Are you moving to Dubai anytime soon but couldn’t decide to rent or buy a home? There’s no denying that renting in Dubai can be overwhelmingly hard, particularly for newcomers. And why wouldn’t it be? The decision will impact your lifestyle, your budget and overall expenses. If you’re unsure about which way to opt for, apartment rental in Dubai arrives with both pros and cons., so it’s imperative to reach a sound decision before stepping on your feet in the city. By the end of this guide, you’ll be able to do so.
Renting vs Buying: Financial Backup is Necessary
The main perk of renting is that it’s more affordable. Unlike buying a property you won’t be stressing over spending money on a down payment or security deposit. If you’re tight on budget or don’t have valuable funds for the purchase, renting makes a praiseworthy choice.
Renting vs Buying: Enjoy the perks of a Residential Visa
While renting requires no financial backup, ownership can pave the way to developing residency in the country. If you purchase an apartment worth at least AED 1 million, you become eligible for the UAE visa. However, remember that living comes with an expiry date of five or three years. Once the term ends, you will have to renew it. On the other hand, if you haven’t planned to stay in the city for a long time, it’s wise to go for rent.
Renting vs Buying: Ideal for a temporary Stay
Renting an apartment is workable for those searching for a temporary residence while overlooking the sapphire-blue islands of Dubai. Regarding residential properties, Dubai offers an extensive range, implying that you can easily find something suitable for your lifestyle. Yet, you can enjoy the property as it is and can’t make changes per your preferences. On the other hand, ownership grants you complete freedom to personalise the apartment per your taste.
Renting vs Buying: Furnished and Unfurnished apartments
Do you know what makes renting an impressive option for expats? It’s the furnished flats that attract them. Regardless of your budget, lifestyle and personal taste, you’ll undoubtedly find an apartment perfect for you. So, if you’re unable to gather belongings right now, Dubai offers an arrangement of luxurious and fully-furnished apartments. In contrast, owners usually have to make all the fittings themselves without any financial benefits.
Renting vs Buying: No Commitments
Another reason to consider renting is the liberty to reside in different areas without being answerable to anyone. On the contrary, buying an apartment might kill your freedom. Let’s say you own a flat in Downtown Dubai, But after a couple of years, you realise that living in Business Bay is better, so the moving process can be complicated with all the paperwork.
Whether you want to purchase an apartment or rent it in Dubai, you no longer have to face any hassle. On the one hand, owning a flat makes you financially stronger, in the long run, renting one allows you to relish the city’s luxurious life on a budget. However, we hope that the difference mentioned above will come in handy when making the life-changing decision.