Dubai is one of the most popular destinations in the world to invest in the real estate market. However, many people still are not sure whether foreigners can buy property in Dubai or not. If you also ask this question, read on to the end…
Before looking at properties for sale in Dubai, you should know that property rules are different for foreigners in comparison to UAE nationals. Besides, there are some restrictions in Dubai for the foreign investors that you should know about. Here are some of them:
What does freehold property mean in Dubai?
It is true that foreigners were not allowed to own a property in Dubai for a long time, but this has changed now. One of the most important things that you should know about buying property in Dubai is that foreigners are just allowed to invest in freehold areas. But what does freehold property mean in Dubai…?
Basically, freehold property means that you can own both the unit and the land it stands on. But in Dubai, you as a foreign investor are only allowed to buy property in designated areas (known as freehold) such as Palm Jumeirah, Dubai Marina, Dubai Creek Harbour, Downtown Dubai and Business Bay that are also among the most popular areas to own a property in Dubai.
Based on the new property rules in Dubai, foreign investors (who don’t live in Dubai) also can own property in freehold areas. However, it comes with special conditions. For example, they can own the property for up to 99 years
But, there are also enormous benefits. For example:
- Dubai Land Department issues the title deed
- There’s no age limit to own property in Dubai
- You can lease your property
- Rental income in Dubai is very high
Taxation rules in Dubai
It is interesting to note that Dubai is widely known for its expat friendly taxation system. More interestingly, there is no tax on properties for sale in Dubai. It means that you as a foreign investor, don’t have to pay any tax for you villa or apartment in Dubai. You can explore properties for sale in Dubai on dxboffplan.com, get your property and enjoy high returns!
Can foreigners get a residence visa through property in Dubai?
The answer to this question is yes. Since May 2019, buying a property in Dubai can make you eligible for UAE long-term residency visa. But again, getting Dubai residency through property comes with special condition. For instance:
- The invested amount must not be in the form of a loan (you should pay cash)
- The purchased property must have a gross value of at least AED 1M
- The property must have been retained for the last 3 years
With enormous benefits that Dubai offers, it is no surprise that its real estate market is one of the most popular in the world!