The Emirates rental market
Published Date: 29th Aug, 2024
The Emirates rental market
One factor makes the United Arab Emirates a distinct market in the Middle East: the majority of the 7 emirates are reachable by car. The area is home to some of the best highways in the world, along with reasonably priced fuel. You might thus be employed in the city of Abu Dhabi and residing in Dubai, or you might be employed in Dubai and residing in Sharjah.
The cost of renting varies throughout the Emirates. Dubai has the most expensive prices on average, but Abu Dhabi is not far behind. With essentially no sacrifice to the standard of living on the grounds, the other emirates have far cheaper prices.
Renting a rental property in Dubai to live is a reasonably quick, time-bound, and extremely secure process. Since the tenancy contract, which is the written version of the law, is so crucial, you should make sure you address every detail before the landlord drafts it. Make careful to review the specifications of the contract.
United Arab Emirates rental properties
In the United Arab Emirates, 70% of people rent, the majority of them are foreigners, despite the lack of government data on the sector.
The Real Estate Regulatory Authority (RERA) is in charge of overseeing rent in the nation. It's fairly clear what the rent index is. You therefore have the opportunity to negotiate a better price if you are aware of that and you believe the agency or landlord is requesting more.
Remember that while building has been occurring in the UAE at an accelerated rate, there are significantly more rental homes than there are people looking for them. Take your time, then, and search for the ideal rental property. Your ideal property will undoubtedly be found, and moreover, at a price that is more competitive than what market research will indicate.
A household's rent and utilities may account for 35 to 40% of their income when renting in emirates like Dubai and Abu Dhabi, according to some reports. But that's not accurate. Instead of giving in to the allure of a luxurious home, you ought to rent a property for at least 25% of your monthly rent. In the UAE, renting may be enjoyable even on a tight budget.
It is important to keep in mind that living together as a married couple is prohibited in the United Arab Emirates due to Islamic law. Though many get away with using it, it's preferable to avoid taking the chance.
Date: 29th Aug, 2024