If you are a landlord looking to purchase villas in Dubai, read on to discover the type of tenants that will rent purchased villas for sale in Palm Jumeirah.
If you own property, you understand the differences between an apartment and a villa. An apartment is typically a small living space where one to three or more people reside. The people living together will usually not be related. Meanwhile, a villa is a large building that will have 4 or more people living together, and they will often be part of the same family.
Any landlord also knows that real estate purchases, property repairs, and rent – the 3 R’s (real estate, repairs, and rent) all go together, with crucial ingredient at the heart of a landlord’s success being their tenants. Sometimes, tenants will not pay rent until repairs are done. Other times, landlords will be too passive or aggressive when collecting the rent. If things go wrong with tenants, then landlords stand to lose money on their real estate purchases.
If tenants are the key to their success, how does a landlord know if they will have tenants they will work well with? It is difficult to accurately predict the type of tenants that will rent a villa. However, by looking at various factors such as rent prices, amenities offered, villa features, and neighborhood attractions, we can make some general assumptions about potential tenants.
From the Upper Class
First, a landlord needs to know a few things about Dubai. Dubai is a city in the United Arab Emirates (UAE). Both expatriates and Emiratis, citizens from the UAE, live in Dubai. The currency of the UAE is the dirham (AED).
Once landlords have mastered these facts, they will know that those living in villas in Palm Jumeirah are likely from the upper class. This is because the least expensive villa is a four-bedroom villa with an annual rent of AED 390,000, while the most expensive villa has a rent of AED 1,750,000 annually.
If two heads of household pay the rent, the individual income must be between AED 195,000 and AED 875,000. When the price of utilities, necessities, entertainment, and groceries are added in, this range will go even higher and approach the seven figures.
With Children
Next, a landlord can predict that the tenants of their villas in Palm Jumeriah might have children. They can make these predictions due to the amenities offered and the features of the luxury villas in Palm Jumeirah. First, there are built-in music systems in the villas, which is perfect for children when they invite friends over to play.
A family room, games room, and guest bedrooms indicate that children might have their friends stay overnight. A laundry room is needed for parents to clean their children’s dirty clothes, and a pantry is needed for children to have snacks. The private beach access indicate that families might like to play on the beach. Storage rooms can hold children’s clothing.
Finally, the community is secured, gated, and under 24/7 surveillance, which provides a safe environment for raising children.
Enjoy Dining Out
Finally, the landlord can predict that their tenants will enjoy fine dining. They can do this by looking at the neighborhood attractions. First, Palm Jumeriah is home to a boardwalk, which includes restaurants, bars, retail stores, and more. Next, there are many restaurants and bars in Palm Jumeriah not on the boardwalk.
Finally, food trucks also line the area. All of these indicate that tenants will enjoy eating in other locations besides cooking at home.
Conclusion
A villa is different from an apartment because a villa often houses a family, while an apartment will house unrelated individuals. A villa is also an entire building, while an apartment is a section within a building. Tenants are crucial to the landlord’s success.
A landlord can predict what type of tenant they will have in their villas by looking at rent prices, amenities offered, villa features, and neighborhood attractions. In the case of Palm Jumeirah, tenants will probably be from the upper class, have children, and enjoy dining out.
If you are a landlord who is looking to invest in villas for sale in Palm Jumeirah, and your dream tenants are from the upper class, have children, and enjoy dining out, now is the best time to buy a villa in Palm Jumeirah!