The real estate prices in Dubai like any other market is highly unstable. During the days of recession, the prices had gone down and will be fairly reasonable. But once the recession gets over, the prices will keep increasing. There are new developments that happen very often and hence the places will be new, neat and clean.
Buying an property in Dubai
When there is recession and the prices are down, residents buy properties as an investment. The Dubai government permit the non GCC nationals to buy properties in some freehold areas under a 99 year lease since the year 2002.
Renting an property in Dubai
Apart from this option of buying a property, you also have few cheaper options such as :
- Rent an apartment
- Rent a villa
- Rent a room in an apartment or a villa (Sharing accommodation)
These would be cost effective, if you do not have the means the buy a property. Going for a sharing accommodation would be the cheapest option for expatriates.
Cost of a property in Dubai
Apartment in a popular part of the town would be quite costly and it would come up to 4,000 Dirhams per month. Sometimes you will have to pay the rent for the entire year in advance or sometimes you will have the option to submit 4 post dated cheques. It all depends on the agreements you have with the landlords.
Properties in the outskirts of Dubai
There are many new projects that are coming up in the outskirts of the towns, which has facilities like pools and fitness centers. As such projects are outside the popular places in Dubai, the rent is also comparatively less.
It is always advisable to find an accommodation where you have your friends or people belonging to your nationality. It would be easier to adjust and interact. Otherwise, there would be cultural differences and the transition would be tough for you. But if you are open to other cultures it doesn't really matter!
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