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Dubai or not to Buy?
While in some parts around the world property markets have been facing a sharp slump, the real estate markets of Dubai and other neighboring emirates have proved their stability. With an eye-catching lifestyle, first class infrastructure and several other amenities, Dubai is often the most popular choice for second-home and property buyers in the UAE. Whether you’re buying a property for the purpose of reselling or personal accommodation, Dubai promises agreat return on your investment.
In the past, ownership of property in Dubai was restricted to nationals and citizens of the United Arab Emirates, but changes have occurred since 2002 making it possible for foreigners to buy property in a number of designated areas. Soon enough, other emirates started enabling foreigners to buy properties in the their cities on freehold basis, however, until now, there is still no Federal law to regulate foreign property ownership, and issues relating to land and property are solved in accordance with the laws of each emirate.
The basics of buying freehold property in Dubai are the same as anywhere else: one needs to be very careful and exercise due diligence. If you are thinking of buying property in Dubai or other emirates, it’s wise to spend a substantial amount of time learning about all the aspects of property ownership in your city of choice. Having gained all the necessary information about purchasing procedures and the property market, you can begin your hunt to find the property your heart desires. Here are a few pointers to help you have everything in place.
BY LAW, NON-LOCALS MAY OWN FREEHOLD PROPERTY IN DUBAI NOT LIMITED BY TIME, OR MAY HAVE THE USUFRUCT RIGHT OR HIRE RIGHT FOR A PERIOD NOT EXCEEDING 99 YEARS IN 23 AREAS MENTIONED UNDER THE REGULATION.
Do your homeworkBy studying the market before you make a purchase, you can ensure a sound investment. A good place to start is the Dubai Land Department website (www.dubailand.gov.ae). This website has all necessary information related to real estate in Dubai, including advice on fees, regulations and procedures which you can utilize to facilitate your purchase. When buying a property through a broker, it’s important to make sure that the company is registered with the Dubai Land Department. While most brokers are, the few that operate without being registered stand a higher chance of charging you higher fees and not being clear about the payment plan.
Seek adviceUnless you are a real estate shark, getting advice and representation on your purchase by professionals is always a sensible choice. Advisory companies and real estate lawyers can highlight any potential risks and provide insight to the market conditions related to the property in question, making your purchase hustle-free and easy.
Enter into a "sale contract"A written sale contract is a must when making a purchase. It is an official agreement that is fundamental to protecting your rights in the event that the developer is unable to deliver on their obligations. When entering a contract it’s important to differentiate between an off-plan and a completed property. If the property in question is an off-plan property, then make sure that a clear timeline and long-stop date is specified in the contract.
Check the contractCheck the contract for clauses, including on timescales. A number of property buyers have experienced non-delivery of properties as they remain incomplete. Get independent advice about how to ensure your deposit money is dealt with securely and to your satisfaction.
Consider drafting a willThe law on inheritance as regards property in Dubai is based on Sharia'h principles and can be very uncertain in its application, depending on a number of factors such as your religion and whether you have a written will. It is advisable to have a will compliant with the requirements of your home country. If inheritance is a concern, seek specialist advice.
Visas and residence permitsThe owner of a residential property can obtain a resident visa for himself, spouse, children under the age of 18, and unmarried daughters. The visa is issued for two years and renewed at the end of this period for a fee. This visa entitles free entry and exit, and does not limit the period of stay in the country, but in order to continue to apply for a visa, you must visit the UAE at least once every six months.
Freehold property in DubaiFreehold property in Dubai is currently limited to areas of Bur Dubai closest to the end of Dubai, where Dubai connects with Abu Dhabi. Some of these areas include Sheikh Zayed Road, Jumeirah, Jebel Ali, and Dubailand. Among the top freehold property developers recommended in Dubai are:
It is known as the region's largest real estate company, which was started as a public joint stock company in 1997. It was the first company to get into freehold property.
It is a Dubai Government company that is the most popular real estate company dealing in Dubai freehold property.
Popular freehold company that has property in the Dubai Marina, The Palm Jumeirah, and The Palm Jebel Ali.
Dubai Properties Group (DPG)
DPG offers a portfolio of real estate options on freehold terms for business, residential, commercial and office use.
Saba Real Estate Group (Saba Properties)
New freehold real estate company that has 3 to-wers in the Jumeirah Lake Towers.
TO OBTAIN A RESIDENT VISA, THE OWNER AND PROPERTY WILL NEED TO MEET A SET OF REQUIREMENTS:
Freehold property areas in the UAEAbu Dhabi
Abu Dhabi real estate has created unprecedented investment opportunities and is poised for a coming decade of growth and development. Much of the real estate in Abu Dhabi has been focused around Abu Dhabi Island, with projects such as Reem Island, Al Raha Beach, Saadiyat and Lulu Islands garnering attention and investor interest. This has heightened real estate activity in the Emirate with more and more people buying property in Abu Dhabi.
Marina Emirates Living
As the second largest emirate after the capital, Dubai is the land of endless opportunities for investors, job seekers and even for those who are planning to make Dubai their second home. Dubai is the city of the century with cosmopolitan environment that welcomes everyone to progress and make their dreams come true.
Sharjah, Ajman, Ras Al Khaimah, Umm Al Quwain, Fujairah
Besides Dubai and Abu Dhabi, the northern emirates of Sharjah, Ras Al Khaimah, Ajman and Umm Al Quwain as well as the emirate of Fujairah have also showed great potential in construction and property development projects. Developers and investors have started huge construction and development projects to build residential and commercial buildings to attract real estate investors and property buyers from across the world. Projects include villas, apartments and commercial office buildings.
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