In the past, foreigners were wary about purchasing property in the UAE since there was no law governing foreigners’ ownership of Dubai properties. This led ex-pats to search for second properties or real estate investments in other countries.
In 2001, the Dubai government changed regulations that allowed nationals of all nations to obtain a 99-year lease of properties in Dubai in specific zones. Then, in 2002, government officials introduced additional changes to the law by enacting an order granting non-GCC citizens to own the freehold. They were permitted to purchase, lease, and sell or rent properties in Dubai in freehold zones scattered across the city.
In 2002, the Government of Dubai passed laws that permitted foreigners to purchase real estate in Dubai. The result was a massive demand for property from various ex-pats living in Dubai.
The Dubai real estate market has also drawn the interest of foreign investors who seek investments that offer high yields and high-income properties. They can be found in prime locations like Dubai Marina and Jumeirah Lake Towers and other highly sought-after areas, such as Burj Khalifa.
Anyone who wants to buy an apartment building or purchase an expensive home in Dubai considers the best community in Dubai to invest in real property. Like the ones mentioned above, the most desirable cities that draw ex-pats offer a specific collection of amenities that provide the opportunity to live a luxurious lifestyle.
Every ex-pat is wondering if they can purchase a home located in Dubai. The answer is yes. However, it is crucial to know that buying real estate in Dubai by a foreigner with a freehold interest is permitted only in specified zones, as defined in the government’s regulations. Freehold property refers to an area that is not subject to the control of any other person or entity other than the owner.
Article 3 of Regulation No. 3 of 2006, determining the areas of ownership for non-nationals of Real Property in the Emirate of Dubai, indicates the freehold properties’ land parcels. The Land Department issues title documents in the emirate. It is no time limit for having a property in Dubai.
The ownership of property in Dubai by foreigners is permissible in designated zones, often referred to as freehold zones in Dubai. Investors will discover that these freehold zones are among the most sought-after areas within the emirate.
Foreign investors investing in the real estate market of Dubai will be able to find a broad range of property types, such as lofts, duplexes and apartments, hotels, villas, hotel apartments, and townhouses. In addition, foreign investors can also buy commercial properties in Dubai. They can purchase offices in Dubai and showrooms and shops located in freehold zones.
A house to buy located in Dubai in the case of ex-pats
In 2002, ex-pats were able to have no investment opportunities in Dubai. Before 2002, ex-pats could not invest in Dubai real estate market. The situation has changed since 2002, and there are more ex-pats living in Dubai than before. With Dubai’s announcement of introducing a new retirement visa for people who wish to retire in the UAE, the country is inviting ex-pats to create an investment in their growing modern, modern Emirates.
Like Abu Dhabi, there are certain areas where purchasing houses inside Dubai is not allowed for foreigners. Like Bur Dubai or Jumeirah, certain regions aren’t entirely accessible to foreigners looking to buy a home. It is recommended to speak with an expert in residential property in the area for more details on the most suitable locations for ex-pats.
The purchasing process for ex-pats in Dubai is somewhat more straightforward and requires just three purchasing options comparable to the buying process within the UK. Buyers can buy freehold property and have the right to use, modify, use, or construct the property in any way they wish.
In Dubai, ex-pats are also able to make use of usufruct agreements. Like leasehold properties, this option of purchase allows ex-pats to have access to this property for a specific duration, usually 99 years.
Commonhold can also be utilized for properties for ex-pats in Dubai. Commonhold typically applies to apartment buildings and implies that the buyer is the property owner; however, not necessarily the property and therefore must be responsible for maintenance to the freehold owner, which is typically the developer. Although the buyer is free to purchase, sell, or rent out their home, the building and common areas are the developer’s property, and the developer must pay a small amount to guarantee the upkeep of these areas.
Obtain a Property Investor Visa
A non-UAE citizen can purchase real estate in UAE without having a residency permit. Apply for a visa to invest in property today. It is a two-year, renewable visa granted by the Dubai Land Department. This visa allows you to be a UAE resident, meaning you’ll be given the Emirates ID and driver’s license and be able to sponsor relatives. A residence worth a minimum of Dh1 million is required to be purchased.
Essential Documents to Purchase A Property As A Non-UAE Resident
The most important aspect to remember is that all communications should be clear and documented. You have to submit all of your documentation to Sewa and the Municipality and Sewa to get an unambiguous termination of your contract. The documents will be required to show that you are not in debt, any dues, or fees.
All necessary is the title deed, passport copies, the good conduct certificate, bank statements, six photos, and a utility bill. If you’d prefer to hold off until you’re years old or more, you can apply for a retiree’s visa.
The visa is valid for five years, and you can extend it. Foreigners must possess active health insurance. To purchase a property in Dubai, the financial situation must be in line with the requirements, i.e., you earn a minimum of Dh20, 000 per month, Dh1 million in savings, or the equivalent of a Dh2 million home.
How to Purchase property Through Real Estate Developers in Dubai
Suppose you consider buying an apartment or a house in Dubai. In that case, you must investigate the developer who is selling the property and make sure they are reputable before signing a contract or buying the property for a certain amount. This will help you make sure you’ve achieved a sound and sustainable investment. Beyond that, there are other things you might have to consider to create an image before selling a property:
- Completely record the information in a written form to include all fees paid and the due date.
- It is crucial to ensure that a developer becomes a member of a relevant regulatory body.
- Cross look up the prices on other properties that are similar to yours. This will enable you to determine if you’ve paid the correct amount.
- Evaluate recent developments. This allows you to see the comments of other purchasers who have written about the residential homes owned by the real estate developer you’re considering.
- It is recommended to hire an attorney with extensive experience buying real property. This will allow you to understand better how purchasing real estate is conducted and ask essential questions.
When choosing the real estate developer you want to work with, ensure that all the above aspects are in place for property developers or real estate brokers. This will help you determine if the developer has been licensed and operating legally.
The purchase of the Best apartments in Jumeirah Village Triangle is an ideal starting point to start your own new life or invest in investments for the future. Finding the right help and making informed decisions are vital to finding the perfect permanent home.