A home in Dubai: Should you rent or buy?

With more than 200 nationalities living in the country, UAE has become home for many.

However, finding a right home that fits your budget can always be a dilemma. For many, Dubai is just a temporary address, and for the same it’s always been preferred to get a rented apartment. However things are changing, and changing very fast.

What are the pros and cons of buying property in Dubai vs renting a home?

An investment is forever: The unpleasant fact about renting is that each month your rental payment is an expense and does not contribute to your financial health. Over time, a home and/or property appreciates.

Renting is cheaper: Despite the expensive initial down payment, owning a home is cheaper than paying rent. This is because when you rent, not only are you paying your landlord’s mortgage, but you are also paying an additional amount because they will want to make a profit.

Mortgage payments=Equity: Every monthly installment of your mortgage loan adds up to creating more equity. Homeowners are investing in their own home whereas the rental payment is going straight to the landlord’s pocket or paying their mortgage payment.

Become financially independent: Buying a house not only gives us a sense of stability, but even if you are not residing in Dubai, you can always rent or resale your property for higher Return on Investment (ROI).

With many reputed developers in Dubai launching budget-friendly villas, townhouses and apartments, buying a house has become an easy affair.