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https://inchbrick.com/blogs/rents-in-dubai-are-expected-to-rise-20-percent-by-2024

Rents in Dubai are expected to rise 20 percent by 2024

After a year of remarkable growth estimated at 23–30 percent, rents in Dubai's upscale neighbourhoods are expected to rise by up to 20 percent in 2024.

[yapidurealestate]

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Developers cannot charge extra if the area of Property Increases

Developers in Dubai cannot charge extra money to the client or raise the price of the property at the time of handover even if the size of the sold unit is increased, confirmed Marwan Bin Ghulaita, CEO of the Real Estate Regulatory Authority.

The issue came to light and gained prominence when ACW Holdings, substantially increased the price of the units in Hanover Square, a project based in Jumeirah Village Circle. In some case, the developer raised to price by almost 50%.

The developer was stopped from doing this after RERA intervened and made it very clear to the developer that no extra money can be charged.

Marwan Bin Ghulaita said: “Two weeks ago the Real Estate Regulatory Agency (RERA) the regulatory arm of Dubai Land Department held a meeting with ACW Holdings to discuss the issue they have with the investors.

“In a friendly manner, we have managed to solve the issue between the investors and the developer following the laws and regulations issued by Dubai Executive Council, and based on Executive Council Resolution No (6) of 2010 Approving the Executive Regulation of Law No (13) of 2008 Concerning the Regulation of the Interim Real Estate Register in the Emirate of Dubai. Clause (2) of article (13) states that any area in excess of the net area of the sold Real Property unit may not be taken into consideration.

“Unless otherwise agreed, the developer may not claim the value of such extra area. Based on what is mentioned above, the developer is not allowed to ask for an increase and there will be no extra charges on the investors.”

Dubai Real Estate Brokers

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Get Rent properties in Dubai with luxirous amenities

Discover Dubai's luxury rentals with premium amenities. Find your dream home now with - Inch & Brick

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https://inchbrick.com/blogs/dubai-rents-to-continue-rising-in-2024

Dubai: Rents to continue rising in 2024, but at a slower pace

There is 'a definite slowdown' with rental gains at 3 per cent, 2 per cent, and 4 per cent for rent apartment in Dubai, villas and offices over the three months

[inchbrickrealty]

Why is Buy Property in Dubai a safe investment?

Investing in property in Dubai can be considered relatively safe for several reasons:

Economic Stability: Dubai has experienced significant economic growth and stability over the years. The government has implemented policies to diversify the economy, reducing its reliance on oil. This diversification has led to a more resilient and stable economic environment, which can positively impact the real estate market.

Infrastructure Development: Dubai is known for its impressive infrastructure development, including modern transportation systems, world-class airports, and state-of-the-art facilities. Ongoing investments in infrastructure contribute to the overall attractiveness of the city, making it an appealing location for property investment.

Strategic Location: Dubai serves as a global business and transportation hub, connecting the East and the West. Its strategic location makes it a desirable place for businesses and individuals, which can contribute to the demand for property.

Regulatory Environment: The Dubai government has implemented investor-friendly policies and regulations, providing a transparent and secure environment for property transactions. The legal framework for property ownership and investment is well-established, offering protection to investors.

Tax Benefits: Dubai offers various tax benefits to investors, including tax-free rental income and capital gains. The absence of income tax and low transaction costs can make property investment in Dubai financially attractive.

Tourism and Expat Population: Dubai is a major tourist destination and a hub for expatriates. The high number of tourists and expats contribute to a robust rental market, potentially offering investors steady rental yields.

Stable Currency: The United Arab Emirates Dirham (AED), the currency of Dubai, is pegged to the US Dollar. This peg provides stability and reduces the risk of currency fluctuations, which can be a significant concern in some other international markets.

Quality of Life: Dubai offers a high quality of life, with a mix of modern amenities, cultural attractions, and recreational facilities. This appeal contributes to the demand for residential and commercial properties.

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What factors should I consider while looking for a property for rent in Dubai?

Renting a property in Dubai involves careful consideration of various factors to ensure that you find a place that meets your needs and preferences. Here are some key factors to consider:

Budget: Determine your budget for rent and associated costs like utility bills, maintenance fees, and parking. Keep in mind that rental prices can vary widely depending on the location and type of property.

