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How to Buy Property in Dubai as a Foreigner? Purchasing an excellent property for sale Dubai becomes easier when you clearly know the buying process and relevant rules and regulations. Obtain assistance from expert real estate agents in Dubai.
Many people from different countries dream of owning a plush residential property in Dubai. Those non-UAE residents who have already purchased one or more properties in this famous city know the process very well. Meeting the eligibility criteria is of paramount importance. Moreover, having a team of reliable real estate experts by your side can prove beneficial to a significant extent.
Purchasing property in Dubai as an outsider can be a thrilling and rewarding experience. However, it’s critical to comprehend the property buying procedure and necessities prior to making a plunge. Trustworthy real estate agents can guide you correctly and ensure the process is hassle-free for a foreigner like you. Among several crucial things, having all requisite documents matters the most.
What Has the Dubai Government Done Recently?
The Government of Dubai has implemented a foreign ownership policy that allows international investors to buy freehold residential or commercial properties in freehold zones. These areas consist of some of Dubai’s most sought-after real estate projects.
In recent times, Dubai has become a lucrative destination for property investment for countless non-UAE residents. Downtown Dubai is one of the most preferred regions for foreigners, famous for its multiple high-rise buildings or skyscrapers. Experienced real estate agents can enable you to purchase an exquisite yet budget-friendly property for sale Dubai.
Areas in Dubai Where International Investors Can Own Properties
International investors have the permission to buy luxurious properties in freehold zones all over Dubai. These zones comprise the city’s most popular and prime areas. The most informed decision you can make to settle on the ideal choice is to seek comprehensive assistance from a top realty service agency in Dubai.
Real estate specialists can provide relevant and helpful information on available properties within your budget in high-yielding locations in Dubai. Finding a suitable property and meeting your property investment goals can be easier when you get help from expert real estate agents.
It is not prudent to take things into your own hands as you won’t have updated. Detailed information regarding property buying in Dubai. Purchasing a home in Dubai can be messy and complicated for those who avoid contacting real estate professionals.
Many sorted international investors change their decision and back off as it’s a new country, an unfamiliar culture, an unknown dialect, endless rules and regulations, etc. Everything is much less complex when foreigners obtain complete support from versed real estate agents in Dubai.
Here are a few sought-after free zones across Dubai where most non-UAE residents own properties.
- Palm Jumeirah
- Downtown Dubai
- Dubailand
- Business Bay
- Sports City
- Arabian Ranches
Eligibility Requirements to Fulfil for Property Purchase in Dubai
Every foreigner interested in owning a posh residential or commercial property in Dubai must meet all the requirements to become eligible. Here’s what an international investor needs to fulfil to get permission to purchase a coveted property in one of the free zones in Dubai.
An Authentic Passport Copy
A legitimate identification is the most critical necessity for purchasing property in Dubai. Submitting a valid passport copy for somewhere around six additional months is required.
A Memorandum of Understanding
Ensure that drafting a Memorandum of Understanding happens after you select a property you find appealing, and the seller accepts your offer to purchase it. Refrain from relying on if the seller avoids drafting a MoU.
Agreement of Sales
Post-drafting a MoU, the subsequent stage includes consenting to the Agreement of Sales, which subtleties the terms and conditions of the sale of the selected property. It’s prudent to hire a legal professional to examine the document to guarantee it safeguards your privileges as an authorized purchaser.
Title Deed of the Selected Property
The Title Deed of the property you chose should be moved from the merchant to the purchaser in front of a Dubai Land Division official. The Title Deed is an indispensable record that gives evidence of possession. It’s fundamental to make sure the Title Deed is enrolled accurately and lawfully in your name.
DEWA Clearance
You must get a clearance certificate from DEWA, which stands for Dubai Electricity and Water Authority Board. Receiving it means you won’t have to bear the hassle of paying any unpaid utility bills associated with the chosen property.
No Objection Certificate
Trusted real estate agents can help you obtain a No Objection Certificate from the concerned authorities. Having an NOC ensures that you are not responsible for any outstanding liabilities on the selected property in Dubai.
Contact a leading realty service company with real estate experts to guide you appropriately throughout the property purchasing process. They will handle all the necessary paperwork on your behalf and ensure no issue crops up later, putting you in trouble. Seek help from those real estate professionals with profound knowledge of Dubai’s real estate market.
Top Property Buying Options in Dubai
UAE residents, as well as foreigners, can buy real estate property in the Emirates in three ways: ready-to-move-in, primary, and secondary real estate properties. However, it’s currently in the project stage, and the property seller is the real estate developer.
Additionally, remember that foreign investors can choose from three types of ownership of a property for sale Dubai.
- The freehold structure assumes that you are the sole owner of the property and have the option to sell it or pass it on through an inheritance, a typical residential property purchase.
- There is likewise a common hold choice by which a few groups are the proprietors of one particular property.
- The leasehold design implies that you lease a property for as long as 99 years. However, you don’t have a complete proprietorship.
The most preferred option for international investors is the freehold format. It guarantees that you won’t have to experience an unwanted situation related to your property in Dubai. The purchaser cannot select the type of ownership of a specific real estate property but can decide a house located within a zone of this regulation.
Company Bio
Get in touch with Falcon Premier real estate agents with extensive experience if you want to buy a grand property in Dubai without any hassle. The leading realty service agency is reputed for providing satisfying service to every foreign client and helping them fulfils their property investment objectives.
