If you’re a foreigner living in Dubai and considering entering the real estate market for investment or owning a residential unit, you’re in the right place. Dubai is a vibrant city full of valuable and enticing real estate projects for living and investment, whether by citizens, residents, or non-resident foreigners, due to its growing and thriving economy and the government’s facilitation of ownership and tax exemption. But before you make any decisions, we’ve gathered everything you need to know about foreigners buying real estate in Dubai.
So, prepare your questions, and let’s go!
Can Foreigners Buy Properties in Dubai?
The answer is YES!
If you are a foreigner who lives in or is outside the UAE, you can buy and invest in real estate in Dubai. The UAE government welcomes all nationalities to visit, live, and invest in the real estate sector because it believes it will help the UAE economy grow.
Can foreigners buy property anywhere in Dubai?
The answer is NO.
As a foreigner, you can only buy properties in Dubai in designated areas for foreigners’ ownership, so don’t worry! This is not bad news; you will have variety and many options in different areas of projects in Dubai designed for foreigner ownership to choose from, with affordable prices and amenities that are worth the value of money. These vital, unique facilities will attract your attention whether you are a citizen or a foreigner residing inside or outside the country.
What Types of Properties Can Foreigners Buy in Dubai?
That’s an important question! But before we share the answer
with you, you must decide first: will you buy it for living or
investment, and what budget do you have? After answering
these two questions. You’ll narrow your options to two sides :
1- Freehold properties:
You may have heard about the term “freehold properties” before but never knew the meaning behind it. “Freehold properties are the properties that citizens, non-citizens, and expatriates can buy for freehold ownership in Dubai. These properties are located in the freehold area specified by the Dubai Land Department. If you choose to buy a freehold property, you’ll have the full authority to dispose of it as you want, including buying, selling, renting, and investing in the property or land.
Do you want to know what areas are available for freehold in
Dubai? Dubai Apartments updates the list of areas every year,
and the latest updated areas are:
- Burj Khalifa: One of the most significant areas in Dubai that has many luxurious facilities. And most foreigners prefer to invest there.
- Downtown Dubai: A lavish district known for its iconic landmarks like the Burj Khalifa and the Dubai Mall.
- Blue Water Island: An upscale island destination featuring leisure attractions and luxury residences.
- Business Bay: A prominent business and residential area characterized by modern skyscrapers and waterfront living. The perfect destination for your investment.
- Palm Jumeirah: An artificial island renowned for its extravagant hotels, beachfront villas, and upscale lifestyle.
- Dubai Marina: A vibrant waterfront community offering upscale living, dining, and leisure options along its marina promenade.
- Emirates Hills: An exclusive residential community featuring luxurious villas and stunning city skyline views.
- Barsha Heights: A dynamic neighborhood known for its diverse dining, entertainment, and residential options.
2- Rental Properties:
Many foreigners prefer rental property investments because of the long-term income and stability in profit. So, if you are looking for rental property investments, you can buy properties purchased to rent. The Dubai Land Department grants the right to benefit from the property for a period of up to 99 years, similar to a long-term lease contract, and the owner may not remodel or change the property without obtaining your approval.
What are the legal requirements for property ownership in
Dubai?
Before buying any real estate in Dubai, you need to make sure you possess all the legal requirements and documents you need to purchase new property in Dubai. Don’t worry. It’s simple, and you won’t spend much time and money to bring these documents. It’s the only standard and essential document that any country asks for, such as a valid commercial license to use the property for commercial purposes, a valid visa, and others.
What is the property tax rate in Dubai?
If you are willing to buy a property in Dubai and ask about the tax rate, we have a surprise for you: the tax rate on Dubai properties is zero! Yes, there is a 0% tax rate on foreign investment in the real Estate sector. This generous decision was made after the government established a tax system that supports zero taxes to encourage you and other foreign investors to invest in the UAE. You should also know that the UAE government tries to provide a healthy environment and for foreign investors to invest in Dubai with exemptions from taxes on rental income or real estate purchased by foreigners.
How can buying property in Dubai give you a visa?
Suppose you want to buy any property in Dubai. In that case, you’ll get to obtain a long-term residence visa called the “Real Estate Investor Visa,” a visa granted by the United Arab Emirates and specifically allocated to you as a foreign investor to encourage you to invest in real estate. Its duration ranges from three to five years, and this period is determined according to the actual value of the property you bought.
Can I get a Golden Visa if I buy property in Dubai?
The answer is Yes!
Purchasing real estate qualifies you to obtain a golden visa in the UAE. According to the Abu Dhabi office, if you buy a property worth more than 2 million UAE dirhams from the Aldar project, you can obtain a golden residency in the UAE immediately!
Can foreigners obtain a mortgage to buy property in Dubai?
The answer is Yes!
You can obtain a mortgage to buy a house in Dubai by applying for a mortgage through national and private banks to purchase a property. The rules for obtaining loans vary from one bank to another and depend on various factors such as monthly income and country of residence. However, you can certainly obtain the required mortgage after meeting the requirements and submitting the required documents.
How can a foreign investor buy real estate in Dubai? Step
by step
The steps to buy real estate in Dubai are straightforward steps that any foreign investor can quickly follow if they want to purchase real estate in Dubai :
• First, you must choose a developer approved by the Land Department (for new units).
• Secondly, choose the real estate agent registered with the Real Estate Regulatory Authority
• Third: If you need a mortgage, you can ask national or private banks to obtain real estate financing (loan).
• Fourth: In the case of resale or a new unit, you must request a no-objection certificate
• Fifth: final step: register the property in the Land Department in your name.
Are there any restrictions on selling property for foreigners
in Dubai?
The answer is: No.
There are no restrictions on selling properties for foreigners in Dubai as long as you have all the requirements and will purchase your unit in the freehold areas we mentioned before. Documents and all the terms and conditions of Dubai departments applied to you.
What are the benefits of real estate investment for foreigners in Dubai?
Real estate investment in Dubai has many benefits and benefits that accrue to foreign and expatriate investors, the most prominent of which is the restriction on a residence visa, which also qualifies them, as we said previously, to obtain golden residency, in addition to the fact that the UAE is blessed with a prosperous, developing, and non-fluctuating economy. It encourages foreigners to invest and obtain the desired profit from the value of their investments. In conclusion, the UAE supports all foreign investments in Dubai real estate without hesitation. Investing in Dubai is the best choice for you, whether you live there or are visiting. We also cannot help but praise the many facilities that the United Arab Emirates provides to foreign investors to encourage them to invest, starting with tax exemption and then diversification. The goal is to create a fast-paced economy, a diverse culture, and a warm and welcoming society for all foreigners to come to live and invest in Dubai.
