Buying a home has always been a dream to most people, but most think renting a property is more convenient and risk-free. While renting is more flexible, buying a home has the bigger potential long-term payoff, with quality of life benefits. Comparing the costs of both, buying a property might seem to be more complicated, so it's important to look beyond just the numbers when making your next big move.
Now this might seem bit odd, but think of it this way, your property will continue to increase in value, and within few years you can sell the property at a decent profit mark.
Dubai banks started providing mortgage plan recently, this means if you do not have immediate amount to buy the property, you could apply for mortgage. Over the past few years mortgages have doubled in Dubai, this clearly shows that more and more people understand the benefits of buying a house over renting.
Let’s say you are spending AED 4000/month for 5 years on rent for your one bedroom apartment, which is the average price in Dubai. Now you could spend roughly the same 4000/month in some cases for same number of years as part your payment plan for the property, so at the end you will own the property and the amount you spend every month will not go for waist such as the rentals case.
Most will argue that initial payments are high when buying a property, while this might be true for some cases, most developers in Dubai offer attractive payment plans in the recent years. If you have a look at our ready or off plan property listing sections you could see some of the attractive payment plans our developers provide, with some initial payments up-to 5% only.