How New Residents Are Beating Rising Rents by Buying Properties in Dubai Within 2 Years of Arrival
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Tag: Arrival
How New Residents Are Beating Rising Rents by Buying Properties in Dubai Within 2 Years of Arrival
Dubai, known for its luxurious lifestyle, modern infrastructure, and world-class amenities, has become a magnet for expats and foreigners looking to start a new life. However, the city’s popularity comes with a price – rising rents. In recent years, Dubai has witnessed a significant surge in rental prices, making it challenging for new residents to find affordable housing. But it seems like new residents have found a way to beat the rising rents by buying properties within 2 years of arrival. In this blog, we’ll explore this trend, its benefits, and what it means for the Dubai real estate market.
The Rising Rent Challenge
Rents in Dubai have been on the rise for the past few years, with some areas witnessing an increase of up to 20% in just 12 months. This has put a strain on the pockets of renters, especially those who are new to the city. The rising rents have made it difficult for people to find affordable housing, leading to a decrease in the quality of life. However, it seems like new residents have found a solution to this problem.
The Shift to Buying Properties in Dubai
According to a recent report, new residents in Dubai are now opting to buy properties within 2 years of arrival instead of renting. This shift in behavior is driven by several factors, including the rising rents, the desire for stability and security, and the long-term benefits of owning a property. By buying a property, new residents can avoid the hassle of dealing with rising rents and enjoy a sense of permanence in their new home.
Benefits of Buying a Property in Dubai
So, why are new residents opting to buy properties in Dubai? Here are some benefits:
- Stability and Security: Owning a property provides a sense of stability and security, which is essential for families and individuals who plan to stay in Dubai for an extended period.
- Long-term Investment: Real estate is a lucrative long-term investment option, and Dubai’s property market has shown significant growth over the years.
- Tax Benefits: Dubai offers attractive tax benefits to property owners, including no income tax and low property taxes.
- Rental Income: Property owners can earn rental income by leasing out their properties, providing a steady stream of passive income.
FAQs
- Is it easy to buy property in Dubai?
Yes, buying a property in Dubai is relatively straightforward. Foreigners can buy properties in designated freehold areas, and the process typically takes a few weeks to complete.
- Do I need to have a residence visa to buy a property in Dubai?
No, you don’t need a residence visa to buy property in Dubai. However, having a residence visa can make the process easier and provide additional benefits.
- Can I get a mortgage to buy a property in Dubai?
Yes, several banks and financial institutions in Dubai offer mortgages to foreigners and expats. The loan-to-value ratio is typically around 75%, and the interest rates are competitive.
Additional Tips for New Residents in Dubai
- Research, Research, Research: Before buying a property, research the market, the area, and the developer to ensure you’re making an informed decision.
- Seek Professional Advice: Consult with a real estate agent or a lawyer to guide you through the buying process.
- Consider Your Budget: Calculate your budget carefully, including the down payment, mortgage, and ongoing expenses like maintenance and property taxes.
By following these tips and considering the benefits of buying a property in Dubai, new residents can make a smart move and enjoy a comfortable and secure life in this beautiful city.
The Bottom Line
The trend of new residents buying properties within 2 years of arrival is a smart move, considering the rising rents and the benefits of owning a property in Dubai. While it may require a significant upfront investment, the long-term benefits of owning a property in Dubai make it an attractive option. If you’re a new resident in Dubai, it’s worth considering buying a property instead of renting. With the right guidance and support, you can find your dream home in this beautiful city.
The Arrival of Ramadan And Eid Al Fitr 2024 in the UAE
The holy month of Ramadan is around the corner, and people of the UAE eagerly await the official announcement of the schedule of Eid Al Fitr 2024. With expert insights and astronomical calculations guiding our expectations, here’s what you need to know to plan your holidays effectively.
Commencement of Ramadan 2024
According to expert predictions, Ramadan is likely to commence on Tuesday, March 12, 2024. This estimation is based on astronomical calculations and the anticipated sighting of the crescent moon, which traditionally marks the beginning of the Islamic lunar month.
Length of Ramadan and Eid Al Fitr 2024 Holidays
Ramadan is expected to last the full 30 days, culminating on Wednesday, April 10, 2024. Following this timeline, you can anticipate a six-day holiday period to celebrate Eid Al Fitr, beginning from Ramadan 29 till Shawwal 3.
The Role of Moon Sighting
The sighting of the crescent moon remains a crucial factor in determining the start and end dates of Ramadan. The UAE’s Moon sighting committee is set to convene on March 10, with March 11 potentially marking the first day of Ramadan if the moon is sighted. Otherwise, March 12 will be confirmed as the official start date.
Potential Impact of Solar Eclipse
On April 8, 2024, a total solar eclipse will occur, casting a shadow on Earth. While this celestial event may not directly affect the sighting of the moon for Eid Al Fitr, it could influence visibility conditions in certain areas. Islamic authorities take such factors into consideration when making official declarations.
Weather and Fasting Hours
During March-April, Dubai typically experiences warm to hot weather, with temperatures rising towards the end of Ramadan. Fasting hours will vary, starting from approximately 13 hours and 45 minutes at the beginning of the month and gradually increasing to about 14 hours and 25 minutes by the end of Ramadan. These fluctuations are due to the changing length of the day as the month progresses.
Reliability of Astronomical Calculations
Astronomical calculations play a significant role in estimating the birth of the new moon and predicting its visibility. While these calculations are generally accurate for planning purposes, religious observances often prioritize the physical sighting of the moon. Islamic authorities may accept astronomical calculations, especially in regions where moon sighting is challenging, but the confirmed start of Ramadan ultimately depends on human observation.
Conclusion:
As we all eagerly await the arrival of Ramadan 2024 and the subsequent Eid Al Fitr 2024 celebrations, it’s essential to stay informed and prepared. By understanding the factors influencing the holiday schedule, you can make the most of this special time for spiritual reflection, family gatherings, and community festivities.
