Dubai has always been a popular tourist destination, but more than that- in recent years, it has become one of the world’s most sought after places for foreign investors. In 2002 His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President & Prime Minister of the UAE and Ruler of Dubai issued a decree, allowing foreign nationals to buy and own freehold property in designated areas in Dubai.
Before this, the Dubai government only allowed expats to have a 99-year lease of particular Dubai property. This new law understandably led to a real estate boom!
Since then, thousands of non-residents from across the globe buy townhouses, apartments and villas in the UAE every year.
In this article, we outline what freehold property is, the designated areas that you can buy in, and the benefits of owning freehold property in Dubai…
When you purchase freehold property, you (the buyer) will have complete ownership of both the unit that you are buying as well as the land that it is built on.
Freehold property in UAE can be sold, leased or occupied at the will of the owner, and when the owner passes away, their heir can inherit it, ensuring that the property stays in the same family.
The above differs from buying a leasehold property, where a potential buyer would buy the right to live in or occupy a property from a freeholder for 99 years (or less). This form of property ownership only grants the buyer rights to the unit and not the land it is built on. But when it comes to owning freehold properties, the owner has a lot more control.
Foreign nationals and expats are allowed to purchase properties in designated freehold areas. These freehold areas in Dubai consist of over 47 neighbourhoods. Popular freehold established communities include Palm Jumeirah, Downtown Dubai, Business Bay, Dubai Marina, JLT, and Arabian Ranches.
Popular freehold locations still under development (Off Plan) include Dubai Creek Harbour, Dubai Hills Estate, Dubai South, Dubailand, Mina Rashid and selected waterfront locations in Jumeirah.
With 0% income tax, 0% capital gains, residence visa options, and high capital appreciation and rental yields, it’s easy to see why investing in property in Dubai is so popular.
If you are considering purchasing your own freehold property in Dubai, here are some more reasons to convince you:
Taking The Next Step And Finding Your Perfect Freehold Property:
If you want to find out more about purchasing property in Dubai, contact us today to discuss your options.
Whether you’re seeking a home for your family or looking to broaden your property investment portfolio, we are dedicated to helping you through every step of your real estate journey.
For more information, get in touch with us at Provident