One might think that Emirati citizens are the only personnel who can own properties in the UAE, but this is not true. As a flourishing partner in the global real estate market, the UAE’s government has enacted a law that allows foreigners to buy properties in the UAE. The process is simple, yet controlled by several regulations.
Regulations for buying residential property in the UAE:
- Citizens of the UAE and GCC (Gulf Cooperation Council) are allowed to own properties in any area across the country according to law no.7 of 2006.
- Other foreigners are allowed to own real estate in designated locations called freehold areas.
- You may acquire a freehold ownership, that gives rights over properties without restrictions, or a leasehold that gives ownership rights for up to 99 years.
- Buying residential apartments and other properties is allowed to expatriate residents and foreigners who don’t currently live in the UAE.
- No Visa is needed to complete the purchase process. Only a valid passport for identity verification.
- There are no age restrictions to buying property in the UAE.
Buying property in Dubai:
Dubai is the main hub for real estate seekers in the UAE. It is the ideal destination for those who are looking for real estate investment as well as those seeking luxurious accommodation. In Dubai, you can buy residential apartments in high-rise towers and complexes. You can also own a penthouse, townhouse, and a villa. The most famous freehold zones in Dubai include:
- Palm Jumeirah
- Jumeirah Village Circle
- Jumeirah Lake Towers
- Dubai Marina
- Downtown Dubai
- Emirati Hills
- Damac Hills
Investing in real estate in Dubai is worthwhile because of the high returns that vary from 7% to 9% according to the type, space and location of the unit.
Check also: Properties For Sale In Dubai With Casttio
Buying property in Abu Dhabi:
Law no. 19 of 2005 states that expatriates can own their properties in the form of flats and units only; land is not included. This is to be executed through one of four systems, which are:
- Ownership: this entitles ownership over the units without the lands for 99 years. Expatriates can dispose of the properties but not the land.
- Musataha: the owner can use, alter, or construct the unit for 50 years. This period is renewable for a similar period by the agreement of both parties.
- Usufruct: the owner can enjoy and make use of the unit for up to 99 years without being able to change it.
- Long-term lease: regular lease, but for at least 25 years.
Real estate units available in Abu Dhabi include residential apartments, hotel apartments, penthouses, townhouses and villas. The freehold zones in Abu Dhabi are Yas Island, Saadiyat, Al Reem, Maryia, Al Reef, Masdar City, Lulu, Al Raha Beach and Sayh Al Sedairah.
Check also: Properties For Sale In Abu Dhabi With Casitto
Buying property in Sharjah:
According to law no.26 of 2014, only Emirati Citizens are allowed to own properties in Sharjah. However, Foreigners and companies owned by foreign nationalities are allowed to make use of usufruct for a maximum of 100 years. Such deals are to be completed after registering this right with the Sharjah Real Estate Registration Department (SRERD).
This process can be accomplished with units in specific areas in Sharjah that are stated by the government. A special approval from the Ruler of Sharjah is also required to complete the deal. You can go for an apartment, a villa or even a plot in Sharjah; it is known to be way cheaper than Abu Dhabi and Dubai.
Check also: Properties For Sale In Sharjah With Casttio
FAQs about buying residential apartments in the UAE:
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Is buying property in the UAE possible for non-UAE nationals?
Yes. Expatriates who live in the UAE and foreigners who don’t live in the UAE can buy real estate in the UAE.
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Where can foreigners own apartments in Dubai?
In the freehold areas, such as Palm Jumeirah, Dubai Marina, Damac Hills, Emirates Hills and Downtown Dubai.
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Other than Dubai, where can foreigners own properties?
Foreigners can own properties in Abu Dhabi on Yas Island, Al Reem, Saadiyat Island and Masdar City. Real estate is also available for foreigners in Sharjah under certain regulations.
