In some countries, owning a home rather than renting one is very important for people. Why might this be the case? Do you think this a positive or negative situation?

Nowadays, in many countries, people believed that buying a house is the better option rather than leasing one.

This

saves the hard earned money and capitalized the amount. In my opinion, it is believed that

this

is a positive development which will

further

explain in

this

essay.

Firstly

, in most of the countries, governments are encouraging the citizens and residents to purchase a property

instead

of renting it, by providing the mortgage, home financing and loan facilities through the various financial institutes on a low interest rate and easy process. People can pay almost similar or a bit less for the instalments to banks in place of rent. In

this

way, they will be having an asset, and the amount paid in instalments is being capitalized and that may give return later in the long run.

Secondly

, in several countries, like the GCC countries, it is really hard to own a home for the majority of the population and you are ending up paying heavy rent.

This

cost is almost half of your income every month and

that is

why owning a house is always better and

that is

the kind of investment which saves the money month on month as well as it is a symbol of higher social status in

this

materialistic society.

For instance

, in the United Arab Emirates, especially Abu Dhabi, people purchase properties in the free-zone area despite that those are outside the city centre and which can take more commute time still having own home is better than bearing monthly expense. To sum up, we can say that purchasing a property for accommodation is always safe, secure and better option than leasing a house and

this

development has more positive impacts than negative one in the long run.