With the rise of property dealings in Dubai, many people have ventured into the world of its real estate industry. Since Dubai’s property market is constantly evolving, now might be the best time to benefit from the opportunity. The unstoppable developments have attracted UAE citizens and foreign investors as well.
Dubai is like a second home to tourists who always seek luxurious villas for rent in Al Furjan, Palm Jumeirah, or Emirates Hills. And for that reason, investing in villas in Dubai and later renting them out is highly profitable.
We’ve got you covered if you’re wondering how easy or hard it would be to rent your property. Let’s take a look at all the aspects of renting in Dubai.
1. Temporary or Permanent Tenancy Contract:
As a landlord, you’ve to make a decision first. Are you interested in renting out the property for a few months or more? Both the approaches have their merits. For instance, if your villa is near a tourist attraction, a temporary deal will be beneficial, and you can ask for higher rates.
On the contrary, permanent tenancy brings a stable income to your desk without much effort. Yet, remember that you’re providing some percentage of the revenue to gain stability.
2. Prepare your property:
Before providing your property to the rental market, you probably need to provide a bit of makeover. Whether it’s related to plumbing, electricity, or even something to make the space visually appealing, it’s more feasible to get it done before beginning the procedure. If you’re unsure about the current trends, consult a professional interior designer to deal with the proceedings.
3. Getting done with Comparative Market analysis:
As a rental property investor, the key to success is setting the correct value of assets by understanding the market situation and putting up the best rates. In this regard, Comparative Market Analysis helps get a good idea of rent for your property.
You can either research it online or visit the experienced real estate agencies in Dubai. Each property has a few characteristics that can increase or decrease its value, so be mindful when setting up the prices.
4. Seek Expert Advice:
If you’re an experienced investor, there’ll be no second thoughts. Yet, in the case of being an amateur, it makes sense to bring in a real expert agent to help you through the documentation. You can either hire a certified broker or sign up with a reputable company; it’s your call.
5. Advertise your property:
When you’ve made up your mind, promoting your property among the renters requires some effort and financial expense. For instance, your villa or apartment’s professional pictures and HD videos will attract more gazes than a plain advert with a candid photo taken from your phone.
Renting out a property in Dubai appears to be daunting at first as it involves a series of procedures and laws to follow. However, with the above-evaluated factors, the process will be utterly seamless. So, consider them beforehand to avoid any mishaps along the way.