There are two main reasons why people rent out their property, house or apartment in Dubai. As you probably already know, chances are your investment will pay off sooner rather than later. Of course, owning rental property is one of the most attractive sources of passive income. Another important factor is that the government has strengthened protection for both landlords and tenants.
Whether it's an apartment or a villa, there are clear guidelines that protect the rights of all parties involved. In the event of a dispute, the RERA (Real Estate Regulatory Agency) makes a swift and transparent decision. This naturally leads to a win-win situation, where people feel safe and confident investing their hard-earned money.
So, if you find yourself in a similar situation and wondering whether it's easy or difficult to rent out your property in Dubai, we've found a solution for you. Let's take a look at the different aspects of renting in Dubai.
As a property owner, you first need to make a decision. Do you want to rent out your Dubai property for a few months or for a longer period? Both approaches have their advantages. For example, if your apartment or villa is located near a tourist attraction, short-term rentals are more advantageous. You can charge higher prices. However, you must first register with Dubai's Department of Tourism and Commerce Marketing (DTCM).
Whatever contract length you choose, it's important to maintain a high occupancy rate. This can be tedious for some. But you can always hire a property management company to do all the work for you, for a fee. On the other hand, a long-term rental offers a stable income. But don't forget that you'll be giving up a certain percentage of your money to gain stability.
Before you put your property on the rental market in Dubai, you'll probably need to get it in a bit of shape. Whether it's functional things like plumbing or electricity, or things to make the apartment visually appealing, it's a good idea to do this before you start renting it out.
If you're not sure what the current trends are, call in one of Dubai's top interior design companies to do the work.There are lots of them.
The key to success as an investor in rental real estate is determining property values, understanding market conditions and getting the best price. A comparative market analysis will help you get a good idea of what you could charge as rent for your property. This analysis can easily be carried out by real estate agencies like ours, or you can do your research online.
Every property has unique features that can increase or decrease its value. If you set the price too high, you risk discouraging many potential tenants and the delay will cost you money. Or you'll lose a good part of your income if you set a lower price. Whether you're renting an apartment or a villa in Dubai, the CMA can also be a great help.
You can rent out your property yourself using real estate portals such as Bayut. There are no restrictions on owners attempting to do so without professional help. Given the skills required, the documentation process and the time needed, however, it's a good idea to seek professional help.
You can always call on a real estate expert like Stéphane Maman from Prestige Immobilier Dubai who will help you with this process.
You can also contract with a property management company that offers services such as rent collection, tenant screening, regular maintenance and general assistance. If you own several properties, you won't have the time to manage things yourself, in which case property management companies can be very useful.
Each owner must sign the em RERA form if they use professionals to rent out their property. To obtain this authorization, you'll need the title deed, a copy of your passport and a signed registration contract. If you're renting out your property in Dubai, make sure you fill in all the documents correctly.
If you're renting a property in Dubai, marketing your investment requires some effort and financial investment on your part. Professional photos and HD videos of apartments and villas will probably attract more attention than a simple advert with a random photo taken with your cell phone. In addition, you need to make it easy for potential tenants to visit your property, and be flexible when scheduling appointments. Of course, you need to keep your property in perfect condition throughout the rental period.
When there's a potential tenant, it always pays to do some research. For example, you can request a credit and background check.
Some landlords prefer to talk to the person's previous landlord to make sure they won't do anything stupid. It can also be helpful to check a person's public profile on social media.
Rents are generally paid in the form of checks. The number of checks depends on what has been agreed between landlord and tenant.
Need more information about investing in Dubai and taking advantage of the rental market ? Contact Stéphane Maman, head of the Prestige Immobilier Dubaï agency.
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