Increasing number of UAE residents choose to buy rather than rent

"Given the steady increase in UAE rental prices over the past few years, buying is appearing increasingly attractive to expats who are looking to build equity from the significant financial investment they are already making in their home,"

explained Dommett.

"The era of pumping hard earned income into oblivion for rent is dissipating within Dubai's expat community as educational awareness of the local mortgage market increases and home lending services become more accessible," he added.

Building equity is widely considered the most important financial advantage of buying a home. The ability of locking in a fixed monthly payment for a long term period is also a major incentive as rent in Dubai in general increases markedly every year.

The volume and variety of mortgage options in the market, coupled with low interest rates, are also enticing a growing number of expats to tap into the region's booming real estate industry and invest in their own property.

Depending upon the price of the property and its expected return as opposed to what they are paying in rent, for many buying is often times a more economic solution.

However despite these advantages, many foreigners continue to rent at exorbitant prices, in part due to a lack of understanding of the local real estate market, but also out of hesitation to get involved in the seemingly daunting UAE property buying process.

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