After 15 years of renting in Dubai, is it finally cheaper to buy a house? Five numbers every tenant should calculate
Owning a house in Dubai is a dream for many residents. As rents continue to rise and long-term stays become more common, many long-term renters in Dubai are considering buying a home. As more residents weigh the costs of renting versus owning a home, real estate experts say the decision should be based on future financial goals.Senior real estate investment manager Mario Volpi says it’s important not to judge today’s decisions based on missed opportunities. Instead, buyers should ask whether it makes sense to buy a home within the next five to 10 years. He responded in local media outlet El Pais. news network One tenant expects rental expenses to exceed Dh1 million over 15 years.Dubai has changed dramatically over the years. Long-term visas, a more developed mortgage market, better infrastructure and a growing sense of stability have prompted many residents to view the city as a long-term home rather than a temporary workplace.Owning a home protects people from rising rents while allowing them to build equity over time. However, purchasing is not the right choice for everyone. Factors such as job security, future plans, savings and overall financial situation should all be taken into consideration, Volpi said, while recommending speaking to a mortgage adviser before making a decision.In addition to the financial benefits, many homeowners feel that buying allows them to gain greater stability and create closer ties with Dubai. “At the end of the day, property ownership is not a race. The goal is not to buy years ago; it’s to make the right decision for years to come,” Volpi said.
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At the same time, some buyers are delaying purchases as geopolitical tensions in the region create uncertainty. Real estate consultants say these buyers are waiting to see whether area development will affect market sentiment, financing conditions or prices before deciding to buy.However, Volpi said demand for the property has not gone away. Many buyers are still searching, arranging mortgages, visiting properties and conducting research online. They are just waiting for a reason to move on.Some potential buyers use this waiting period to get pre-approved for a mortgage, compare neighborhoods, monitor prices, and negotiate with sellers to put themselves in a better position to move quickly when they are ready.He said property markets tend to change quickly when confidence returns. Buyers who wait too long may face more competition, fewer choices and sellers less willing to negotiate.In the meantime, Volpi said buyers shouldn’t rush to buy. He emphasized that proper research and due diligence remain critical. However, quiet periods in the market can sometimes give buyers more time to compare properties and negotiate a better deal.“My advice is to always focus on your own situation rather than trying to predict the next headline,” he said. “If your finances are secure, or your mortgage is approved, and you’ve found a property that meets your medium to long-term goals, waiting for complete certainty can sometimes be the biggest risk. So my advice is to go ahead and do that,” he added.
