Renting In Dubai
The same factors (as listed in the Buyer Guide) for property selection need t be considering when renting in Dubai such as location, budget, commuting, and community.
Suitable Payment Schedule
In addition to that you need to enquire as to how the landlord has set the payment schedule. Regardless of whether you are renting an apartment, villa or office space some landlords require one cheque as an upfront annual payment where as other allow for 2 o r 4 cheques to be paid through the year depending on flexibility of the landlord. Clarify this matter and make sure it is stated clearly in the contract upon signing.
The rental market, though on a rise where pricing is concerned is now being regulated. With the Dubai Real Estate Regulatory Agency keeping a rent cap, Dubai can be shielded from dramatic rent bursts. Developments such as Greens, Greens Community, Discovery Gardens and Arabian Ranches are highly sought after due to their locations and community feel.
Leasing in Dubai
With property prices on a constant rise though now regulated by RERA, which means tenants are protected but even though it may seem that the landlords are not fully benefiting from the actual increase in rent, they are. Imposing a rent cap means that all landlords will increase their rent by that percentage announced by RERA instead of a steady increase.
None the less with the rapid increase in Dubai’s population, there is a shortage of residential apartments and villas for rent. In 2007 approximately 292,000 more people have become Dubai residents in just one year. This excess demand over supply for leasing property in Dubai has led to higher rental charges because property continues to be in short supply. The shortage of new homes is particularly severe for buyers whose monthly income is in the lower brackets, while in the Dubai luxury and A-class category the supply-demand gap is the acute.
