Why Renting Apartment in Dubai is Affordable Option for Expats?

Dubai’s real estate landscape is changing and this transformation is resulting in good outcomes. One of the results of this change is tax-free real estate, a vibrant multicultural zone, and futuristic architecture. For the expats, the transformation of Dubai real estate is offering investment opportunities. Renting apartment in Dubai remained the favorite choice of buyers facilitating them in managing the cost of living.  While Dubai enjoys the image of premium living residences, it is difficult to find affordable options in the bustling metropolis of Dubai. Thus, this blog will explore why expats are focusing on renting apartments in Dubai.

Why Expats Prefer Renting Apartments in Dubai

Below are some of the major reasons that make renting apartment in Dubai the most affordable option for expats.

Flexibility for Local Buyers Living Abroad

One of the major advantages of renting a residence in Dubai is flexibility. This means that being a renter you do not have to deal with the selling of property when moving from one place to another. Further, many expats are coming to the land of Dubai intending to find a career. However, employment may change after some time. For individuals on rent, it would be easy to move to a place and of new job if living on rent.

Affordability for the Expats

Another reason Expats are focusing more on renting residence than buying is affordability.  Buying is a much more expensive option than renting. The performance of the rental market also indicates that buyers are aware of this affordability aspect.

Analysis showed, there was an increase of 35.8% in the total number of rental transactions compared to the previous year. Affordability is a major concern, especially for expats with a limited budget. With the elimination of no large down payment for buying renting remains the top choice for expats.

Maintenance of the Property

As an expat, there are costly expenditures one has to bear. Maintenance of the property would be a big headache if not managed properly.  As living there, even if it is a Studio bedroom apartment for rent in Dubai maintenance must. Nevertheless, the owner who is responsible for the touch-ups typically holds most of the responsibility of maintaining a house in the rent option. This leads to saving time for tenants and the cost of property maintenance.

Access to Luxury amenities

Another reason expats focus more on renting apartments in the bustling metropolis of Dubai is access to facilities. From studio to 2-bedroom apartments for rent in Dubai, residences are complemented with luxury facilities. Some of the featured amenities as a tenant you can enjoy are:

• Swimming pool for you to unwind
• The children’s playing zone is specially designed for maximum outdoor playing exposure.
• For arranging social events and gatherings, features community hall.
• Housekeeping service including laundry.
• Parking facility for increased convenience.
• A well-equipped fitness centre with world-class services.

Diverse Range of Rental Options

Another driving force that makes Expats more inclined towards renting an apartment is the availability of a diverse range of residential options. The property units’ individuals could opt for renting includes:

• Studio bedroom apartment for rent in Dubai
• 1 bedroom apartment for rent in Dubai
• 2 bedrooms apartment for rent in Dubai

When buying, the limitation of budget or another factor may hinder the process. However, as a tenant, wide range of property units is available for investment.

Determinants Making Renting an Affordable Option for Buyers

Although various driving factors are making renting an apartment in Dubai an affordable option for buyers, below are some of the major determinants:

• Length of stay
  If an individual is staying for a long period then rent might not be a suitable choice. However, as in most cases, tenants tend to stay for a short period in any location, so rent is the best option.

• Finance available for buying or renting
  Analysis indicates that 1 bedroom apartments for rent in Dubai are famous among tenants. Even if the apartment is a studio or 2 bedrooms considering the financing option is a mandatory thing.

• Less responsibility for property security
  To secure the property is the responsibility of the individual living there. However, as a tenant property owner is the actual responsible person for securing the property from legal or other perspectives.

To make a wide decision it is inevitable for the expats to focus on the highlighted options above. Considering only what is good for most of the buyers will lead to a poor outcome.

Top Areas in Dubai Best for Tenants

1. Al Barari – this family-oriented project is offered at a starting price of AED 13 M and an average rent of around AED 525,000 per annum.
2. Arabian Ranches – A successful community-oriented villa-based project offered at a starting price of AED 8.4M and an average rent of AED 505,000 per year.
3. Business Bay – is an ideal location to live tranquil environment with a luxury apartment starting cost of AED 8.3M and an average rental cost of AED 612,500.
4. Downtown Dubai – Centrally located exclusive development with an apartment cost of AED 9.2M and an average rental price of AED 386,047 per year.
5. Dubai Marina – Enjoy waterfront living in this project, starting price of AED 11.2M and average rental cost of AED 454,280 per year.
6. Emirates Hills – Next to the lake and golf course this luxury apartment costs AED 41.5M and an average rent of AED 1.2M per year.

These mentioned areas are famous for rent, but the list is not restricted to this. You can explore various other rental areas that make Dubai highly impressive the captivating for expats.

Conclusion

Renting an apartment in Dubai might not seem to be an exceptional decision. Nevertheless, on a closer investigation, it is evident that for expats it is the most affordable option.  Indeed renting an apartment in Dubai is the best option for expats. This is because buying is not easy as it demands a down payment. Moreover, the mentioned price of the apartment of buying and renting indicates, that rent is the best option for less stay and average finance option.