Can foreigners buy properties in Dubai? Dubai is a center of attraction because of its global icons and high demand for real estate and properties. Many foreigners commonly ask this question as they like to invest in this beautiful country. The answer is ‘yes.’
The law allowing foreigners to buy and sell properties in Dubai came into action two decades ago. From an investment perspective, Dubai is a prime location for investors to earn a good profit in return. With its global icons and marvelous architecture, Dubai attracts millions of people worldwide each year. So, investing in a property in a prime location will benefit you in many ways.
Dubai offers hundreds of properties for sale at different levels for future investments. That includes commercial property, villas, houses, apartments, towers, and many others. We must investigate deeper details and analyze everything before we invest in any property.
Types of properties in Dubai
There are three types of properties in Dubai that foreigners can purchase.
This is the most specific property where a foreigner can easily invest and buy. These properties will solely be yours; you can sell them, rent them or pass them on for generations as you wish. These properties are primarily undeveloped lands or homes that are available. But there can be instances and vice versa too.
If you are buying a freehold property, you must buy it from a real-estate developer approved by the Emirates government. Therefore, make sure to know about the place well before you invest.
Purchasing this type of property involves less paperwork compared to the others.
These types of properties are also a common type where foreigners invest on. These are primarily apartments and non-residential units in a building. These also give you the individual right on them to buy, sell, rent, or for inheritance.
These are mostly freehold properties, but a developer usually builds them, and you will have to pay a maintenance fee and an annual fee for them.
This is known as the lease for a long-term agreement. This is a commonly used type of purchase too. The lease period for these may go up to 100 years too.
Things to consider when purchasing a residential property
We know that Dubai is a real estate hub now. But when you are planning on purchasing a property for your residential purpose, you should consider a few things. Note the distance to hospitals, schools, supermarkets, and restaurants too. That will be convenient to live as a family.
Location is a crucial factor before you invest in any real estate. Location is essential whether it is for a commercial or a business purpose. Look for a property in prime locations like the Dubai marina or the city area. At last, the investment you make should be worth it all.
Investing in a property in a city like Dubai is a dream for some, and hopefully, one day, it can be true. This simple guide will help you choose the best and invest in the right.
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