Ambareen Musa, Founder & CEO of Souqalmal.com, compares the cost of buying vs renting a two-bedroom apartment in Dubai, and discusses the key factors involved in the buy vs rent decision.
Here’s what she had to say:
For a two-bedroom in Dubai Marina worth Dh2 million, you will have to pay Dh641,250 in upfront costs. The cost of buying an apartment after paying the initial upfront cost would sum up to Dh803,600 (including EMI and maintenance) spread over seven years in comparison to spending close to Dh1 million for the same period in annual rents alone.
Number-crunching might be a helpful way to evaluate the buy versus sell option on paper, however the decision ultimately boils down to affordability and preferences. You must consider all factors such as how long you plan on staying in the property and in the country, how flexible your monthly budget is, your current pool of savings and debt obligations, lifestyle preferences and such.
For full article go to Khaleej Times.