Dubai is one of the most popular destinations in the world to invest in real estate. Dubai has a well-established real estate market and offers a wide variety of residential and commercial property options. The city also enjoys a favorable tax system, a booming economy, and a strong currency, making it an ideal place for foreign investors to buy property. However, many people still are not sure whether foreigners can buy property in Dubai or not.
The answer is yes, but 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 foreign investors that you should know about. Here are some of them:
It is true that foreigners were not allowed to own property in Dubai for a long time, but this has changed. 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. Among the freehold and most popular areas to own a property in Dubai are Palm Jumeirah, Dubai Marina, Dubai Creek Harbour, Downtown Dubai and Business Bay.
Based on the new property rules in Dubai, foreign investors (who don’t live in Dubai) can also own property in freehold areas. However, it comes with special conditions. For example, they can own the property for up to 99 years. For that, there are also enormous benefits, including:
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 your villa or apartment in Dubai. You can explore a wide range of properties in Dubai on the dxboffplan website and enjoy high returns! We will guide you on all matters, such as the major costs of living in Dubai, such as the price of utilities, housing, transportation, food, healthcare, and entertainment. We will provide you with all the necessary information to ensure that you make an informed decision and get the most out of your investment.
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. All property buyers in Dubai can get a three-year residence visa for themselves and their families. The visa can be renewed for an additional three years if the property is kept for the full term. This is a great opportunity for foreigners who want to live and work in Dubai. But again, getting Dubai residency through property comes with special conditions. For instance:
With the enormous benefits that Dubai offers, it is no surprise that its real estate market is one of the most popular in the world. Dubai’s real estate market offers investment opportunities for both local and international investors. Properties in Dubai range from modern apartments to luxurious villas, allowing investors to choose a property that meets their needs and budget. Many of the best property developers in the UAE, such as Damac Properties and Emaar Properties, are based in Dubai. They offer some of the best properties for sale and rent in the region. Many of these developers also offer attractive payment plans and other benefits. This makes it even easier for investors to take advantage of the lucrative real estate market in Dubai. Contact Dxboffplan today to start your journey to buying off-plan projects in the UAE and securing a residency visa!
