Buyers Guide DUBAI/UAE

Dubai, known for its luxurious lifestyle, iconic shopping malls, and leisure attractions, is a top destination for tourists and investors alike. In 2002, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued a decree allowing foreign nationals to buy and own freehold property in Dubai. This Buyers Guide DUBAI/UAE provides detailed information on freehold property, designated purchase areas, and the benefits of owning property in this dynamic city.

Understanding Freehold Property

In Dubai, freehold property refers to real estate that non-UAE nationals can purchase outright, granting them full ownership of both the property and the land it stands on. Owners have complete autonomy to sell, lease, or use the property as they wish. This contrasts with leasehold property, where ownership is for a specified period (typically 30 to 99 years) and reverts to the landlord unless extended. Leasehold ownership often involves paying ground rent and may come with usage restrictions.

Designated Freehold Areas for Foreign Nationals

Foreign investors and expatriates can purchase properties in designated freehold areas. Dubai offers over 47 such neighbourhoods, including:

• Palm Jumeirah: Famous for its luxury villas, apartments, and hotels.
• Downtown Dubai: Home to the iconic Burj Khalifa and Dubai Mall.
• Business Bay: A central business district with high-rise apartments and commercial spaces.
• Dubai Marina: Known for its stunning waterfront views and vibrant nightlife.
• Jumeirah Lake Towers (JLT): A popular residential and commercial area.
• Arabian Ranches: A family-friendly community with villas and townhouses.

Benefits of Buying Freehold Property in Dubai

Dubai's real estate market offers numerous advantages for investors:

• Tax-Free Environment: 0% income tax and 0% capital gains tax.
• Residence Visa Options: Eligibility for investor visas ranging from 2, 5, to 10 years, and even permanent residency.
• High Capital Appreciation: Properties in Dubai tend to appreciate due to the city's rapid development.
• Rental Yields: High rental returns make it an attractive option for investors.
• Key Points for Potential Buyers
• Permanent Rights: Freehold property grants you permanent rights over both the property unit and the land.
• Investment Flexibility: You can sell or lease your property at your discretion.
• Regulated Market: Dubai offers a highly regulated property sales process, ensuring security and transparency.
• Off-Plan Advantages: You can purchase off-plan properties (properties that are not yet completed) with flexible payment plans. Down payments can be as low as 5%, with post-handover payment plans allowing you to get the keys after paying 60% of the property value and settle the remaining 40% over two years.
• Mortgage Options: Many UAE banks offer mortgages to non-residents for both off-plan and ready properties.
• Corporate Purchases: International companies can purchase property through a UAE-approved offshore company holding structure, which comes with minimal running costs.

Taking the Next Step

If you're considering purchasing a freehold property in Dubai, here are some steps to guide you through the process:

• Determine Your Requirements: Make a list of what you’re looking for in a property, whether it's for personal use or investment.
• Research Designated Areas: Explore the freehold areas to find the one that best suits your needs.
• Financial Planning: Plan your budget and consider the various financing options available, including mortgages and payment plans.
• Legal Considerations: Ensure you understand the legal aspects of property ownership in Dubai. Consulting with a real estate lawyer can be beneficial.

Contact Us

For more information on purchasing property in Dubai, reach out to us at Summer Home. Whether you're looking for a family home or seeking to expand your property investment portfolio, our dedicated team is here to assist you through every step of your real estate journey. Contact us today to discuss your options and start your journey towards owning a property in one of the world's most dynamic cities.