Posted on: 8th December 2015 in Mortgage & Property
For many expats, the common sense is to rent rather than buy when living in a foreign country, where you might not stay indefinitely. Nevertheless, in Dubai, many expats find the renting market quite difficult, restrictive and still a bit risky (with the 12 months of rent paid upfront) while buying a home is not that much harder. Foreigners are allowed and welcome to own property in Dubai however can only buy property in certain areas. The amount is, of course, greater when buying, but given the attractiveness of Dubai’s property market, buying can not only provide a more pleasant place to live but also be a smart investment for those who can afford it (and at least you will have something to show for your hard work in Dubai, rather than waste your tax-free income on rent). Property prices took a hit in the financial crisis, but in the recent years the market has recovered and both prices and rents have been rising again, by double-digit percentages per year in many locations (the upcoming Expo 2020 is often being mentioned as a reason, but that is only a small part of the story). Having decided to buy, the greatest challenge for most people is the mortgage. There are several reasons why being an expat might put you into a more difficult position when trying to get a good mortgage deal:We have 18 offices across the globe and we manage over $2billion for our 20,000+ clients
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