Dubai’s post-pandemic lifestyle has taken a massive turn as residents find rents skyrocketing in all premium areas of the city! From an apartment in Downtown Dubai to a cozy townhouse in Arabian Ranches or a villa in Dubai Hills Estate, no neighborhood’s spared by the rise in rents, owing to multiple factors such as the rise in the demand for properties in Dubai. The city witnessed the highest year-on-year market value in Q3 2022, surpassing the 2013 peak – making it evident that as of now, it is the landlord’s market.
There may not be a better time than today to rent out your property in Dubai, but as you plan to do so, there are certain factors to keep in mind as these little things can help you reap greater rewards. Keep reading to know more!
Things to do while Putting your Property on Rent in Dubai
1. Set the Right Rental Rates
When you rent out your property, the first and foremost thing is to ensure that you get the rates as per the market. The rents in Dubai are currently decided area-wise, so you need to check the market trend in your neighborhood and premises. To rather get rid of this hassle and calculation, choose to hire a property valuator who knows the nitty-gritty of the sector and can help you figure out the accurate pricing.
2. Prepare the Documents
There are a couple of documents required to place your listing, and to advertise the property, it is important to have a permit from a real estate company that’s registered with RERA. To attain this permit and put your property on the market, you need to provide the:
- Title deed
- Passport copy
- Signed listing agreement
To the Dubai Land Department (DLD) for verification.
3. Market the Property
As a property owner in Dubai, you must be having a criterion to fulfill whilst hunting for tenants. To find qualified tenants, you need to market your property on premium portals, and for that, you would need a strong marketing strategy. These property marketing portals require catchy marketing headings, clear unit briefs, and high-quality pictures to make your listing stand out!
4. Screen the Tenants
Even when you find a tenant for your property, the process isn’t over! You need to conduct a thorough tenant screening, i.e., verify their documents, check their backlog, and make sure everything is clear as well as suitable for the long run.
5. Prepare a Lease Contract
When all the above tasks are completed, you will need to create a lease contract that consists of all the guidelines and regulations for both you and the tenant. The contract is then registered with Ejari, a government body that binds the deal legally between both parties.
6. Finalize the Handover
Once the lease contract is signed by both parties, you as a Dubai property owner need to ensure that everything in the rented premises is intact and in suitable conditions for the tenant to use. Along with that, as the landlord, you also need to ensure that all documents are in order, only then will the tenant be able to move into the property.
The Bottom Line
Renting out a property in Dubai is most definitely rewarding, but at the same time, it requires you to go through multiple procedures until you finally close the deal. Even after that, as a homeowner you need to look after the maintenance & repairs, timely cheque payments, contract renewals, and ensure that you and the tenant are on the same page!
Sounds quite hectic right?
Here’s How Hamptons Can Help You!
Managing your property by yourself might seem like an easy task, but it takes a lot of time and effort. Maximize your free time and make the most out of your property as our expert property management team:
- Manages your property round the clock
- Ensures you get the highest annual yield
- Markets your property on all major portals
- Arranging viewings and tenant screenings
- Looks after the maintenance and repairs
- Handles tenant conflicts and disputes
- Prepares annual financial reports for the property
We at Hamptons have thousands of units under management and carry 150+ years of experience as global market leaders. As a team, we take these responsibilities off your head, so you can relax and reap strong rewards annually!
Would you like to know more? Dial 800 HAMPTONS (42678667) to get in touch with us.
Emaar Development Revenue Increases on Dubai Property Sales
Launched on March 13 2021 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai,Read More