It’s a well-known fact that the living cost in Dubai is on the higher side. Still, a huge number of people move to the emirate for entrepreneurial and professional opportunities. And since they need a place to live, they have no other option but to opt for rental properties in Dubai.
In recent years, there has been a noted surge in the number of people looking for properties for rent in the emirate. Let’s have a look at the reasons behind the increased demand for rental properties:
World-renowned, multinational companies have their offices in Dubai. Therefore, the emirate has opportunities for everyone, irrespective of their expertise and experience. Whether you are a chef, an engineer, IT expert or an accountant, you can find professional opportunities here in abundance. This is one of the major reasons why a huge number of people move to Dubai every year.
Business Bay, Dubai Media City, Dubai Marina are some of the areas in Dubai where expats can find job opportunities. As these areas also feature residential properties, it’s a wise idea to look for a property for rent in Dubai in this area as well since it will reduce commutation hassle and cost.
In order to preserve the rights of the workforce, Dubai has a very strict labour law in place. This is another reason why people belonging to different regions prefer this emirate when it comes to finding professional opportunities. Right from the number of off days an employee is entitled to have to work hours, everything is discussed in this law.
Limited Chances of Permanent Residency
Although the citizenship law has been recently reformed, the chances of permanent residency for foreigners in Dubai are still very slim. This is due to the fact that only the authorities can elect candidates deserving permanent residency in the emirate. Since not everyone can meet the selection criteria, only a handful of people will get permanent residency.
With not having a possibility of living here permanently, expats are wary of buying a property here. This is why they prefer rental properties for their temporary residence. Those who buy property in Dubai do it mostly for investment purposes, which, again, is not everyone’s cup of tea. Even if you are doing this, you will have to hire a property management company to care for your property while you’re away or in your hometown. This is an added expense you’ll have to bear.
As stated above, property rates in Dubai are expensive. Despite all the financing options available, it’s tough for people to buy a property in the emirate because more than half of their income will be consumed by the monthly instalment for the property. This is where the option for rental properties kick in.
Although the rent is higher as well, it is still manageable. Shared accommodations are also available in Dubai. Furthermore, there are certain areas where the rent is on the lower side. Many families and singletons reside in such areas to save the rental cost.
A Lavish Lifestyle
Lastly, it is the lavish lifestyle in Dubai that attracts a lot of people. Due to the availability of unparalleled amenities and facilities, many are drawn to lavishly designed villas and modern apartments. The former option, generally, comes with a swimming pool, lawn, terrace, spare rooms for storage and/or maid, etc. On the other hand, the latter option, too, provides access to numerous amenities. However, they are shared with other residents. The latest residential buildings in Dubai where options for apartments for rent are available include facilities, such as swimming pools, fitness centres, lobby, parking space, BBQ deck, lawn, separate play area for kids, etc.
These amenities and facilities greatly shape up the lifestyle. Therefore, those seeking a lavish lifestyle prefer such residences, even if they have to pay high rent for them.
To sum it up, with Expo 2020 scheduled this year, more people are expected to visit Dubai from across the globe, the demand for rental properties is expected to grow even more. Furthermore, several residential projects in almost every part of the emirate are on the verge of completion. Once they are fully completed, there will be more options for tenants seeking rental properties.