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    Saturday, May 14, 2022

    Why people looking to buy a home in Dubai shouldn’t wait any longer

    Dubai rental prices have remained high and when compared to the mortgage repayments of properties, tenants who are paying through the roof could in fact be saving money by buying

    First-time buyers who are waiting for prices to come down before they take their first step on the property ladder in Dubai need to act quickly.

    Presuming these buyers are currently renting properties whilst they wait, they could be using the money they are currently spending on rent to pay off their mortgage.

    Dubai rental prices are remaining high and when compared to the mortgage repayments of properties, tenants are paying through the roof and could in fact be saving money by buying. Here we look at how this affects homebuyers in five different Dubai communities. 

    One bedroom apartment prices in Dubai

    A one-bedroom apartment in Dubai Marina is currently renting for an average of AED 87,090 which works out at AED 7,257 per month.

    If you were to buy a one-bedroom apartment in Dubai Marina, the cost would be on average AED 1,280,000.

    The monthly mortgage repayments work out at AED 4,850 based on a 3 year fixed mortgage for 25 years. This would have you saving 2,407 per month and AED 28,884 per year.

    The deposit, based on the average sales price of a one-bedroom apartment in Dubai Marina would be AED 256,000. 

    Two bedroom apartment prices in Dubai

    A two-bedroom apartment on Palm Jumeirah is currently renting for an average of AED 150,889 which works out at AED 12,574 per month.

    If you were to buy a two-bedroom apartment in Palm Jumeirah, the cost would be on average AED 3,176,250.

    The monthly mortgage repayments work out at AED 12,036 based on a 3 year fixed mortgage for 25 years.

    This would have you saving 538 per month and AED 6,456 per year. The deposit, based on the average sales price of a  two-bedroom apartment on Palm Jumeirah would be AED 635,250.

    Three bedroom apartment prices in Dubai

    A three-bedroom townhouse in Arabian Ranches is currently renting for an average of AED 175,000 which works out at AED 14,583 per month.

    If you were to buy a three-bedroom townhouse in Arabian Ranches, the cost would be on average AED 2,908,333.

    The monthly mortgage repayments work out at AED 11,021 based on a 3 year fixed mortgage for 25 years. This would have you saving 3,562 per month and AED 42,744 per year.

    The deposit, based on the average sales price of a three-bedroom townhouse in Arabian Ranches would be AED 581,667.

    Three bedroom townhouse in Dubai

    A three-bedroom townhouse in Dubai Hills is currently renting for an average of AED 300,000 which works out at AED 25,000 per month.

    If you were to buy a three-bedroom townhouse in Dubai Hills, the cost would be on average AED 3,600,000.

    The monthly mortgage repayments work out at AED 13,642 based on a 3 year fixed mortgage for 25 years. This would have you saving 11,358 per month and AED 136,296 per year.

    The deposit, based on the average sales price of a three-bedroom townhouse in Dubai Hills would be AED 720,000.

    Four bedroom villa in Dubai

    A four-bedroom villa in Jumeirah Golf Estates is currently renting for an average of AED 416,326 which works out at AED 34,694 per month.

    If you were to buy a four-bedroom villa in Jumeirah Golf Estates, the cost would be on average AED 7,320,833.

    The monthly mortgage repayments work out at AED 27,742 based on a 3 year fixed mortgage for 25 years.

    This would have you saving 6,952 per month and AED 83,424 per year. The deposit, based on the average sales price of a four-bedroom villa in Jumeirah Golf Estates would be AED 1,464,167.

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