Real estate investments are the most popular form of financial contribution for most people. Anyone of any nationality can purchase real estate in Dubai. The buyer does not need to have UAE citizenship or even resident status in the country. No special permit or other documentation is required to purchase a property in the emirate. In the years before, a non-resident could not be purchasing the Dubai Property, as in the UAE. Now, this procedure has a simplified format and is available to everyone who has money.
The property can be used for both commercial and private purposes. However, buying real estate can be a difficult process for ex-pats in the UAE. The source https://www.axcapital.ae/ will tell you about the features of purchasing Arab apartments and who can own real estate in Dubai today.
What Rights Did Investors Get for Buying a Home in the UAE?
Thanks to the increased interest of overseas investors in the Dubai housing market, Prince Sheikh Mohammed bin Rashid Al Maktoum introduced a brand-new property law that allowed non-residents to rent homes in Dubai for an unlimited period for free. They get permission to rent housing for a period of 10 to 99 years in some residential districts. These areas include Palm Jumeirah, Burj Khalifa, Dubai Marina, Discovery Gardens, Islands of the World, International City, Business Bay, and Downtown Dubai.
Thanks to it, there are free property zones in the UAE, where an overseas home buyer becomes an owner and can dispose of his property as he wants. Ownership rights are similar to ownership rights in other countries. Citizens who have received property rights can use their assets forever. Moreover, they are allowed to pass them on to others.
To own real estate in some areas of Dubai, buyers must obtain government approval. But in freehold areas, you do not need to get such a permit.
Why Does an Investor Need to Know Dubai’s Property Laws?
Buyers and investors around the world are interested in purchasing the Dubai property. First, they should know local laws to conclude safe deals. A residence permit is required to purchase any property in the United Arab Emirates. However, a residence permit does not give foreigners the right to work in the UAE. To do this, buyers and investors still need to apply for the appropriate visa.
Unlike cities in other countries, there is no documentary verification in Dubai when buying assets. Buyers only need to sign a contract to make real estate transactions. Usually, buyers have to deposit 10-20% of the total cost of the housing.
If you are making a deal to buy an apartment in a new building, you will have to make installment payments. In the purchase contract, you can transfer the amount to a third party or supplier. If the buyer pays the seller, he needs to pay 2% of the total cost of the housing as a commission.
The first step to investing in real estate in Dubai is to analyze what you expect from the purchase and the purpose of your investment: buying a property for your use or for renting.
For most investors, the return on investment is most important, whether it is annual or long-term income. There is good news for you if you decide to invest in housing in Dubai, as international fast-growing markets such as Dubai give an average of 8% return on investment compared to other countries.
Anyone of any nationality can purchase housing in Dubai.
Before buying any real estate, the seller must confirm the ownership rights. In addition, the buyer must check whether he has the authority to sell the property, and verify all the documents, as well as determine whether the project is active or not.
Before making any decisions about buying a property, buyers need to hire a legal consultant who is familiar with local real estate legislation.
Ax Capital Will Find You a Dream Home in Dubai
Dubai’s property laws are important for both local and overseas investors and ordinary home buyers. Anyone who is selling, buying, or renting any housing must comply with property laws to make profits from the purchase.
If you are very interested in real estate in Business Bay or another well-known district of Dubai; you can find all the best deals in the catalog on the AX Capital portal. The company is proud of its diverse housing portfolio, with which AX Capital strives to enrich the lives of future residents and investors and satisfy all lifestyles. Here you can always get detailed advice on buying Arab property.
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