Buying House in Dubai is Better than Living on Rent

About 68 percent of the home loans in the UAE are available at 4 percent per year or less, as per recent study from a personal finance portal.

Secondly, the yields on properties in Dubai are pretty attractive. Rents on residential properties have not fallen in the same proportion as the value of property. In 2015, home prices in Dubai fell up to 20 percent as transaction volumes reduced by fifty percent. On the other hand, rents are dropped by three percent only during the same period. As per real-estate experts, yields for small and large apartments in Dubai range between (5.87 to 7.21 percent) which is higher in comparison to property investment in destinations such as Singapore, London and Hong Kong.

Where to buy?

It totally depends on the budget; there are a lot of ways in which you can seek a property that suits your pocket but the best way is to visit where you can select property type (Apartment, Villa, Duplex, and Penthouse), set your budget and explore all the desired locations you wish to buy property on single screen. For more information on interested properties you may call real-estate agent to give you a better idea about the property.

Own A Space has 100% accurate & complete information of listed properties on their website, you can take a 360 degree property view, check dimensions and layout of property both interior and exterior.

How to buy?

Getting a home financed from banks is not a difficult task in UAE, if you have limited liabilities and a constant stream of income. Revised law says you have to make a down payment of 20 percent, in case of a first home, and rest of 80 percent will be financed by banks. In case of a second or third purchase, buyer has to pay at least 50 percent down payment of the property value and the bank can finance the rest.
Union National Bank (UNB) and Abu Dhabi Islamic Bank (ADIB), offers finance at competitive rates

Additional costs

Apart from down payment and finance by bank, there are certain additional charges that need to be kept in mind. For instance: Land Department charges a fee for registration, Real estate agent charges for the sale maintenance charge for the property, paid annually usually in case of apartments Insurance premium against home loan levied by the bank.

Reverse equity

If you already have a house and without vacating want to unlock its equity, then reverse mortgage is the solution. Occupants get to live in their cherished house with a constant stream of income. Abu Dhabi Islamic Bank (ADIB) offers this facility to its customers.

There’s an advantage in investing in a home. This saves a lot of money also creates a nest egg for retirement. If you plan to move to the beach or to greener pastures to spend your sunset years in mountains in next 10 or 20 years, the value of your house will allow for a happier and financially stress-free retirement and would supplement your income.

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