Can Foreigners Buy Property in Dubai?
Can Foreigners Buy Property in Dubai?
Dubai is the land of expats with more than 80% of the resident-alien population. But are they really allowed to buy property in Dubai or do they have to spend their life without the sense of ownership?
For zooma properties, providing you with the best property options is our priority whether you’re a foreigner or a Dubai national. Here is what you need to know about how the Dubai real estate treats the foreigners.
Until the year 2002, the residency laws of Dubai didn’t have any provisions that permitted the expats to own property in Dubai. It was not possible for the foreigners to invest in Dubai properties market or to even buy one for their residence.
But in the year 2002, the Vice President and Prime Minister of the UAE, and Ruler of Dubai, Sheikh Mohammad bin Rashid Al Maktoum passed a law regarding the freehold land in Dubai.
The law gives a foreigner the right to freely lease, sell, or buy property in Dubai. Though it gives the right of proprietorship, an expat needs to stay diligent about the procedures and legal formalities before buying property in Dubai.
Here’ how you can start when planning to buy or rent property in Dubai.
Decide the preferred Dubai property type and search for the one!
Know the fact that you’re a foreigner and you need to establish firm grounds before taking a real estate decision. Dubai property market offers you a variety of properties in various communities that have varying specifications and amenities.
To initiate your property decision, you first need to determine which type of property you are looking for. Do you require a studio, an apartment, or a villa?
The major factors that contribute to your decision are your family size, your net income, and your preference of the locality.
Once you’ve decided the type, size and the price range for your property, you now have to begin your search for a perfect property. You would certainly need to hire a real estate agent to get you a good property within your range. Therefore, zooma properties has enlisted why you require a real estate agent in Dubai.
Here are the reasons why you need to hire property agents in Dubai.
Dubai is a city with high-end development and top-of-the-line residencies. Therefore, most of the freehold properties in Dubai are within secured gated communities.
A few most sought-after residential communities in Dubai are Dubai Marina, Downtown Dubai, Old Town Dubai, Palm Jumeirah, and Emirates Hill.
Eligibility and procedural requirements
The procedure for buying property in Dubai goes quite simple. You do not need to have a residency permit or something of similar nature to be eligible to buy or rent property in Dubai.
If your property transactions require you to stay in Dubai, then you may attain a 6-month visa – Property Holders Visa. The only reservation for this visa is that the property purchased must be of worth Dh1 million or above.
The procedures between the buyer and the seller take place as follow;
- A Memorandum of Understanding (MOU) is signed and the buyer has to pay a deposit which is generally 10% of the purchase price
- A No Objection Certificate (NOC) is to be attained to be able to sell the property. The developer issues the NOC against the service fee
- After the attainment of the NOC, both the parties go to the Dubai Land Department (DLD) in order to transfer the ownership of the property. After the completion of formalities, a title deed in the name of the new buyer is issued by the DLD
- If the purchase of property in Dubai is done through the mortgage, then the bank’s involvement is also required in the deal. If the seller has any remaining mortgage repayments, the buyer needs to settle them in full before applying for the NOC
zooma properties is always in the front line when it comes to serving you with the Dubai real estate affairs. Providing the perfect property is not all that we do for our clients. The facts and information regarding the real estate matters also count in our responsibilities as a trusted real estate dealer in Dubai.