In the United Arab Emirates, until a certain time, it was forbidden to own real estate on the rights of private property for foreigners. Over time, the policy of the UAE has changed towards attracting foreign investors, so today, different emirates can adopt their laws regarding housing ownership. In Dubai, there is a whole list of areas where foreigners can buy housing in full private ownership. Today, attracting foreign investors to the country contributes to the demand growth in the emirate’s real estate market. At the same time, the cost of apartments in the Dubai Harbour is growing. Thus, the price of apartments in Dubai in 2023 will increase by 7.54% yearly.
Types of property ownership in the UAE
To date, there are three types of property ownership in the Emirates:
- Freehold (free possession) – the right to complete disposal of the object at your discretion, without time limits;
- Musataha – ownership of all real estate on a land plot for a period not exceeding 50 years;
- Usufruct – the right to lease a land plot or property for a period not exceeding 99 years.
In the legislation of the UAE, there is such a thing as the GCC countries, which include the UAE, Saudi Arabia, Oman, Bahrain, Kuwait, and Qatar. Citizens of the countries listed above can own real estate based on full private ownership in any area of Dubai. For citizens of other countries, the ownership of the real estate in the emirate is allowed in areas registered in the regulation of 2006 and in free economic zones (FEZ). By the way, FEZs in Dubai represent large industrial and business districts with good conditions for doing private business.
Freehold areas in Dubai for foreigners
Despite some restrictions, those who want to buy an apartment or villa in Dubai can consider buying in almost all areas of “New Dubai,” including such popular destinations as Palm Jumeirah, Downtown, Arabian Ranches, Dubai Marina, Springs, Meadows, and many others.
Today, large Arab developers are building new residential communities with luxury villas, townhouses, and apartments. The main target audience of these areas is foreigners, so new areas, as a rule, belong to freehold zones.
Buying a home in the UAE: what you need to know
– Consultations
Potential buyers should contact a consulting firm before buying property in a house still under construction. Specialists will provide complete data about the object. In the UAE, the choice of real estate is very large, so this item should be addressed.
– Infrastructure
Before buying, you should ensure the house is in a good location. Schools, hospitals, and shopping centers should be nearby. Transportation is also important. Buyers should also pay attention to the view from their home.
– Unit quality
When buying a property under construction, it is worth considering the quality of the used materials.
– Completed objects
When choosing a builder, determine which objects have already been built and in what time frame.
– Payment
The buyer must clarify the price and payment scheme when signing the contract. In the UAE, repayment within 10 years is possible; however, developers add a percentage to the original price in this case. All these nuances should be spelled out in the contract.
Convenient selection of real estate with Emirates.Estate
Dubai is one of the popular destinations for buying property from foreigners. Housing is bought both for moving to permanent residence and for investment. High demand for apartments and houses in Dubai is also observed among European citizens.
To choose the best option for buying, it is essential to analyze different offers from developers and real estate agencies. To do this, studying many pages of different companies is unnecessary. Go to the aggregator site https://emirates.estate and search conveniently to choose the objects that suit you from the most relevant market offers. For your convenience, you can choose to sort by property type, cost, complex residential name, and many other parameters. You can also compare euros, dollars, and dirhams prices for different objects. Choose the best apartment or house today to have time to buy a home at a more attractive price.
