The real estate sector in Dubai is one of the major economic sectors that have led the economic growth, creating a significant positive impact on the city’s economy. One of the key indicators of economic performance is the GDP growth rate at constant prices, which measures the rate of economic growth.
The government of Dubai’s economic policies and incentives, which aim to boost economic growth and promote various economic sectors, have helped Dubai reach record economic growth rates in recent years. Dubai’s GDP increased by 2.2% in 2019 from AED 389 billion in 2018, reaching AED 407 billion. According to CBRE’s most recent Dubai market report, average residential property prices rose by 10.9% in the year to May 2022, with apartment prices rising by 9.6% and villa prices jumping by 19.8 percent. According to the survey, prices for apartments rose 0.4% month over month, while prices for villas increased 1.2%.
The cosmopolitan population considers Dubai a desirable location for lucrative work opportunities and luxurious lifestyles. Thousands of expatriates relocate to Dubai in an effort to realize their aspirations. As a result, the bustling metropolis offers a great variety of residential homes to satisfy its expanding population.
Research and Shortlist Listings of Property
Many people in Dubai start their search for a rental property online. If you’re looking for rentals in Dubai that fit your needs and price range, check out Next Level Real Estate. You may find apartments, townhouses, residential plots, villas and penthouses among other sorts of residential properties in Dubai on the website.
Prior to beginning your search, it’s a good idea to have a broad concept of the kind of home you want, how much you can spend, how many apartments you’ll need, and the ideal location. To ensure that you only view relevant listings, you may filter the search results for villas and apartments for rent in Dubai based on criteria like your budget, the type of property, where it is located, and how many bedrooms and bathrooms it has.
If you’re renting an apartment in Dubai, you can choose from a variety of homes, including cozy studio apartments, roomy 3-bed apartments, and larger 4 and 5-bedroom flats in various residential districts. There are many different types of villas available for rent in Dubai, ranging from modest 2-bedroom residences to opulent residences with over 11 bedrooms!
On the website, you can browse current listings and shortlist properties according to your personal requirements. Based on the pictures, annual rent, facilities, and location, pick the ones that appear most appealing to you. Make contact with the point of contact (often an agency or the landlord) and arrange a visit to see your prospective new residence. Even better, you can save the searches and return to them later. This is a useful tool in particular because you might wish to look at a few properties before contacting the agent. Confirming the agency commission for renting a property is also crucial. Agency fees typically range from 2% to 5% of the annual rent. It is, nonetheless, always preferable to have clarification before entering into an agreement.
Go To The Property
Once you’ve scheduled a time to meet the agent in person, go there with a list of questions in mind. Try to arrive a little early and take your time scouting the area. To gain a better sense of what it might be like to live there, thoroughly inspect the property and plan a second visit during a different time. Simply check the boxes next to the items that are important to you before signing the rental agreement.
Make a Proposal
The next stage in renting in Dubai is finalizing the offer once you’ve looked around and chosen an apartment or villa. Even though the majority of leases include quarterly or biannual payments, landlords will frequently agree to reduce the annual rent if you can pay the total in fewer installments. Make sure you’re prepared to stay in the house for a while before agreeing to a single-cheque agreement, though, as failure to do so could result in losses.
Short-term rentals are an alternative if you’re dubious of the apartment or the neighborhood, or simply need a little more flexibility. See which choice is best for you by comparing our short-term vs. long-term renting comparison.
Book the Property
You must give your landlord a refundable security deposit (either one month’s rent or 5% of the rent) to hold the property. If you’re working with a real estate agent, they’ll often keep this money on hand until the transaction is complete. When you hand in the deposit check, be sure to obtain a receipt (or cash). The agent will give your landlord the security deposit money as compensation if you decide to back out of the contract for any reason. The paperwork needed for this procedure is as follows:
- -Passport replica
- -Copy of a resident visa (or an official document from your employer or sponsor stating that your visa is being processed)
Take numerous pictures of the vacant property to ensure that you can fully recoup your security deposit at the conclusion of your lease. Remember to receive a receipt once you pay the security deposit, as was previously recommended. Keep this and a copy of the landlord’s passport on file.
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Examine and sign the lease agreement.
The tenancy agreement is shared with you by your agent after the security deposit has been paid. The lease must adhere to Dubai’s tenancy regulations. It’s also critical to comprehend the rights of tenants in Dubai before formalizing a contract. Therefore, be careful to fully understand Dubai’s tenant rights.
As long as both parties are in agreement, specific terms may be added. Make sure you read the contract carefully, suggest modifications as needed, and confirm that you are satisfied with all of the terms and conditions. You should be able to get assistance from your agent if you have any worries or inquiries.
Once you are certain, sign the tenancy agreement and deliver it to the agent together with your rent checks and the agency commission. In order to keep track of your payments, request receipts. The agent will then obtain the landlord’s signature on the tenancy agreement and deliver the rent checks you provided.
After you sign a paper acknowledging everything you’ve received, the agent then hands you the keys and access cards. In many cases, a handover contract is also signed.
Register Tenancy Contract
The only and most important system in Dubai for regulating the rental property market is a tenancy contract. You may prevent ambiguity, mistakes, and potential repercussions as a landlord or tenant in Dubai by being aware of the rights and obligations included in rental contracts in Dubai.
To ensure that the lease is a valid legal document in the emirate, this is the third most crucial stage in your guide to renting in Dubai. The Ejari registration procedure is not too complicated.
You must bring your paperwork to any typing center or complete it online using the official website. Ensure that your Ejari contains precise information on the deposits, contract length, and rent amounts.
The following paperwork is needed for registration:
- Initial lease document Title deed (from landlord)
- copies of the tenant’s and landlord’s passports
- a replica of the tenant’s Emirates ID
Getting the water and electricity connected is the next step after signing your lease in Dubai. For this, tenants in Dubai must submit an application for a connection with the Dubai Water & Electricity Authority.
The online DEWA application is much speedier, and it only requires that you complete out the form by entering your passport number, Ejari number, and Emirates ID number. Within 24 hours of registering and making payment using DEWA’s online payment portal, the service will be activated.
Before moving into their ideal apartment or villa, some well-liked developments in Dubai need residents to obtain a move-in permission. These typically take up to 5 days to process and can be found on the developer’s website. To minimize delays, confirm with your landlord or real estate agent whether this is necessary and submit your permission application as soon as possible.
Downtown Dubai, Arabian Ranches, The Springs, The Meadows, Dubai Marina, Emirates Hills, and The Greens are a few developments that demand a move-in permission. Read our guide on how to obtain Emaar move-in permits if you’re moving into a project that Emaar has constructed.
For this process, you would need the following papers:
- Copy of Passport or Emirates ID Certificate of Payment Completion
- Copies of the Tenancy Agreement and the most recent Service Charge Receipt for the Unit (by the landlord)
You’re ready to settle into your new home and begin a new chapter of your life in Dubai once your move-in authorization arrives!
Although the entire process may seem quite overwhelming, renting in Dubai is actually quite easy if you follow the above-mentioned methods. Work with a qualified real estate agent who is familiar with the market and can assist you at every stage if you know what you’re looking for. You can be sure that you’ll have lots of beautiful houses to browse from once you arrive because Next Level Real Estate has hundreds of listings for apartments and villas for rent in Dubai.