AED 400,000. A person pondering on the buy vs. rent decision would be wise enough to understand which option is favorable for him. By saving on rents, people could easily manage to gather enough money to pay the down payment and own properties in Dubai.
Undeniably, there are risks involved in the buying decision. The market temperament, legal and political factor, and most importantly the job security are major concerns of the people planning to buy properties in Dubai. But what you get after going through all the risks and facing the difficult times, compensates and pays off for all the hard times.
A relatively convenient way to buy properties in Dubai is through the mortgage. Majority of transactions in the Dubai real estate market are backed by the mortgage. We have noticed that people prefer mortgage repayments over rental payments. The demand for the mortgage is extensively increased during the last decade. On the parallel, the number of lending institutions has also significantly increased, making mortgage accessible for the buyers.
Well, consider it a coincidence, good luck of the buyers or a help from God. Majority of the factors are in your favor if you plan to buy property in Dubai. Prices have bottomed out, government’s residency policies are in favor of the expats and the number of lending institutions has also increased making mortgage an easy game.
Due to competition among the monetary institutions, they are bound to keep the interest rates low. This further aids the buyers in opting for the mortgage and encourages their search for properties for sale in Dubai.
Wrapping it up with a suggestion from an authentic Dubai real estate dealer, Ezestate would appreciate the people who are planning to purchase properties in Dubai. A residence entitled by your name is doubtlessly far better than a tenancy contract.