Purchase and sale transactions in Dubai are carried out and regulated according to the rules of the State Law on Real Estate Transactions. This law was adopted in May 2002 and opened the possibility of buying flats in Dubai for expats on equal rights with the locals.
Types of property for foreign investors
The first thing to consider is the territorial restriction, the second is that you can only buy property from government-approved developers and real estate agents. It is not necessary to have a residence permit.
Categories of real estate that are available to foreign investors for purchase:
It is a possession on the rights of ownership, where the buyer receives it at his full disposal, and has the right to do with it whatever he wants: sell, lease, gift or bequeath to heirs. There is also a property that is owned, that means that the owner owns both the building and the land.
This is the purchase of real estate on lease. In the UAE, the maximum rental period of a property is 99 years. When making lease payments in parts at the end of the contract, the renter does not receive any rights to the property, and it is returned to the owner. After the expiration of the term by the method of renegotiation of the contract, the right of ownership may pass to relatives and be extended for a similar period.
Real estate in any of the zones of unconditional ownership in the UAE in the Dubai freehold market include: villas, townhouses, apartments, hotel-type apartments and office space. Before buying, you should check with the agent to which category the property you have looked after belongs.
The Dubai real estate market includes:
Real estate from the developer (off-plan)
This is the one that is under construction and is being purchased for future use. It is often sold by the developer and through trusted real estate agents.
This is a set of transactions for the sale of new buildings. In addition to developers and their representatives, territorial and local executive authorities are engaged in the sale of primary real estate.
This is residential real estate (apartments, houses, rooms) that is registered as the property of individuals. When buying it from the owner, you can try to reduce the stated price. When buying a property in new buildings, there is no such possibility and you can only count on planned promotions from developers.
What you need to buy a property in Dubai
Before you start looking for real estate in Dubai, you need to decide on the purpose or reason for the purchase. If you are looking for real estate for the purpose of investment, then you should consult with a real estate expert on the topic of areas that are characterized by high rents, net growth rates per year, and are surrounded by numerous amenities and commercial centers. On the other hand, if you are looking for a property for your own residence in Dubai, then you should look for places suitable for family needs.
Our assistance in buying real estate in the UAE
Are you interested in property in the UAE? Look for real estate on Ax Capital website. Here you will find only the best proposals from famous developers of the UAE. For more information about buying real estate in Dubai, please contact the company’s agent.
“Evil coffee nerd. Analyst. Incurable bacon practitioner. Total twitter fan. Typical food aficionado.”