One of the major reasons why Dubai is among the richest and most successful cities worldwide is the ease of doing business there.
Wise and investor-friendly policies of Dubai’s government have played a huge role in making Dubai’s real estate market a heaven for foreign investors.
So, can foreigners buy property in Dubai alone, apart from FDI and local national involvement? YES, foreigners can buy property in Dubai without local involvement.
This process can also be called “Freehold Properties Acquisitions.” For what it’s worth, Abu Dhabi has some amendments to these property-acquiring laws.
Let’s look at what this “Freehold Property” law suggests and how a foreigner can buy property in Dubai.
Can Foreigners Buy Property In Dubai?
The Dubai government has made it easy for foreigners to invest in the city and buy properties there. You can own property at any age; there are no age restrictions.
All the properties foreigners can buy are designated as “Freehold Properties.” Any non-UAE resident, emigrant, or investor can own these freehold properties.
This law was first introduced in 2002, stating that non-nationals can own properties in the Emirates of Dubai known as “Freehold Properties,” and freehold property areas were also determined.
Allowing non-national ownership of Dubai properties turned the table for the city’s real estate market, which is still growing exponentially in 2022-23.
Interestingly, more than 70% of the UAE’s population is expatriate or non-native, which means they did themselves favorably by allowing non-native nationals to acquire property on UAE’s land.
Had it been illegal for foreigners to buy property in Dubai (or UAE), Dubai’s real estate sector might not be as appealing and profitable as it is today.
However, remember that non-natives or expatriates can only buy property in the freehold area. They can’t do the same in other areas of Dubai.
Which Areas Are Known As Freehold Areas Specifically?
According to the 2002 land regulation law of Dubai, non-GCC nationals can own properties in the following areas of Dubai.
Dubailand is among the best freehold areas in Dubai, spanning over 100 sq. miles. The villas and apartments in this area are in high demand nowadays.
The freehold sector offers the best nightlife, cafes, bars, restaurants, and amusement parks.
2: Dubai Marina:
Dubai Marina is the area you see the most in photos and videos; the picture of tall skyscrapers that come to your mind when you think about Dubai are in this area.
Foreign investors love to pour their money here, and that’s why it’s also among the best freehold areas in Dubai.
3: JVC (Jumeirah Village Circle):
Beautiful gardens, amazing scenery, and great quality of life. These are among many other things JVC has to offer.
Not only do investors love to invest here, but many also call this area their home because of the great healthcare facilities and ease of doing business.
4: Palm Jumeirah:
Yeah, you guessed it right. The most famous manmade island with breathtaking views. Palm Jumeirah is also considered an “architechtural masterpiece.”
Since Palm Jumeirah’s foundation, it has been the center of attention for art lovers worldwide, and it’s a simple business rule: “The money is where the people are.” Ellington beach house palm Jumeirah can be the best place to buy property in UAE.
5: Business Bay:
You know an area is best for business when it even has business in its name. Business Bay is among the top five most attractive investment destinations in Dubai.
Many people compare Dubai’s Business Bay area with New York’s Manhattan. There’s just so much to choose from.
Besides these famous freehold areas, others deserve to be on this list, like Dubai Sports City, Mohammad Bin Rashid City, Festival City, Culture City, Dubai Production, Dubai Motor City, and Barsha Heights.
Advantages Of Buying Freehold Properties In Dubai:
As mentioned above, Dubai has made investing in its real estate sector quite easier. Besides the obvious advantage of real estate investment, which is the ROI, there are some other good reasons.
- The land regulation law in Dubai enables the investor to own the property completely.
- They can own it, make changes, and shape it the way they want.
- You don’t have to keep paying additional taxes like income, property, and capital gains. They must pay a one-time tax and regulation fees while buying the property.
- By doing so, the investors/owners can use their property as they deem fit.
- Following the same rule of inheritance, the owners can also pass their freehold property to their generations/offspring, just as they can in their homeland.
- Once you are the owner, you can rent or sell your freehold property to get your desired ROI for as long as you want.
- If you own a property in Dubai’s freehold area, you can apply for residency for about five to ten years, and your family can renew the visa application when it passes to them.
- Each freehold area in Dubai has something different and special to offer.
Can An Indian, Canadian, American, Or British Person Buy Property In Dubai?
Of course, they can buy properties in the freehold areas of Dubai and enjoy the same perks any other investors can.
People from over 150+ countries live, work, and invest in Dubai. These expatriates make up around 70% of Dubai and UAE’s total population.
So, any Indian, Canadian, American, British, or other foreign nationals can buy freehold properties in Dubai.
What Are The Criteria To Buy Property In Dubai?
There are some things you need to consider while buying property in Dubai.
Though buying property in Dubai is easier than in many other famous cities, you must submit some essential documents.
You must show the Dubai Land Department officials a valid passport to verify your identity.
Remember, if you don’t have a resident visa, don’t worry; you can still become the owner of your Dubai property.
If you have all the documents necessary, you can own any freehold property in Dubai.
For further details, you can visit the official site of the UAE government here.
Can Foreigners Get A Loan In Dubai Without Resident Visa?
Yes, Dubai is very investor-friendly, and the government likes to attract foreign investments by all means necessary.
However, the LTV (Loan-to-Value) ratio might not be as favorable to you as it generally is for UAE citizens if you aren’t a UAE resident.
This was a clear and detailed guide to many queries about buying property in Dubai. Let’s summarize the whole thing to understand better.
Can foreigners buy property in Dubai? YES, foreigners can buy freehold properties in Dubai designated by the Dubai government.
Can foreigners solely own property In Dubai without any local resident involvement? Yes, you can buy a property in Dubai; you become its sole owner and beneficiary.
Which area is the best for investment in Dubai? According to a report, “Dubai Marina,” “Jumeirah Village Circle (JVC),” and “Downtown Dubai” are the best areas to invest in Dubai.
If you’re new to Dubai, you may need expert real estate experts like RAS Properties. Thanks for reading this far.
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