It can become very costly for a person who lives in Dubai, due to the high and raised living expenses. Despite the exciting experiences one can get there, it is very daunting if you are unaware of the practical knowledge. Especially if it is moving into Dubai for the very first time. This detailed guide can be very helpful when it comes to tips on residency, taxes, health and education. Through this, you would know what you should be expecting, and how you should be getting things done in a systematic, budget friendly way.
Purchasing a home
Many countries discourage foreign investments, but in Dubai, it is possible to invest in many developmental projects. Foreign ownerships of properties are allowed, but the fact that it is relatively new, does not have any proper visa policies for those investing in a property. Since the prices have fallen drastically since 2008, along with paused building projects, there are several pitfalls in the real estate.
Some of the websites suggest a monthly income of at least 10k, and a deposit of around 1 million as a mortgage. However, if your company pays you enough for rent, it can be used to cover a substantial amount of mortgage in a systematic way. If you plan on moving into a gated community, be aware that you will have to bear with extra, yearly, ongoing costs related to the management fees. The second benefit of moving in as a tenant is that you can move to a new place whenever, with ease compared to owning a place.
Like many other countries, Dubai also comprises of desirable and undesirable areas of residence. Obviously, places like Dubai Marina and Jumeriah have high prices, for they are very close to the beach. DIFC is fashionable and is the central area. Whereas the Arabian Ranch, despite being non-central, is reputed for its good designs and building quality. Hence the prices of these areas are high.
There are several other communities that are under demand, and are a lot less expensive compared to the ones above. The Springs, the lakes and The Meadows. These places are pleasant, and close to the buzzy parts of Dubai. Although there are many suburbs that have attractions of their own.
A lot of things should be taken into consideration when purchasing a property in Dubai. Firstly if you are single and searching for an accommodation, or if you have a family who would be living with you. The property size and the location relative to your work place and school should be strictly taken into consideration. You may need to compromise initially, but you can always relocate after the first year, when you are more aware about the city’s situations. Moving is not every difficult, it is just that labor is cheap and rentals are expensive. Unless small removal companies do the job for you in reasonable prices.
Consider getting a room in an already tenanted apartment if you are single. But keep in mind, no matter how reasonable this would be, it is despised by the government of UAE, for unmarried males and females to share an accommodation.