Renting becoming a chore and tired of lining the pocket of your landlord? Time to start thinking about putting down some roots and buying your own home!
Long gone are the days where most expats stayed here for only 2-3 years maximum and employers paid handsome housing allowances. More and more expats are staying in the UAE long-term, which raises the question of buying a home. After all, you have to have a place to stay! Don’t find yourself 7 years into living in the UAE and calculating how much you have lost out on, in paying rent.
Property prices in the UAE have declined since Q2 2014, which was a direct result of the introduction of a Mortgage Cap and increase in Dubai Land Department Transfer fees at the end of 2013. Today, UAE real estate is becoming better value again, with most properties 20% cheaper than the height of the recovery in 2013. There is also more choice with several affordable housing projects nearing completion. The property market is also starting to stir, with real estate agencies, valuers, banks and mortgage advisors reporting an upturn in transactions.
Banks are offering up to 75% mortgages for properties valued lower than AED5m, along with options to finance fees. Interest rates are still significantly lower than rental prices, so there is a strong case to consider buying as a better medium to long term solution than renting. If you plan to leave the UAE in the next 1-2 years, this is different and it is advisable to continue with renting. However, any longer term plans to remain here or if you are fortunate enough to receive a housing allowance, make this work for you!
Contact 800 MORTGAGE (66784243) today for a free, without obligation consultation. A telephone call can help you understand your eligibility, costs and potential savings of buying versus renting. Try it, you might be surprised with the savings!