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Moving to another country may be frightening. Finding a place to stay in may be a daunting task. The immigrant population in Dubai is slowly rising and the need for rental properties has reached an all time high. Regrettably, this has caused a high renting price. Around half of the United Arab Emirates residents spend around 30% of their wages on living expenses. In spite of the cost, most of the immigrants, usually those who have short term contracts in the United Arab Emirates, go for a lease than invest in real estate. For the many who want to rent property in Dubai, they have passed a legislation specifying that rent increases will not go over 7% the annual leasing price. Several development properties are being made to take demands off the market soon. An expat package usually has a housing allowance included. Companies in the past would pay the bill for the whole amount of the rent. Presently they just give a percentage of the total annual living cost, with the remainder being taken out from their wages. Other fees when you are renting is the security deposit, which can be refunded by the end of tenancy if it is believed by the landlord to be in good condition, monthly utilities, municipality fees, parking fees and a commission fee if you are using a real estate agency’s services. The landlord will cover the cost for the repairs and maintenance. Changing the property’s structure inside and out is not allowed unless you gain permission from the landlord. The tenant and the landlord will usually plan the lease. If an expat himself were to sign the lease, he must acquire a residence visa or a letter from his employer saying that his visa is being processed. A lease’s normal duration is for one year. Other countries’ rents have monthly payments while in Dubai have their whole year’s rent paid right away. It is usually paid with 2 checks for a bi-annual payment. The first half year will be paid immediately while a post dated check is issued for the remainder. The tenant is affixed to the contract once it has been signed. To end the contract, the landlord’s permission is needed. Although it seems too much trouble, Dubai’s rental laws actually favour the tenants. The landlords cannot evict a tenant unless a good reason is given, like evicting them because they are to use the property for personal reasons. If the tenants do not break anything from the contract, they can renew their lease. The Dubai Rental Committee, a division set up by the Municipality, is to watch over any quarrel between the tenants and landlords. |
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Dubai is well known for its amazing architecture and developments, along with spectacular designs. Dubai has become a global hotspot for property, in which, real estate demand is very strong. The prices have significantly increased over the last few years. You must be wondering what caused this rapid flow of property investments. One main reason for this is that the property law in Dubai has the freehold type ownership for a foreigner over any land in the region. This allows the property to be rented or sold by the owner whenever they please. Since the birth of this ownership type over freehold property, Dubai has granted a 3-year renewable residence visa for the owner, in most areas within the city. Another reason for the attraction of Dubai’s real estate market is the fact that some of the largest multinational companies have actually invested billions of dollars in this city. Most of which run their operations in their Dubai offices. This created employment opportunities in Dubai, which made an impact on the population in and around the city. The rise in population has produced a need for real estate, rented and owned properties, in Dubai. Real estate and property laws require only a very small amount of paperwork and a very simple sales agreement in Dubai. Hence the last and most delightful reason why real estate investments are a big factor is that they have relaxation taxes in Dubai. There are no taxes added to property transactions or even for income in Dubai. Taking to account all the reasons given, there is no doubt that Dubai is a paradise in the real estate business. Dubai has many man made spectacles that are famous all over the globe and some have been placed in the Eight Wonders of the World. Dubai has since then set new records for construction and development and has taken themselves ahead of the popular real estate locations in the world. The most anticipated and rapidly growing property market in the world is probably the Dubai Property market. There are many real estate agencies and agents showing up all over the city. There are development areas in the desert that put other cities in the world to shame. During its growth period, investors have been attracted to the prices in property. Those who chose to buy property beforehand then made a wise decision because they are expecting a return on investment that often reaches up to 100% in a span of two or three years. This amount of growth is expected to continue since Dubai’s property market is beginning to mature, though there are still plenty of other projects and financial motivation that would make people think about investing in a property in Dubai. A wonderful thing about the property market is that they passed a law made in 2006 that stabilized the market and assured investors of their rights. Dubai’s property market is not a business for beginners. It takes a lot of work and effort to make money from this opportunity. An important thing to think about in buying a property is to know if the developer is of good reputation. Since the boom in the market has risen quickly, many first time developers have come out and seduced investors with flashy models and pictures of buildings and apartments and they don’t even have the necessary experience with regards to developments. A lot of homeowners that has fallen prey to this have found many structural flaws when they moved into their new home. Due to this, the rent market in the Dubai Property has turned into an arguable topic. |
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