Absolutely yes, expatriates are allowed to have property in the UAE. Each emirate has its rules for property ownership. You can own properties such as freehold properties, or leasehold properties. As an expat, if you are interested in business creation you can buy properties for residential and commercial purposes.
Furthermore, in 2001 it was implemented that expats can own, rent, sell, and lease properties, and with time UAE brought many benefits for you like UAE does not impose levy tax on purchased properties.
Before buying property in the UAE, you need to know that expats are limited to the designated freehold areas for selling and renting their properties.
However, you can also own property without residing in the UAE on the other hand if you want to reside in the UAE and be eligible for a residency visa, it is mandatory to invest in property maximum of 1 million AED.
You must know that the residency visa which is obtained by real estate investment is for two years whereas if you want a long-term residency visa, you can apply for the golden visa and vice versa.
Freehold properties:
Expatriates can buy freehold property in the UAE but they can only own property in freehold areas that are designated by the DLD” Dubai Land Department” such as Burj Khalifa, Business Bay, the Palm Jumeirah, Emirates Hills, Masdar City, Al Reef, Al Jada, Mina Al Arab, Al Marjan island and many more. you can find such properties in Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah etc.
Additionally, here you get the opportunity of full ownership which is worthy. Freehold properties are known as real estate. expats have the right to sell, buy, and lease the property but it is also essential to know that each emirate has its own rules for freehold property ownership. In short before freehold property was not allowed for expats but now the real estate market is growing that’s why 90% population is attracted to this business hub.
Leasehold properties:
Leasehold properties are considered real estate. This type of property has a limited period of ownership, it is usually for 99 years, once this period ends then the property reverts to its freeholder. You are not allowed to make changes to such property, if you want some changes, you need to get permission. It is profitable because it is cost-effective as compared to freehold property.
This property is valuable for expatriates because all the repair responsibility is in hands of the freehold owner, you are free from this responsibility so this property is affordable for you.
What are the requirements for buying a property in the UAE?
Interested expats must know about essential requirements and the documentation process. Follow these steps.
- As an expat, you need to select a property in the designated area.
- Get the registration from the Dubai Land Department
- Obtain a residency visa.
- Make a bank account for easy transactions.
- Oqood certification is important, it is considered a pre-registration process for property registration.
- It is also crucial to sign on sales and purchase agreement.
- By the end do the title deed registration so the title deed will be issued in your name then you become a property owner.
Expats who are passionate about buying property in the UAE can contact us without any hesitation, we are here to help you from beginning to end. Please check our website https//moveto-uae.com