We all know that it’s not less than a dream to own a house in Dubai, with the low capital cost and soft prices in the secondary market, there are many opportunities available to own a house in Dubai. The residents have faced a lot in keeping the landlords happy as they used to enjoy the high margins of the world. No doubt the landlord’s demand has made the residents quite frustrated in the past.
Now it’s easy to buy a house in Dubai as mortgages are easily available and moreover, the properties have become quite affordable. The Dubai real estate market is progressing daily and making the housing quite easy for the public. However, we know that 25% down payment is quite a challenging factor but keeping the property value in mind this threshold can be achieved. As per the Dubai land department news, the mortgages transactions have increased to 12% in 2018 as compared to 2017. The increase shows that the real estate market in Dubai is getting mature and shows positive prospects in future.
Dubai is home to many different nationalities and being the residents they also want to own a house in Dubai as well. Mostly the expats are on rent and they eagerly waiting if the government start rent to own option as it will be great for them. We have seen that mostly expats discuss this topic with another, thus rent to own will get greater acceptability in Dubai.
As the housing has become affordable in Dubai and most expats are thinking that whether they should continue to rent or invest today and buy an affordable house in Dubai.
We have examples of many expats here who were on rent before on Palm Jumeirah and now shifted to their own house in the lakes. This was not possible in the past but now conditions have changed and housing is not a dream anymore. According to the 2017 annual report, the property prices in Dubai have decreased to 17% in the last 1.5 year and thus investment is a good option. The monthly mortgage fee that one pay of owning a house is quite less as compared to the monthly rents, thus the overall outflow is reduced as compared to the past. One can comfortably pay the mortgage fee as compared to the high monthly rents.
We can’t say all over Dubai property prices got reduced, as there are some areas which have witnessed the increase in price according to the annual report. Mohammad bin Rashid city and town square villas prices have increased by 54%. The main reason for this increase is the unsaid release price. Moreover, when people want to settle in Dubai with a long-term focus, they buy a house in a community which is more attractive. They outsmart the living standard and basic amenities of life as compared to the investment point of view.
Jason Hayes, Chief Executive of LuxuryProperty.com said, now is the right time to buy a house in Dubai as repayment cost will increase in future with the chances of increased US Fed reserve in the coming year.
If you have the mind-set to stay in UAE for next 5 years or more than that, this is the time to buy a house in Dubai as the prices are down and will remain so for a year as well.
There are many developments going on Dubai and different houses are been created which has increased the stock level. This creates a lot of opportunities for the buyer to mortgage a house and thus making the real estate market mature at the same time.
Dubai market will get more mature in the future as the Dubai 2020 expo is quite near and things are changing very quickly. However, at the same time, we have to admit that buying a house in Dubai was never easy and affordable in the past which is now. Therefore its time to make an investment and have a house in Dubai with all the luxuries of life.