DUBAI REAL ESTATE FOR FOREIGNERS

Dubai is and has always been attracting people from across the globe. This is primarily because of the luxurious lifestyle, shopping hubs, vibrant nightlife, and so much more. Moreover, for many a visit to the most popular emirate of the UAE isn’t just going as a tourist. They go beyond and become expatriates in the country. They find a base in its commercial capital Dubai, for a lot of reasons of course. Once they start settling in, they do obviously start looking for opportunities to invest in Dubai real estate so that they can bring some permanence to their current base.

Dubai Real Estate History: A Peek into It

Now, until about 2002, Dubai never allowed its foreign residents to own property (ies) in the city. This meant that the expats would have to look for investment options elsewhere (in other nations). Thankfully, things took a turn for the better when in 2001; the Dubai government introduced certain provisions allowing foreign residents of Dubai to lease out properties in and around certain designated parts of the city for 99 years.

Then a year after (2002), the Freehold Decree was issued by the government. With this, the expats got the permission to buy, sell, lease, and rent real estate in specially designated areas around Dubai. However, for this, they should be minimum 21 years of age. Even today, buying a property in Dubai is fairly simple. Besides, there are a few important points to consider which can make the whole process profitable and trouble-free for foreigners.

Dubai Real Estate: Things to Consider

1. What’s the type of property in question?

As a foreign buyer in Dubai, look forward to know whether the property you’re looking to buy is a villa, apartment, or townhouse. Determining this would help narrow and refine their search options and make the whole process simpler and faster. Note that a large number of freehold properties in Dubai are available in gated communities offering a host of basic amenities and recreational options. Palm Jumeirah, Emirates Hills, Dubai Marina, and Downtown Dubai are a few top-end luxury areas of Dubai for foreign ownership.

2. What’s the eligibility criteria for the prospective expat owner?

Generally, the criteria to consider buying real estate in Dubai has been made easy for foreign nationals and all that’s required of them is to hold a valid passport as their identity proof. Besides, the expats aren’t even required to hold a residency permit to be considered eligible for property ownership.

In addition, the foreign expat may need to stay in Dubai until the deal finalizes. Subsequently, they can choose to attain a temporary visa for 6 months known as Property Holders Visa. This is a special effort by the government of UAE to encourage property-buying by foreigners. The only condition is that the property must hold a minimum value of 1 million dirhams.

Conclusion

With so many advantageous situations in favour of foreign buyers, it only seems likely that the real estate market in Dubai would experience a boom in foreign property ownership.