Dubai is one of the safest and most luxurious cities in the world. It’s a multicultural city and very easy to open a business. Many people from all around the globe want to move to Dubai and buy a home or property in Dubai. It can also be a wise decision to buy property in Dubai for personal use as well as for investment purposes. Dubai had a very strict law before which only allowed the U.A.E. nationals to buy properties. But now anyone holding any nationalities can own the properties in Dubai.
Foreigners or expats can own the property as freehold ownership rights over property without restriction, usufruct rights, or leasehold rights for up to 99 years. The Land Department under the government of Dubai is responsible for issuing title deeds.There isn’t any specific age limitation for owning property in Dubai. Though U.A.E. nationals can buy property anywhere in Dubai but expats or foriegn ownership is only allowed in some areas of Dubai, known as the Freehold region. This region includes Downtown Dubai, The Palm, Dubai Marina, JLT, JBR, IMPZ, Dubai Sports City and more as included in Article 3 of Regulation No. 3 of 2006 Determining Areas for Ownership by Non-Nationals of Real Property in the Emirate of Dubai. You can also lease the property for a period from 10 years to 99 years which are called leasehold property. Only individuals, not a company, can buy the property and the property value must be greater than 1 million dirham (approx $272,000).
You can buy off-plan property from real estate agents or registered and licensed property developers. The application must be sent to the developer first and pay initial deposit to the developer after the application approval. The developer will hand over the property after completion on a pre-scheduled date. For buying property on the secondary market, the buyers need to pay the initial deposit, generally 10% of the property value after MOU is signed. All the paperwork must be submitted to the Land Department booking an appointment. The buyer must pay 2% and AED 315 to the DLD and commission to agent along with purchase price. After completion of all these processes, the buyer is handed over the title deed.
Purchasing real estate in Dubai is not a complicated procedure anymore. It can be beneficial buying property for residing or also as investment. It has huge choice options to pick the properties in a booming construction market. It can also be best to contact specialist agents for finding property and dealing with required paper works as well as to be up to date with Dubai property laws and regulations.