Location: Consider the location in terms of proximity to your workplace, schools, public transportation, shopping centers, healthcare facilities, and other amenities. Dubai has diverse neighborhoods with different atmospheres, so choose one that aligns with your lifestyle.

Type of Property: Decide on the type of property that suits your needs, whether it’s an apartment, villa, townhouse, or a studio. Each type of property has its own advantages and considerations.

Amenities and Facilities: Check the amenities offered within the property or community, such as swimming pools, gyms, parks, security, and parking facilities. Some areas or developments may have more extensive facilities than others.

Lease Terms: Understand the terms of the lease agreement, including the duration, renewal conditions, and any penalties for breaking the lease. Make sure you are clear on the terms and conditions before signing any agreements.

Maintenance and Repairs: Inquire about the maintenance and repair policies. Know who is responsible for maintenance, how quickly issues are addressed, and how the costs are handled.

Payment Terms: Clarify the payment schedule, mode of payment, and any additional fees or charges associated with the rental, such as security deposits and agency fees.

Utilities and Bills: Inquire about the utilities included in the rent property in Dubai and which ones you need to pay separately. This includes water, electricity, internet, and other services.

Community Rules and Regulations: Familiarize yourself with the rules and regulations of the community or building. Some places may have specific guidelines regarding pets, noise, and other aspects of daily living.

Transportation: Consider the availability of public transportation and parking facilities in the area, especially if you own a vehicle.

Future Development Plans: Research any future development plans for the area. This can impact property values and your living experience.

Real Estate Agent: If you’re using a real estate agent, ensure they are licensed and reputable. They can provide valuable insights and assist you in finding a suitable property.

[inchbrickrealty]

Why should we buy property in Dubai? How much ROI can be get?

The decision to buy property in Dubai, or any other location, depends on various factors and individual preferences. Here are some reasons why people consider investing in property in Dubai:

1. Economic Stability: Dubai has experienced economic stability and growth in recent years, making it an attractive destination for real estate investment.

2. Tax Benefits: Dubai offers tax advantages, with no income or capital gains tax on property ownership. This can be appealing for investors seeking tax-efficient options.

3. Infrastructure and Development: Dubai is known for its modern infrastructure and continuous development. The city has world-class amenities, transportation, and a thriving business environment.

4. Tourism and Business Hub: Dubai is a global tourism and business hub, attracting a diverse population. The demand for residential and commercial properties remains strong.

5. Rental Income: Dubai has a high demand for rental properties, providing an opportunity for investors to generate rental income. Rental yields can vary based on the location, type of property, and market conditions.

6. Residency Opportunities: Property ownership in Dubai can provide residency benefits, which can be attractive for individuals looking to live or work in the city.

However, it’s essential to consider potential challenges and risks:

1. Market Fluctuations: Real estate markets can be subject to fluctuations. While Dubai has seen growth, it’s important to be aware of market conditions and trends.

2. Regulatory Changes: Keep abreast of any changes in regulations related to property ownership, as these can impact the market and investor returns.

3. Currency Risks: Currency exchange rates can affect returns, especially if you are investing in a currency different from your own.

4. Location and Property Type: The return on investment (ROI) can vary based on the location and type of property. Researching market trends and consulting with real estate experts can help make informed decisions.

5. Financing and Mortgage Rates: If you plan to finance your purchase, consider the prevailing mortgage rates and financing options available.

[inchbrickrealty]

What is an off-plan property?

An off-plan property is one that is purchased before it is completed, usually from a developer or construction company. This type of property is often sold at a discounted price and may be subject to certain restrictions and regulations.

[inchbrickrealty]

What are the requirements for NRIs to rent property in Dubai?

Renting property in Dubai, United Arab Emirates (UAE), is a relatively straightforward process for both residents and non-residents, including Non-Resident Indians (NRIs). Here are the general requirements and steps for NRIs to rent property in Dubai:

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Sale property in Dubai

Find all Properties for sale in Dubai. Search through a wide range of Sale property in Dubai and get agent contact details for sending enquiries

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Off-plan Properties in Dubai

Our expert team at Inchbrick Realty is here to help you find an off-plan property in Dubai that suits your needs. Contact us today to find out more.

[yapidurealestate]

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