Migrating to a foreign country can be daunting and seeking a suitable place to rent can be intimidating. The population of Dubai is continuously increasing making the demand of rent property in Dubai is relatively higher than the previous year. Stats shows that just around 50% of Dubai residents are spending 30% ore more of their income on accommodation expenses. It is because most of the foreign workers due to short-term work contracts opt to lease instead of spending in the real estate. For the sake of financial relief to those looking to rent property in Dubai, Dubai government has imposed a law which restricts an owner not to exceed 5% of the annual lease price.
It is typical that tenant is given a package of Housing allowances. In past, companies would cover the rental bill completely but the trend has changed now. Lately, tenants are allocated a specific percentage on total annual rental cost. The rest of rent is to be paid out of the salary. Other considerable expenses incurred when someone tries to rent a studio in Dubai or an apartment in Dubai is a security deposit (refundable), possible parking fees, utilities, municipality fees (5% of the lease) and 5% commission of a real estate agent in Dubai. The landlord has to bear the expense of maintenance and repairs of the property. Tenants are restricted not to make any changes to the property structure without the permission of landlord.
It is quite often for a lease to be drawn up between the tenant’s company and the landlord. For a tenant to sign a lease himself, he should have his residence visa. The normal timeline of a lease is 1 year or 11 months. Unlike other countries where rent is paid on monthly basis, in Dubai a tenant is charged upfront the rent of entire year. Incase, the rent is paid on bimonthly basis, then also a tenant is supposed to provide two checks together. The first one is a current dated check with the amount of a rent of the first 6 months and the second one is a post-dated check with amount of a rent of the next 6 months. It is significant to consider the fact that once tenant signs a lease, he is tied to the contract. If tenant wants to terminate the lease, he has to take permission from the apartment owner. The good news for tenant is the favor that Dubai law gives to them. Property owners are not supposed to compel a tenant to depart without extremely reasonable grounds even if the lease is only for a year, as long as the tenants do not break any aspects of the contract, the lease is presumed to be renewable. The dispute between property owners and tenants are managed by Municipality (The Dubai Rental Committee) if it occurs.
After the analysis of cost on rent property in Dubai or rent studio in Dubai , the foremost concern is to determine the location. The most popular and preferable areas for European and USA residents are PalmJumeirah Apartments mostly situated near the beach park. These apartments are luxuriously furnished with large living area and quite affordable to rent property in Dubai.
If you are searching for a rent property in Dubai or a rent studio in Dubai, go to: http://www.halconrealestate.com/index. xhtml