Have you ever wondered if it’s cheaper to buy a house in Dubai? With its luxurious lifestyle, high-end shopping malls, and stunning architecture, Dubai is known for being a city of extravagance.
But how does the cost of buying a house in Dubai compare to other major cities around the world? Let’s take a closer look.
What is the Cost of Living in Dubai?
Before we dive into the cost of buying a house in Dubai, let’s first understand the overall cost of living in this city. According to Numbeo, a website that compares living costs across different cities worldwide, the overall cost of living in Dubai is 8% higher than in New York City. Housing costs are also high with an average rental price for a one-bedroom apartment around AED 5,500 ($1,500) per month.
Is it Cheaper to Rent or Buy a House in Dubai?
When considering purchasing a home in any city, it’s essential to weigh up whether renting or buying is more cost-effective. In Dubai, renting can be expensive due to high demand and limited supply; however, many expats find it more affordable than buying.
According to Bayut.com, one of the leading property portals in the UAE, as of June 2021, the average price per square foot for an apartment in Downtown Dubai was AED 1,596 ($434). This means that purchasing a 1 bedroom apartment (roughly 800 sq ft) would cost around AED 1.28 million ($349k), while purchasing a 3 bedroom apartment (roughly 1,800 sq ft) would cost around AED 4.16 million ($1.13m).
On the other hand, if you rent an apartment in Downtown Dubai – one of the most sought-after areas – you can expect to pay an average monthly rent of AED 8,000 ($2,178) for a 1 bedroom apartment and AED 17,000 ($4,625) for a 3 bedroom apartment.
Factors that Influence the Cost of Buying a House in Dubai
There are several factors that influence the cost of buying a house in Dubai. Some of these include:
- Location: Properties located in popular areas like Downtown Dubai or Palm Jumeirah are more expensive than those located in less popular areas.
- Type of Property: Villas are generally more expensive than apartments.
- Developer: Properties built by reputable developers may be more expensive than those built by lesser-known developers.
- Age of Property: Newer properties tend to be more expensive than older ones.
Conclusion
So, is it cheaper to buy a house in Dubai? The answer is not straightforward.
While purchasing property can be quite costly, it’s still considered an excellent investment opportunity due to the city’s booming real estate market. However, if you’re only planning on living in Dubai for a short period, renting may be the better option.
In summary, when deciding whether to rent or buy a house in Dubai, consider your long-term goals and budget. With careful research and planning, you can make an informed decision that meets your needs and financial situation.
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