Following the increase in rental costs, expatriates in the United Arab Emirates are looking for ways to cut costs and save money.
Despite rising rents, expats in the UAE are looking to save more money and purchase properties.
Individuals are being encouraged to consider property investments as a means of generating successful returns as a result of rising rental prices among individuals.
Following the increase in the cost of renting in the UAE, there are ways to save money.
Residents of the United Arab Emirates are going to take considerable measures to build savings and invest in real estate. This includes engaging in part-time employment in addition to their primary jobs and shifting to places that are more near the edge of the country.
According to reports on property trends, rental prices in Dubai are expected to continue their upward trajectory in 2024, but at a rate that is more modest than in previous years.
Expatriates living in the United Arab Emirates are looking for ways to cut costs.
Individuals are increasing their likelihood of considering property investments as a strategy for generating profitable returns as a result of this trend.
Alexandar Michael, a Romanian expat living in Dubai, stated, "I have an existing property in Dubai that I purchased many years ago, but now I want to buy again as rents are going up." The objective of this is to avoid paying rent, which will result in cost savings over the long term. Due to the fact that Dubai is a well-known and stunning city, I am also considering the possibility of capital appreciation.
According to Alexander, when one is working toward a substantial objective such as acquiring a property, it is becoming increasingly important to make adjustments to one's lifestyle and reduce one's spending. Despite the fact that I am employed full-time as a customer service executive for an airline, I also investigate the possibility of earning additional income through the pursuit of other vocations whenever I have the opportunity to do so. As an example, I am a yoga instructor. When everything is said and done, everything works out in the end.
Making investments in the futureA similar situation occurred when Christine Quartier La Tente, a French expat living in Dubai, decided to leave the Springs neighborhood, which she cherished, because of the rising cost of rent.She provides an explanation as to the reasons that led her to make the decision to relocate to Damac Hills 2, which is a community that is located further away from the city along Al Qudra Road. Even though it is located a considerable distance away, this region offers a wide range of residences that are affordable while still providing an excellent way of life.
"We made the decision to buy a house, but we ran into a problem because it is not possible for us to obtain a loan with a long-term term because we are in our 50s," stated the couple.
She notes that after gaining an understanding of the dangers involved, they came to the conclusion that purchasing a property to live in was not a feasible option at this time.
Why investors should consider RAK to be a hidden gem.
During this time, prospective investors are also coming to the emirate of Ras Al Khaimah, which many consider to be a hidden treasure.
Due to the attractiveness of short-term holiday house rentals and the prospect of long-term rental income, the relatively less well-known emirate is experiencing an increase in the number of purchasers who are interested in purchasing one of its properties.
