Dubai is a happening cosmopolitan city and attracts real estate investors from all over the world. Modern technology has transformed the desert landscape of Dubai into a commercial hub of the Middle East which has fuelled the demand for quality housing for the expats. Dubai was the first Emirate of the United Arab Emirates (UAE) to allow the purchase of freehold property by foreign nationals. Buying real estate in Dubai is slowly changing and freehold properties are becoming more available to expats. If you are looking to invest in freehold properties in Dubai you must hire the services of a registered real estate agent who can guide you about the laws governing the real estate purchase and who has enough inventories to choose from.
Buying freehold property in Dubai is safer if you get it financed by a well-known bank as the bank does its verification of the title and other documents of the property. Foreign nationals are allowed to purchase freehold property only in certain areas specified by the government of UAE. The laws state that the foreign nationals may own freehold property in Dubai by signing a lease for 99 years as mentioned under the regulation.
Where Foreign Nationals Can Buy Freehold Property In Dubai
The areas where foreign nationals can buy freehold property in Dubai are Sheikh Zayed Road, Al Safouh I & II, Al Qouz III, Industrial Qouz II & III, Marsa Dubai, Jabal Ali Palm, Jumeira Palm, Nad Al Shiba, Warsan I, Um Hurari II, Barsha South II, Barsha Sout III, Emirates Hills I, II & III, Jabal Ali, Al Jaddaf, World Islands and Ras Al Khour. The particular plot numbers in each area that offers freehold property in Dubai for purchase by foreign nationals are mentioned in the Regulation.
Before planning your investment in Dubai freehold real estate, you must decide whether you want to invest in constructed property or under-construction property. Next, you should search for a freehold property that falls in your budget and the time frame by which you want the possession of the property. Properties that are ready for possession are termed as ‘Secondary Market’ properties. Properties in Dubai are classified as: Villas, Building, Vacant Land, Apartments and Townhouse. Other specifications include the number of bedrooms, number of bathrooms, car garage, etc.
Why It Is Advisable To Buy Freehold Property In Dubai
Freehold property in Dubai is put in the owner’s name for life and the owner has the right to sell, lease or rent his property at his discretion. The buyer of freehold property also needs to notify whether he has enough sources to buy the property from his funds or he requires finance, whether the property is being purchased for investment, residential, commercial or industrial purposes. Do not pay any part of consideration money without having a registered sale agreement. Only the Dubai land department can charge fees on property transfer and as per the law seller or developer cannot charge any transfer fee for freehold property in Dubai. Freehold property owners and their families are entitled to obtain renewable Dubai residence visas for life.