Rent Property In Dubai?
Renting properties in Dubai can be an exciting venture, whether you’re a seasoned tenant or renting for the first time. With its vibrant rental market and tenant-friendly regulations, Dubai offers a plethora of opportunities for those looking to rent properties. However, navigating the rental process can be complex, especially for newcomers.
Your guide to how to rent a property in Dubai
From beachfront residences to high rise towers and gated villa communities, Dubai offers plenty of rental options for every need. But before you start browsing for your new home, there are a few things you should be aware of. Here’s a quick look into the journey.
What you'll need
Before starting, make sure you have your personal documents and budget in order.
Personal documents – To rent a property in Dubai on a long term basis (typically an annual contract) you’ll need your passport, residency visa, and Emirates ID.
Budget – How much can you spend on the property? Keep in mind you’ll need to provide a security deposit – it’s usually 5% of your annual rent for unfurnished properties or 10% if the home is furnished, but it may vary depending on the agency. The deposit will be refunded to you at the end of your tenancy.
When, where and what to rent
Already in this timeframe? Then it’s time to think about the area and property type you’re looking for. Dubai has over 200 residential communities – our area guides can give you a nice overview. Once you’ve chosen the potential locations, you can identify the Property Consultants specialising in those areas – they will be able to guide you through the available options and whether the area really suits your needs.
Regulations & Additional Costs
Once both parties agree on the terms, you can sign the tenancy contract. This document formalises the agreement, outlining the rights and responsibilities of both the tenant and landlord. Dubai’s property rental market is regulated by the Real Estate Regulatory Agency (RERA). As a tenant, you can expect to be protected by multiple laws – like Law No. 26 which states that tenants must be given 12 months’ notice if the landlord wants to evict them from the property.
Frequently Asked Questions
Ah, the million-dirham question. As a buyer, you can choose between off plan and ready homes. Properties that are to be developed or under the construction phase are called off plan, and the ready properties are those where the building stage is finalised.
In real estate, two common forms of property ownership exist: freehold and leasehold. Freehold ownership grants you complete control and ownership of the property without limitation. On the other hand, leasehold ownership provides you with the right to own and occupy the property for a specified period, typically up to 99 years, after which ownership reverts to the freeholder.
The timeline of your purchase will depend on a few factors. Some rented properties will be vacant on a certain date, while others might have tenants that are open to vacating. The payment method also plays a big part. If you’re a financed buyer dealing with a financed seller, the purchase can take approximately 8 weeks. For a financed buyer and cash seller, the process can take about 6 weeks – while a cash buyer and cash seller would be looking at an estimated 1-4 weeks.
Yes, just keep in mind that you’ll need pre-approval from your bank of choice. Once you have this, your Property Consultant should be able to connect you with relevant partners and help you find the best mortgage rates that suit your budget and needs. Want to know more about financing your property? Make sure the agency you choose has the knowledge and partnerships to walk you through the next steps.
You’ll need your passport, Emirates ID and visa (for UAE residents). Non-residents can provide their passport only. Whether you’re buying with cash or finance, you’ll also need to provide a security deposit at the time of agreeing your purchase. This will be 10% of the agreed sales price and it can be secured through:
Personal cheque – For Dubai banks only. This cheque will not be cashed as it’s held by haus & haus at the time of transfer.
Third parties’ cheque – For anyone without their personal cheque book, a signed undertaking letter is required.
Bank transfer to the real estate agency of choice.
