During the past few decades, Dubai became a worldwide destination for those looking for a luxury lifestyle or healthy investments. One of its most flourishing fields is the field of real estate. Therefore, a reasonable question started rising on the horizon; can foreigners own or buy real estate in Dubai? In this blog we will answer this question and mention every detail you may need to know; let’s dig in!
Can foreigners buy real estate in Dubai?
Yes, foreigners can buy property in Dubai. In 2002, the government in Dubai passed a law that permits the ownership of foreigners to properties in Dubai. This law included expatriate residents, who live in Dubai and non-resident foreigners who don’t live in Dubai. We quote from the UAE Law “You will acquire freehold ownership rights over property without restrictions, usufruct rights, or leasehold rights for up to 99 years”. Additionally, there is no age limit to invest in real estate in Dubai. As a result, Dubai became an active real estate investment hub. You can own the following properties:
- Apartments
- Villas
- Plots
- Offices
- Shops
Check also: buy apartment in Dubai | 17 listings to choose from
Freehold areas in Dubai:
The government permitted foreign ownership of properties in areas designated as freehold. These areas are plenty and scattered all over the neighbourhoods of Dubai. Some offer only apartments, some offer only villas and some offer both. In the few coming lines, we will walk you through some of the most affordable, yet luxurious, freehold areas in Dubai.
Palm Jumeirah:
A group of man-made islands in the Persian waters. It offers commercial and residential units. One of the most popular freehold areas among foreigners as it is the most luxurious freehold area in Dubai. An apartment in Palm Jumeirah can make a rental yield of 5.3%.
Check also: single-bedroom apartment in Jumeirah Village Circle
Dubai Marina:
A waterfront freehold area; a highly sophisticated and luxurious neighborhood. There you can invest in high-rise apartments and penthouses. It is known for the yacht’s port.
Dubai Science Park:
A relatively young freehold, which is located in a unique spot near Al Khail Road, Umm Suqeim Road and other main roads. One of the most affordable areas and it offers studios, apartments, and villas.
Check also: A 2-bedroom apartment in Dubai Science Park.
Other freehold areas in Dubai:
- Arjan
- Barsha Heights
- Bluewaters Island
- Al Jaddaf
- Hayat Island
- City Walk
- Port De La Mer
Criteria needed to buy property in Dubai:
Purchasing a property in Dubai can never get easier. As we have mentioned before, there is no age restriction to buying real estate in Dubai. As non-residents can buy properties in Dubai, no residential visa is required. All you may need is a valid passport to confirm your identity and complete the purchase process. A simple “make an offer / acquire ownership” process. Feel free to buy, sell, or lease a property in Dubai.
Some UAE banks offer mortgages for real estate buyers in Dubai. Documents may vary within the banks, but mainly you will need to provide those of your work, monthly income and country of residency.
Why should you buy real estate in Dubai?
- Competitive prices: prices of the units in Dubai are an example of “value for price”. In comparison with other worldwide real estate hubs, you won’t find this infrastructure and lifestyle at such prices.
- High R.O.I.: real estate in Dubai is one of the richest investments with the highest returns on stage. Apartments can give you a return of an average of 9% and villas give a return of an average of 8%.
Check also: buy Villas in Dubai as a foreigner
- Friendly taxes and expenses: the UAE government requests no taxes. You will pay only a 4% transfer fee that is paid only once. A housing fee is paid monthly, which represents 5% of the average rent of the area.
- Off-plan properties: since the demand for properties in Dubai is rising, off-plan units -which means not finished yet- are available on the market.
FAQs about buying real estate in Dubai:
As a foreigner, can I buy an apartment in Dubai?
Of course. Select your desired freehold area and complete the purchase.
What documents do I need to buy real estate in Dubai?
You will need only a valid passport. No visa is required.
What are the most famous freehold areas in Dubai?
Palm Jumeirah, Al Jaddaf, Emirate Hills, and Dubai Marina.
