For those living in Dubai, there are both many challenges to face as well as many benefits to enjoy. Purchasing Dubai properties will no doubt cost more than many other expat region. Some expats prefer purchasing in nearby areas like Sharjah, Ajman and even Abu Dhabi, to lessen the burden of the cost of Dubai rentals or buying their own property. For new residents, one of the biggest adversities in moving to the UAE is finding suitable Dubai property rentals.
The cost of living in Dubai is frequently compared to the cost of living in some of the more expensive European countries. Dubai has many attractions to offer enticing new residents more easily into area jobs, in turn, moving their entire family overseas. Dubai has a wealth of opportunities in recreation, education and jobs. Clubs, abundant children’s facilities, great schools and more are all alluring.
One bedroom Dubai properties start around US 140,000 and up. If you’re planning on selling your property at home, buying a home in Dubai is a much more cost-effective method than Dubai rentals. Capital appreciation is rising, there is no capital gains tax, and land registration tax is very low. Of course, the more lavish the property, the higher the price, and it’s not difficult to find lavish properties in Dubai at all!
Transportation costs are minimal and local food and clothing are quite a bit less, unless they’re imported. If you’re planning on living in Dubai, rentals are still an option if you don’t have the capital to invest in your own home. Dubai rentals are fairly equivalent to rent rates in the West. If you choose a rental near or on any Dubai beaches or more affluent areas, prices rise accordingly. If you’re planning on working and living in Dubai, talk to some of your future colleagues to see which real estate agents they had luck with. Scour the classifieds as there are often many options listed for Dubai rentals and property for sale.
If you’re planning on looking at Dubai properties to purchase, you’ll have your work cut out for you. Finding a suitable place to live, in a location that suits not only your needs, but also the needs of your entire family, can be intimidating. It’s not uncommon to spend a good chunk of time looking at Dubai real estate options before finding something accommodating. Securing a rental unit near shopping and dining opportunities could be a high priority, but with more and more retail developments, services and amenities popping up, it’s slowly turning in much less of a challenge. Vacation rentals are also widely available. They are often rentals available to both expats and tourists. Though many rentals are located in city environments, they can be found near beaches. Vacation rentals are not as popular a trend as some other sun destinations and can be very pricey to rent. Most are apartments although there are some villas available.
Dubai real estate has some of the highest commanding prices in the world. The United Arab Emirates had the fastest growing economy with an almost 30% growth in GDP. As the economy continues this massive upswing, the attraction to Dubai real estate also continues to rise. One of the main elements that could affect Dubai real estate is the price of oil. In turn, this will also affect Dubai property rentals. A weakness in oil prices is predicted to eventually effect Dubai properties yet the price of oil does not appear to be decreasing.
Though Dubai rentals can be limited and difficult to find, there is a large amount of property being distributed in the area that’s somewhat alleviating the problem. As the property is slowly circulated to various buyers, it’s then developed into Dubai property rentals and other types of real estate. On the brighter side of things, Dubai is one of the most exciting and accommodating destinations for expats and those enjoying vacations. Enjoy some respite from the heat at Wild Wadi Waterpark for an afternoon of family fun or head to the Mall of the Emirates for incredible sales. Hit the slopes at Ski Dubai or travel to one of the quieter neighboring emirates, like Fujairah or Umm Al Quwain, and enjoy seaside holidays with your family. Dubai presents a world of options waiting to be taken advantage of.