The cost of housing has always been a cause for worry for expatriates in the UAE. Whenever rents in Dubai become unaffordable, a number of residents pack up their belongings and traded long commutes for cheaper apartments.
Housing rents in the UAE are continuously rising. However looking for a place to rent or buy in Dubai that doesn’t have to break the bank! There are a few areas knows for affordable housing in Dubai. The cheapest studio apartments for rent in Dubai can be found in International City. Duabi residents also seem to prefer renting places in affordable areas like Deira, Discovery Gardens, Dubai Silicone Oasis and Jumeirah Village.
Since the last quarter of 2013, rental prices have increased by 20-30 per cent because of a growing demand. In the post recovery- market prices are being driven by the dynamics of demand and supply. Many landlords who let out their properties earlier are realizing the potential for higher rents. Property is like a commodity; its prices come down only when the supply exceeds demand.
Following this significant increase in rents, as much as 66 per cent between June 2014 and 2013, tenants are now considering the home ownership option. You’re tired of seeing your money fly into your landlord’s pocket, so you think about buying a home.
Interest rates on home loans have significantly dropped by almost 100 basis points over the last 12 to 18 months, with rates now touching as low as 2.99 per cent. Banks are also waiving valuation and processing fees, which means buyers can save money on their mortgages.
Borrowers who intend to settle their loan early can breathe a sigh of relief because early repayment terms have become more relaxed and customers now have the flexibility to repay their borrowings partially with lower or zero penalties.
Expatriates in the UAE can borrow up to 75 per cent of the property value, while Emiratis can have 80 per cent of their purchase financed through banks.
Rents and property prices also depend on the basis of property accessibility, the view, number of balconies, proximity to metro stations and malls. At Mirdif, however, all these are available along with affordable houses.
Studios at Mirdif are mostly available for rent up to 65,000Dhs per year, o ne bedrooms from70, 000 – 90,000Dhs, two bedrooms for 100,000 – 120,000Dhs, three bedrooms for 120,000-135,000Dhs and four bedroom from 140,000 onwards.
A great idea would be to invest in Mirdif Tulip, the first freehold project in the area. The project is composed of studio, one, two and three bedroom apartments spread over four floors and three different, but linked, buildings. In addition to the apartments, Mirdif Tulip’s ground floors contain offices and shops servicing all residents. The development is designed to meet the needs of everyone, from individuals to large families.
Building (A) has a mix of studio, one and two bedroom apartments, with floor areas from 431 to 1239 sq.ft.
Building (B) is exclusively studio flats, with floor areas from 548 to 623 sq.ft.
Building (C) has one, two and three bedroom apartments, with floor areas from 1031to 2161 sq.ft.