Buy Or Rent Apartments In Dubai?

Dubai is a fast-paced city which is filled with effervescence. The entire city is filled with swanky skyscrapers which portray architectural magnificence at its best. The land of Dubai is popular for its splendid and luxurious lifestyle and numerous facilities that it provides to its residents. Owning a luxurious apartment in Dubai is a dream for many. You can either look for apartments for sale in Dubai or can rent an apartment if the price of buying an apartment exceeds your budget. 

Apart from apartments for sale, there are also apartments for rent in Dubai which you can opt for if buying an apartment seems to be burning a hole in your pocket. Renting an apartment will fulfil your dream of living in one of those exquisite flats in the city of gold at the same time it would suffice your finances too. If you wish to live in one of those palatial apartments in Dubai but are confused about which one between buying or renting would be a better deal, here is a list of concerns which will enable you to decide:

Short Term Stay V/S Long Term Stay: If you are there in Dubai for a temporary stay it is always better to look for apartments for rent in Dubai than to buy one. However, if you are planning a long-term stay, it is worthwhile to purchase an apartment. In case of buying an apartment, you have to keep in mind the expenses which have a high upfront cost such as the mortgage down payment which is 25 percent of the property price, in case if it is your first home in the UAE. It includes Dubai Land Department fee, broker's commission, mortgage processing fee, mortgage valuation fee and other administrative fees.

Calculate The Finances: Make sure you calculate the expenses before you invest in any property. When you look for apartments for sale in Dubai it is always advisable to compare the prices. For example, if you want to rent a two-bedroom flat for a year, the total expense is a whopping amount than that involved in buying one. 

Real estate executives opine that end-user buyers should definitely consider their tenure of stay in Dubai as well as the market position before taking the plunge. So plan your finances well and then take a decision. Wagner Real Estate Broker Services can help you with a suggestion.