The property market in UAE is growing rapidly and rental property rates are ever high. Most of the tenants are tired of paying huge sum of money to their landlords. The surge in rental rates has made people to think about buying their own apartment or villa in Dubai.
The rental rates are more than 60 percent higher as compared to 2012. It has resulted in slow growth in rental property market, but the growing demand making the tenants to purchase their own house.
This is the best time of the year to purchase a house in Dubai because the mortgage interest rates are lowest. Most of the banks are offering loans at just 3.75 percent per year.
Banks are also waiving processing and administrative charges that will save you more than 20,000 DHS when you sign-up for 1.5 million or more mortgage loan.
The real estate market sector is growing now and people are investing in real estate market. However, people are reluctant at the same time because of recent events that hit Dubai property market resulted in huge loss to investors.
The one of the reason for rental rates to go high is that there are not many property buyers in the market. It resulted in low rates for the property and higher rental rates.
Rental rates are not affordable for most of the expatriates living in Dubai. Now it is the best time to fulfill your dream and have a house in Dubai. The best advantage is that you don’t have to pay rent to your landlord and it will save a lot of money in the end.
The lowest interest rate is offered by Commercial Bank International (CBI) with home content insurance and zero valuation fee and 3.75% per annum.
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Read our top properties in Dubai to make a right buying decision or you can contact our senior property consultants for any advice related to real estate in Dubai.