Moving to Dubai is an opportunity that many potential ex-pats have considered, whether it’s the attraction of an affluent lifestyle or the temptation of living tax-free, this city can be a great choice for anyone.
No one in the world may let go of the opportunity of getting property in Dubai. This city is attracting investors and encouraging them to Dubai property investment.
There are plentiful malls and beaches, thousands of high-end shops and restaurants are available in Dubai. The bustling industry and numerous ventures such as dune surfing, or a few outdoor-activities like skiing, are there for both visitors and residents alike find it hard to miss the many advantages to living in the middle eastern city.
The investors who are looking to invest or considering a move to Dubai for work or business may also be thinking about buying a property in the emirate.
For foreigners there is a freehold law, thanks to this law the foreigners retain the right to buy, sell, and rent a property in Dubai without following any special rules and regulations or permissions. More than 70% of the emirate’s population is made up of ex-pats; it’s not at all uncommon for foreigners to purchase land and homes.
What’s the property market like in Dubai?
The property market of Dubai suffered a lot of rises and fell in recent years. But now the market as a whole is considered to be generally steady. It is expected that the property prices will increase after the expo exhibition which is going to be held in 2020.
Most of the experts are considering that now it is an excellent time to invest in Dubai, as property prices are quite low in some areas and they will eventually rise. The UAE Dirham is currently active than the U.S. dollar, that is why people coming around the globe are investing in Dubai.
Can foreigners buy property in Dubai?
Yes, foreigners can buy property in Dubai without paying any tax or extra charges. The legal changes that have happened in 2002, according to that law the foreigners can sell, rent out, or buy a property in Dubai without any special regulations or permissions.
The leasehold property term is generally 99 years but can be less in some instances. Obtaining property on a leasehold mainly depended on buying the right to live in or occupy the property from a freeholder for 99 years or less.
This form of property ownership only grants the buyer rights to the unit, not the land is built on. The area is owned by a freeholder who leases the property and made it according to the term period.
At the end of the lease period, ownership of the purchased property unit returns to the freeholder. There are a few Pros and Cons needed to follow.
According to the law of the United Arab Emirates, the ex-pats cannot own property in non-designated areas. The long-term leases offer buyers numerous options regarding area selection and price range. The leasehold property ownership can be resumed at the end of the term.
In this regard, the buyer and their family can continue to live in the house by renewing the leasehold contract upon expiration. There is limited accountability regarding repairs. Most of the time, it is the landlord’s responsibility to take care of repairs, especially if they impact the structure of the property
The improvements on the property which suits your needs such as renovation, alteration, or remodeling, require written approval from the landowner or a freeholder.
There are many investors in Dubai preferring to buy a freehold property. A law was passed in 2002 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President & Prime Minister of the UAE and Ruler of Dubai, through which outsiders can get a freehold property as well.
This form of ownership allows the investors to have absolute ownership over both, the unit and the land that it stands on. The Dubai Land Department registers the name of ‘landowner’ in the registry and grants a title deed for the property.
In freehold property, the investor can get complete control over the property unit and the land. The owners can make a few changes to the structure and renovate as they find it fit. The property stays in the family, which can be passed on to an heir or inheritor when the owner passes away. The owner can decide to sell or lease the property at their discretion.
In freehold, the landowners are responsible for the maintenance of the property. If the owner has leased the property, he/she will be responsible for structural repairs.