PURCHASING “RESALE” PROPERTY IN DUBAI
WHAT IS A “FREEHOLD” PROPERTY?
The purchase of property on a freehold basis means that the property is registered in the owner’s name by way of a Title Deed registered in the Dubai Land Department. The owner has the right to sell, lease or rent his/her property at his/her discretion.
Areas for freehold properties are designated areas for expatriates, whereas non- freehold property is property limited to UAE Nationals and GCC Nationals.
A 2-year residency visa is granted for properties above AED 1,000,000.
HOW TO OWN A PROPERTY IN THE UAE AS A FOREIGNER?
In May 2002, the Dubai Crown Prince, General Sheikh Mohammed bin Rashid Al Maktoum, issued a decree allowing non-Emirati citizens to purchase residential property within certain areas of Dubai on a freehold basis. More than two years later, the resulting surge in demand is showing no sign of abating.
The new opportunity:
Sheikh Mohammed’s announcement was welcomed by thousands of expatriate residents of Dubai and frequent overseas visitors, who had grown to love the United Arab Emirates and admire the remarkable infrastructure and opportunities offered by the dynamic city-state of Dubai. Furthermore, full rights of residency were to be offered to foreign owners of homes provided by selected leading property development companies.
The Government of Dubai has ensured that high-quality standards and keen interest of buyers from the outset would be maintained by granting permission to build a carefully screened selection of highly competent and financially strong organizations. This served as an assurance that the expectations of new homeowners could be met or exceeded.
As the Dubai residential property scene is still very young, the majority of the homes available are newly built. In most cases, you will be buying from plan, and the property handover will take place 2-3 years later, providing ample time to organize your funding.