How can foreigners purchase properties in Dubai
Having a property in Dubai is not less than a dream. It is one of the prime locations across the globe which is widely sought by the investors owing to the competitive property prices, high rental yields, etc. However, a common question that popped up in the mind of everyone is – whether a non-UAE resident can buy a property in Dubai? If yes, what is the legal process for the same? In this article, we will discuss all such questions with the help of our best property lawyers of Dubai.
Can foreigners buy a property in Dubai?
Yes, foreign nationals can purchase property in Dubai on a freehold basis. However, you can buy the property only in certain designated areas.
Our best real estate lawyers in Dubai have suggested that you need to be fully acquainted with all the applicable laws and regulations before buying a property thereon. Dubai has designated specific areas for foreign ownership as freehold. It is pertinent to note that all the foreigners and expatriates can acquire freehold property. The buyer will have complete access to the property without any restriction or leasehold right for a period of 99 years.
As pointed out by our top property disputes lawyers of Dubai, Article 3 of Regulation No. 3 of 2006 demarcates the freehold area wherein the foreigners can buy a property. The Land Department of the Emirate is vested with the responsibility of issuing the title deeds. Interestingly, there is no maximum age limit for buying a property in the Emirate.
Some of the most popular freehold areas are – Dubai Marina, Downtown Dubai, Jumeirah Village Circle (JVC), Arabian Ranches, Dubailand, and Palm Jumeirah. Here, the foreigners can choose from a wide range of properties, including apartments, duplexes, lofts, hotel apartments, villas, etc.
Registration of property
It is pointed out by our top real estate lawyers of Dubai that all the developers need to register the off-plan property in the interim register, which is maintained by the Dubai Land Department. Further, a disposition of the completed property also needs to be registered with the Property Register. Further, all the leases are registered with the Real Estate Registration Authority, Dubai. It is very important to note that it is essential to register the property to claim a legal right over the same.
Are you eligible to buy a property in Dubai?
As pointed out by our top property disputes lawyers of Dubai, though there is no age limit pertaining to the buying or selling of the property in the Emirate, you need to fulfil certain other legal requirements. First and foremost – you must have a valid passport to confirm your identity. Further, your past criminal antecedents will also be taken into consideration. If you want to avail the loan facility, it is essential to have a regular monthly income and a suitable mortgage equivalent to the loan amount.
In a nutshell, foreigners can buy a property in Dubai in certain freehold areas, which are outlined by the government. Over the purchased property, you will have numerous rights, such as freehold, usufruct, and musataha. It is important to register your property with the Dubai Land Department. To avoid any legal hassle, it is strongly advisable to take the assistance of our best real estate lawyers of Dubai.
BSB legal is a specialized property law firm of the UAE. Our best property lawyers will assist you in drafting agreements, litigation, and other advisory work. To get more information, kindly contact one of our best lawyers in UAE. You can email us at email@example.com or call +971 508014003