“High Rent” is one topic which unites the diverse population of Dubai in one thought. With every paycheck coming in, the residents of Dubai contemplate to buy the property every single minute instead of paying the raking yearly rents.
Most of the people move to Middle East countries to accumulate savings from the tax free incomes. But the high rents, drill a heavy hole in the “high savings” aim of the expats. Continued rise in the UAE’s housing rents, which have increased significantly by as much as 66 per cent between June 2014 and 2013, have prompted some tenants to consider the home ownership option.
This shift of mind of the population, has been well identified by the banking sector in Dubai. And unlike before there are tons of options made available by the banks, if in case you plan to buy a property in Dubai.
As per the financial expense point of view, this is a great time to take a home loan as the interest rates now have come down almost 100 basis points. Most banks are now offering new home loans at starting interest of 3.99 per cent for the first year and 3.49 per cent for buyout loans. The rates are at their lowest ever.
According to a latest survey Dubailand, Jumeirah Village Circle and Dubai Sports City are some of the cheapest areas to buy a property in Dubai. These communities are the best options for anyone who wants to live the “GLAM LIFE OF DUBAI”. These areas are not only well established with all the basic amenities they also have good road connectivity. Apart from this, these areas also provide many options when it comes to leisure and fun activities, given that the Mall of the Emirates is only a 15 to 20 minute car ride away.
With Dubai winning EXPO 2020, Real estate is already blooming in its full glory. Because of this milestone achievement there are lots of projects pouring in, day in day out, giving a wide range of variety to the potential buyers. Thus, making the dream of “owning a house” come true in real.
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