Impact of One Year Delay In Purchase Property in Dubai
Making a decision to purchase a home is one of life’s most vital turning moments, especially when considering the option to purchase property in Dubai. Being in that point, also equals in taking a financial decision that comes with a set of considerations, particularly when it comes to purchasing property in Dubai. If you find yourself making this choice, you’ll definitely be wondering, ‘’If waiting a year more could really make a difference when it comes to purchasing property in Dubai?’’
In this article of the real estate landscape, we’re going to cover up the surprising ways a single year can alter your financial landscape when it comes to buying a home, especially when considering the option to purchase property in Dubai. We’ll break down the numbers and present them in a straightforward table to illustrate the potential impact on your ability to purchase property in Dubai. So, let’s begin by looking at your monthly earnings and yearly savings when considering the decision to purchase property in Dubai:
How Your Money Adds Up
|Monthly Earnings||Yearly Earnings||Yearly Savings (Approx.)|
|50,000 AED||600,000 AED||200,000 AED|
|80,000 AED||960,000 AED||400,000 AED|
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Your Earnings and Savings in Simple Terms
If you make 80,000 AED per month, that’s about 960,000 AED in a year. After taking care of your regular expenses, you may have around 400,000 AED saved up.
How Home Prices Go Up
Let’s now discuss how the value of property may impact your ability to save. Consider that your family of four is looking for a home with three bedrooms. Home prices are rising by 20% annually in several desirable neighborhoods. In other words, a house you’re interested in, which is currently priced between 1.5 million and 2 million AED, could climb by 300,000 to 400,000 AED in only a single year.
Potential Property Price Increase
|Initial Property Price (AED)||Potential Increase (20%)||Price Increase (AED)|
What It Means for Your Savings
Here’s the deal: the increase in the property price could match what you’ve saved up in a year. This means that waiting for one more year might erase all your hard-earned savings because of rising home prices.
The Benefit of Buying Sooner
On the other hand, if you’d already bought that house, the value of your property would have effectively doubled thanks to its price going up.
Let’s see some factual examples. In popular neighborhoods like Arabian Ranches 3, Valley, Mudon, and similar areas, house prices have gone up by at least 400,000 to 800,000 AED in just one year.
Even considering a one year of gap could cost you a lot of potential savings and growing investment. So, when you’re thinking of buying a property, action within a snapping time could positively impact your financial status. If currently you are in this condition, it might be a smart move to proceed things faster instead of waiting.
If you are in need of any assistance in locating the ideal property, here we are to lead you throughout the whole process until you reach your desired destination. Don’t wait, reach out today!