Foreign investment plays a very important role in the real state market of UAE. If you are searching for a guide on whether foreigners can buy property in Dubai, then you are at the right place. As Dubai is considered one of the best places to invest in the real estate market, it is attracting more investors from the UAE and other parts of the world as well. This is all because of tax-free laws, good infrastructure, and the strong economy of Dubai, which is attracting foreigners.
It is now considered a very lucrative opportunity for the foreigners and the residents as well. However, it is highly important to understand the rules and regulations of the Dubai real estate market to make a fruitful investment decision. This article will provide the complete details regarding the investment in Dubai property by foreigners.
Legal Laws for Foreign Investors in Dubai:
Legal ownership laws for foreigners include freehold ownership and leasehold ownership. It allows international investors to own their property in various specific areas. Following are the details of leasehold and freehold ownership:
1) Free Hold Ownership:
There are various freehold areas where foreign investors can easily sell, buy, or lease their properties without any problem. There are no restrictions to buy property in any specific area. So, this freehold ownership provides a complete rights to the property owners.
2) Leasehold Ownership:
On the other hand, leasehold ownership provides foreigners with leasing opportunities for their property for a long time. This land is not completely owned by them. Rather, they have the right to use it, but it is not their property.
So, easily the foreigners can invest in Dubai but they have to comply with the laws of Dubai Land Department and the Real State Regulatory Agency of Dubai to ensure transparency and reliability in the real state market of Dubai.
Eligible Areas in Dubai for Foreign Investment:
Foreigners can easily buy property in Dubai. Some of the popular locations that are eligible for the foreigners are as follows:
- Downtown Dubai: Downtown Dubai comprises Dubai Mall and Burj Khalifa as highly attractive investment places. So, the people can easily purchase the property in these sectors.
- Dubai Marina: Dubai Marina is an attractive place for people loving to invest in waterfront properties. It comprises attractive apartments with luxurious amenities.
- Palm Jumeirah: This is an island based in Dubai that is best for investing in luxurious property.
- Jumeirah Lake Towers: Jumeirah Lake Towers is also a mixed development in which foreigners can easily invest without any restriction from the Dubai government.
- Jumeirah Village Circle: This is also a very lucrative opportunity for foreigners who want to invest in an affordable area. It is a growing residential space where you can invest and get profitable returns.
Steps to Buy Property in Dubai as Foreigner:
Following are some of the steps required if you are wondering if foreigners can buy property in Dubai.
1) Research for Right Property:
The first thing includes complete research of the accurate property according to the type, location, and rental yields. Moreover, you should also consult a reliable real estate agent who provide you with a complete understanding of the property market in Dubai.
2) Choose a Licenced Real State Agent:
It is highly important to ensure that the real estate agent you are consulting is licensed. Also, the agent is registered with the Real Estate Regulatory Agency to avoid the chances of any scams.
3) Sign MOU:
The next step includes signing the Memorandum Of Understanding once you are finalized with the price of the property. This agreement should comprise complete terms and conditions for purchasing the property. Also, the deposit amount should be paid.
4) Obtain NOC:
After signing the agreement, the purchasers have to ask for the NOC from the developer. This helps in confirming that you have purchased the property without any additional payments.
5) Transfer of Ownership:
After the completion of all the steps, the seller and the purchaser should go to the Dubai Land Department. Here, you have to finalize the transfer of the property to the purchaser and the remaining balance is paid to the seller. In this way, the purchaser gets complete ownership of the property.
Conclusion:
The answer to the question can foreigners buy property in Dubai is Yes, they can buy. The foreigners can easily purchase property according to the real state laws of the area. Dubai is considered a very attractive investment place for foreigners. This is all because of its laws and infrastructure. So, the property purchasing process for foreigners is very smooth. Then, the investors can easily understand all the details regarding the financial framework of the property purchasing. Moreover, you can also know about the market risk and then purchase an accurate property for long-term gains.