An increasing number of UAE residents are opting to buy property as soaring rental prices are prompting them to seek alternative housing arrangements, says a top executive.

"Given the steady increase in UAE rental prices over the past few years, buying is appearing increasingly attractive to expats who are looking to build equity from the significant financial investment they are already making in their home," independent mortgage adviser John Charcol Dubai chief executive officer Chris Dommett said.

"The era of pumping hard earned income into oblivion for rent is dissipating within Dubai's expat community as educational awareness of the local mortgage market increases and home lending services become more accessible," he said.