Can Foreigners Buy Properties in Dubai?

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Can Foreigners Buy Properties in Dubai?

Are you considering buying a property in Dubai? Have you wondered if you’re eligible to buy a property in Dubai or any other Emirate?

This article will answer all those questions to assist you in buying a property here in Dubai.

What do we mean when we say “Foreigners”

The term foreigners don’t only mean we’re talking about non-residents. It also means expats already living in the UAE.

As a foreigner, what type of property can you buy?

There are different types of properties in terms of ownership and eligibility for buying and selling for foreigners in Dubai.

The Dubai government had implemented new rules for property purchasing and ownership that allowed foreigners to buy freehold and leasehold properties:

Freehold Properties

This is a type of property where the owner has the full authority and freedom to buy, rent, or invest in the property or the land that lies on it. Both expats and non-residents can buy freehold properties in Dubai, in the freehold area designated by the DLD (Dubai Land Department).

The DLD updates the freehold areas on yearly basis and some of these areas are:

Business Bay

Discovery Gardens

Downtown

Greens

Palm Jumeirah

The Lakes

Leasehold Properties

With this type of property, the owners buy the right to benefit from the property for a long period of time. In this case the owner is not permitted to remodel the property without the permission of the freehold owner.

Can Foreigners Buy Properties for Business Purposes?

As long as foreigners have a valid Trade License to use the property for commercial purposes, can buy properties for commercial purposes.

Foreigners can also invest in renting out their properties to tenants and have companies manage the entire process for them.

How much taxes are imposed on Foreigners buying property in Dubai?

There are no imposed taxes! Yes, you heard that right. To encourage foreign investment, the UAE government has established a tax system: There are no taxes on rental income or properties purchased by foreigners, this gives them a healthy investment environment for them.

Can Foreigners Get a Residence Visa for Purchasing Property?

One of the many advantages of buying property in Dubai is that foreigners can obtain a long-term residence visa. Depending on the value of the property, The Property Investor Visa in UAE can be obtained for 3 to 5 years.

Is it Possible to Get a Loan for Buying Houses in Dubai?

Foreigners can apply for a mortgage in Dubai through most national and privates banks to buy a property. Each bank has its own rules for obtaining loans and are based on factors such as monthly income and country of residence.

Steps to Take to Buy a Property in Dubai

There are easy and simple steps to follow, and they differ depending on whether you are purchasing a property on resale or a brand new one:

1.   

When buying a new unit, choose a developer that’s approved by the DLD (Dubai Land Department)

2.   

Choose a real estate company that is registered with the Real Estate Regulatory Agency such as Sawani Properties

3.   

Get a loan in case you need it

4.   

Apply for No Objection Certificate (in the case of resale or a new unit) 

5.   

Register the property at DLD under your name.

If you’re thinking about buying a property in Dubai, this is the time to make use of all the facilities available here now for foreigners to invest. Think big and get your place, contact us for available properties.