UAE
Day to Day Living in UAE
UAE related forum posts
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Day-to-day Living in the UAE
Property
Dubai has some of the most expensive properties in the world. Annually around 200,000 new people take up residence in Dubai. The majority of these people move to the emirate for work and are often aided and abetted by their employer when it comes to getting residency and housing.
Until recently prices have been rising consistently. The authorities of Dubai introduced a foreign property ownership legislation in 2002, which revoked some of the infamous bars on foreign ownership. Consequently, this has acted as an impetus for the current strength in the market, and demand for new buildings and construction. Now there are worries that there are too many developments in either planning or process, and the constant flow of immigrants is continuing to push prices higher. Even the rental sector has felt the shocks, with rises in the region of 30% over the last year.
In terms of obtaining property in Dubai, you will need a residency visa to rent a property. Most rental contracts are signed for at least a year, and sometimes it is still possible that the tenant will have to pay for their annual rent up front which can be an expensive prerequisite. An increasing amount of individuals and agencies are now offering more flexible conditions and those looking for rental accommodation will have to really shop around for the best deals. Completed housing stock in Dubai is limited at the moment, which has forced rental rates higher in recent months. Those who rent a property through an agency will have to pay around 5% commission to the agent and it's usual to have to pay a refundable security deposit when renting in Dubai as well.