Question: I've been renting in Dubai for almost 15 years and never really thought buying was an option for me, but now I look back and realise I've probably spent well over Dh1 million ($272,294) on rent. With property prices where they are today, I wonder If I have missed the boat or if it is still worth looking at home ownership? RH, Dubai
Answer: This is a question I hear more and more often, particularly from long-term residents who originally came to Dubai for work and never expected to stay as long as they have.
The first thing I would say is don't judge today's decision based on yesterday's opportunities. Looking back, it's easy to identify properties that would have made excellent investments, but nobody has the benefit of hindsight at the time. The important question here is whether buying now makes sense for the next five to 10 years.
Dubai today is very different from the city many expatriates arrived in. Long-term visas, a more mature mortgage market, world-class infrastructure and a growing sense of permanence have encouraged many residents to think differently about home ownership. Also, people no longer view Dubai as a temporary stop; they see it as a place where they can build a future.
From a financial point of view, ownership can protect against rising rents and offer the opportunity to build equity over time. However, it is not the right choice for everyone. You need to consider your job security, future plans, deposit availability and overall financial position. I suggest you can also get great advice on affordability and finance costs by speaking to a mortgage adviser.
There is also a psychological aspect that should not be underestimated. Many homeowners tell me that buying gave them a greater sense of stability and connection to Dubai. Ultimately, property ownership is not a race. The goal is not to have bought years ago; it is to make the right decision for the years ahead.
Q: I've been ready to buy a property for several months now and also have my mortgage pre-approval in place. But with everything happening in the region recently, I've found myself hesitating. Part of me thinks I should wait until things settle down while the other part worries I could miss out if the market picks up again. Is waiting a mistake? TJ, Dubai
A: This is perhaps one of the most relevant questions facing buyers today, because timing any market is probably the most difficult thing to do.
Periods of uncertainty naturally make people cautious. Whether it's geopolitical tensions, interest rates, global economic concerns or any market speculation, there is always something that encourages buyers to delay decisions. The challenge is that certainty rarely arrives in the neat, predictable way people hope for.
What we are currently seeing is not a disappearance of demand but rather a pause in decision-making. Buyers are still searching online, arranging mortgages, viewing properties and conducting research. Many are simply waiting for a trigger that gives them the confidence to move forward.
History shows that when confidence returns, markets often move faster than expected. Buyers who have spent months waiting can suddenly find themselves competing against a much larger pool of purchasers, facing less negotiable sellers or developers and reduced choice within the market.
I'm not suggesting buyers should rush into a purchase either, far from it. Due diligence remains critical. However, market uncertainty can sometimes create opportunities. In quieter periods, buyers often have more time to evaluate options, negotiate effectively and make decisions without feeling pressured.
My advice is always to focus on your own circumstances rather than trying to predict the next headline. If your finances are secure, or your mortgage is approved and you've found a property that meets your medium to long-term objectives, waiting for complete certainty can sometimes become the biggest risk of all. So my advice would be to go for it.
The opinions expressed do not constitute legal advice and are provided for information only. Please send any questions to mario@evadxb.com
