More and more investors and expats from all over the world are interested in the United Arab Emirates. Moreover, many experts and real estate portals assure that housing in the UAE is now more profitable than anywhere else in the world.
Foreign investors foresee the prospects of Dubai`s real estate. Today the overall value of transactions in Dubai exceeds dozens million dollars. But it is not enough to buy property. It is important to have a management plan. For example, you are planning to buy villa in Mohammed Bin Rashid City, you purchase it, live here for some time, but unexpectedly you have to leave the country. The reasons may be different. What to do with the property? We are going to offer 3 options for this case.
Option 1. Examine the process of an exclusive sale
This option is suitable when you have to sell the real estate immediately but set the high price. In this case, you have to perform the following actions:
- Surf the Internet and select the agency that handles predominantly residential transactions in your neighborhood or building.
- Contact them and ask for an appraisal of your property. It is an important step as the specialists will check whether the desired price corresponds to the quality of housing.
- If you have found the trusted specialists, sign the contract and give them responsibility to find buyers, market your property effectively, and check all legal issues.
- You can give the agency a power of attorney to sell if you have no desire or possibility to return to the UAE. They will sell your property without your presence in the country.
Such an approach appears extremely helpful for those who have no opportunity to wait. Moreover, if you leave the UAE forever, the transaction will be performed remotely and you will get money in your bank account.
Option 2. Short-term rental of your villa
Short-term rental is the process of daily, weekly or monthly leasing of your villa. This type of rental is used mostly by tourists and businessmen visiting the country for several days.
Renting out property in MBR City or any other neighborhood in Dubai has certain peculiarities. To manage the documentation, find responsible tenants, and compile the contract correctly, you may address the real estate agency.
Renting out your housing for a short period of time will bring higher ROI if you have a flow of tenants. Besides, it is a great opportunity to get sound capital and save your villa for vacation and business trips.
Option 3. Long-term rental of your villa
One more variant of getting profit during the period of your absence in the country is long-term rental. However, it is crucial to establish the relevant price. There will be no right to change it in future. The fixed rental rate cannot be raised even if you prolong the contract. Discuss all the necessary issues with tenants and compile the contract in accordance with your and their interest.
Further, if you want the tenants to move out, you have to give them a year’s notice. According to the legislation, an owner can ask the tenants to leave only if there is a plan to sell the house or move in yourself. Just evict the tenant, in order to rent the object to someone else at a higher price, it is problematic. You may be sued. Of course, it takes a long time and a lot of human resentment, but in theory such a situation is possible.
Renting out villas in MBR City for short and long periods brings a good stable income to their owners. The provision of housing for a long term provides the owner a permanent income for the entire rental period. The signed contract serves as a guarantee of payment. In the case of short-term rentals, it is not easy to predict the number of days in one month, when the apartment will be rented, and when it will be without tenants.
The bottom line
If you are planning to buy a villa in MBR City but have some doubts, there is nothing to think about. The catalog of real estate Emirates.Estate offers property of high liquidity. Investing in such property, a buyer can be sure that the villa will be sold at an even higher price at the first request. Moreover, convenient location and stylish layout attract potential tenants and create good conditions for renting out.