One of the careers that sounds the simplest to do, yet can be the most complicated occupation, is to be a landlord. As a landlord, you must have someone to collect the rent from, usually called a tenant. To get tenants, you must lease an apartment or villa. However, to collect rent from a tenant, you must own a building or apartment to lease out.
This is where it becomes complicated. If you are going to own land and lease it to others, you must make sure that you have the apartment or building in a desirable location and you collect rent that is reasonable. On top that, you must juggle reputation management so that other potential tenants do not avoid you if you have a bad reputation.
One such city that is very desirable for tenants to rent in is Dubai. Dubai is one of the biggest places for tourism, culture, and nightlife in the Middle East, if not the world. Located in the United Arab Emirates, the country uses the dirham as its currency, which performs poorly against the dollar, Euro, and pound. This means that there is a low cost of living for many expatriates.
If becoming a landlord in Dubai sounds like a good idea to you, then here are two different neighborhoods where you can get an apartment for sale in Dubai.
Silicon Oasis
source: pinterest.com
The residential tower community of Silicon Oasis is known for its community style living and its energetic, vibrant atmosphere. It is near the Dubailand theme park and Emirates Road. The standard apartment for sale in Silicon Oasis has solid wood floors and is either a studio apartment or has 1-3 bedrooms and 1-4 bathrooms. Many apartments in Silicon Oasis come partially furnished.
The typical, non-studio apartment for sale in Silicon Oasis has a barbecue area, a children’s play area, a jacuzzi, a maid’s room, and a storage room. It also has a balcony, built-in and walk-in wardrobes, central air and heating, and an intercom system. Sometimes, the landlord will add a free chiller to his offer.
Tenants who rent in Silicon Oasis will have access to a24/7 maintenance. They will also receive access to a business center as well as concierge service.
source: mercuryestate.com
The community of Silicon Oasis is home to a bank with an ATM, restaurants, a shopping mall, and shops. For children, there is a nursery, a school, and a park in the area. For those who like to relax after a hard week, there are communal gardens, a sauna, and a steam room. For those who like to play sports, there are sports academies and a shared swimming pool. Tenants can stay physically active using the cycling tracks, the fitness center, the gym, and the walking trails found throughout the neighborhood. A mosque will help residents with their religious needs. Finally, the area is served by public transportation.
A landlord can benefit from getting a dubai property in the area because of the various payment plans that real estate brokers offer. Additionally, some real estate brokers charge no commission. A landlord can buy an apartment in Silicon Oasis for between AED 250,000 and AED 1,180,000, while tenants can rent apartments for between AED 22,000 and AED 135,000. The tenants will likely be middle-middle to upper-middle class who have a job and might also be moving their family into the apartment instead of a villa, which they might not be able to afford.
Old Town
source: dubaiproperties.org.in
The community of Old Town is near many Dubai business centers. It is also near the Dubai Mall, Souk Al Bahar, and Mohammed Bin Rashid Boulevard. The Dubai Fountain, the world’s largest performing fountain, is the biggest tourist attraction in this neighborhood. Most attractions here are centered on relaxation.
Apartments for sale Dubai here are known for their modern and Arab architecture style, elegant window and door frames, marble floors, and upgraded interiors. The standard apartment for sale has 1-3 bedrooms and 2-4 bathrooms, comes fully furnished, and might have multiple master bedrooms.
A typical apartment for sale will come with a barbecue area, a children’s play area, a guest bathroom, a laundry room, a maid’s room, a powder room, and a storage room. The closed, fully fitted kitchen will come with white goods. Finally, there will be at least one balcony, built-in wardrobes, central air and heating, and an intercom system. Tenants who rent here will also gain access to 24/7 maintenance and a concierge service.
source: heart-of-city.com
The neighborhood of old town is home to a bank with an ATM, coffee shops, entertainment lounges, game rooms, restaurants, a shopping mall, and shops. Those who like to stay physically active will enjoy the aerobic studios, fitness center, and gym. Those who like to relax will enjoy the steam rooms and spa. Those with children will have access to a nursery and school. Those that enjoy sports will like the shared swimming pool and squash courts. For the religious, there is a mosque. Finally, the area is served by public transportation.
Apartments for sale in Old Town go for between AED 1,300,000 and AED 4,700,000. Tenants will expect to pay between AED 60,000 and AED 260,000 annually in rent and will likely come from the middle class or beyond, have a job, and enjoy relaxing and playing sports.
Conclusion
source: pinterest.com
The neighborhoods of Silicon Oasis and Old Town cater to different populations. Those that live in Silicon Oasis will likely be from the middle class and have a job, while those in Old Town will live in at least the middle class have a job. While both neighborhoods can cater to the middle class, Silicon Oasis is much more likely to have tenants from the working class.
If either of these demographics appeal to you, the time to become a landlord in Dubai is right now!
