Have you been wondering how you can buy a Real Estate property in Dubai as an expat?
Those interested in purchasing Real Estate as expat or overseas investors must keep in mind that Dubai is a friendly investment city for all, irrespective of one’s Nationality.
The UAE property market is one of the most regulated and transparent in the region. Be it tax-free rental yields, lifestyle investments or healthy capital gains, the UAE Real Estate market presents a wealth of opportunity for property investments. Recent changes in property ownership rules for foreigners have opened up the market furthermore for overseas investors.
For a long time, expats were not allowed to own property in the UAE. The first emirate to lead the change in this regard was Dubai. The capital city of Abu Dhabi and the other emirates including Ajman, Sharjah and Ras Al Khaimah followed suit soon after.
However, keep in mind; property ownership for expats is available in two categories — freehold and leasehold. An overview of freehold versus leasehold property ownership and property ownership rules for foreigners in different emirates can give you a better idea of your options:
Is it easy to buy property in Dubai?
The process of buying a house in Dubai as an expat is quite simple. Since the old restrictions have been lifted, it has become very easy for expats to select and buy properties in freehold areas. These properties offer great value for money and let expats become part of a beautiful and thriving community that offers them the kind of lifestyle they want.
Dubai offers hundreds of properties for the purpose of future investment. These include villas, condominiums, apartment buildings, and single-family homes. If you are interested in making an investment in a property in Dubai, you must take out the time to investigate the important available options.
Indeed, it is. Dubai provides higher yields on rent when compared with several other mature real estate markets. On average, investors can attain rental yields of an average of 5-9%. Prices of property per square foot are lower when compared with many other cities around the world. This makes Dubai an affordable location for having your personal primary real estate.
Buying Property in Dubai as an Expat
Freehold ownership of property by expats is a possibility in Dubai.
Foreign property ownership is permitted in areas that are designated freehold in Dubai. What this basically means is that expats and foreign buyers (who don’t live in the UAE) may acquire freehold ownership rights without leasehold rights, usufruct rights (the right to enjoy the use and advantages of another’s property without altering the property) and restrictions for up to 99 years. Furthermore:
- Title deeds are issued by the Dubai Land Department
- There is no age limit to property ownership
From an investment perspective, Dubai is a prime real estate market where all sorts of properties, including residences and luxury properties are up for sale. Since the Dubai government changed the laws and allowed foreigners to buy houses and apartments in Dubai, a lot of people have been looking to invest in the city. With the massive potential for return of investment, buying a house in Dubai for expats comes with a lot of benefits.
One of the best possible things about investing in Dubai’s real estate market is that a lot of available condos, properties, apartments, and residential types can fulfill every person’s requirements. This also means that individuals are not forced to settle for properties that may not suit their personal budget or preferences.
Since the investor enjoys the full ownership of the property in perpetuity, the property can be used for any purpose. It also requires less amount of paperwork and does not require consent from the state.
If you are looking to purchase a property in Dubai as an expat, you will have to purchase this through a government-approved property or real estate developer, such as Home Sweet Home Real Estate, Dubai.
There are two ways you can purchase property in Dubai: through a private seller or buying an off-plan property from a developer.
With the rapid development of the Real Estate Market in Dubai, the process of buying property in Dubai for expats has become easier than ever. Properties are most commonly sought by expats who are interested in investing in Dubai.
The main reason why Dubai is such a hot Real Estate market among expats is that it has lifted many rules and regulations in recent years that make buying property difficult. For expats, this is an excellent time to buy houses and properties in Dubai since the procedure is quite uncomplicated.
Not sure of the right Real Estate property to buy in Dubai, UAE? At Home Sweet Home Real Estate Dubai (HSHE), we turn dreams into reality, whether you are looking to buy or sell your property, you have come to the right place. Contact us at https://hshestate.com/