The conditions for buying an apartment in Dubai for foreigners is something that everyone wants to know, as the city of Dubai in the United Arab Emirates has witnessed during the past two decades an exceptional renaissance in the field of infrastructure and construction, as it has become one of the most prominent leading cities in the world in this aspect.
Thanks to its continuous efforts and strategic vision, Dubai has become an attractive center for real estate investors and developers from around the world and the emirate has witnessed record numbers being achieved in many prominent real estate projects that reflect the spirit of innovation and development that characterizes Dubai and the real estate market in Dubai is considered among the best real estate markets in the world, as the projects are diverse and characterized by unique designs and advanced technology, making them a vivid image of the modern and developed city.
What are the conditions for buying an apartment in Dubai for foreigners?
In accordance with the Dubai Government Law regarding foreigners’ ownership of real estate in the city, designated areas are identified in which foreigners have the right to own property completely and freely.
This law affirms the right of the foreign investor to own real estate with absolute ownership, without specific time restrictions, which gives them confidence and reassurance in their real estate investments in Dubai.
In addition, foreign investors have the right to use the property, whether by renting it to others or using it as a residence for themselves, which makes Dubai an attractive destination for global real estate investors looking for profitable and stable investment opportunities.
Conditions for buying an apartment in Dubai for foreigners
For buyer's terms:
Commitment to freehold ownership in areas specified by the government.
Registering the property with the Dubai Land Department.
Paying the financial dues resulting from purchasing the property, including:
Land Department fees.
Property registration fee.
Property evaluation fee.
Mortgage loan fee.
Mortgage registration fees.
For seller's terms:
4. The presence of the real property owner at the time of sale to transfer his property to the buyer, or the official legal prosecution can transfer it.
Payment of financial dues resulting from the sale of the property, including:
Taxes owed to the government.
Real estate brokers fees.
Owning a property that can be disposed of, sold, or transferred to another owner.
Properties allowed for foreigners to own in Dubai
According to Article No. 3 of the Third Law of 2006 in the United Arab Emirates, the areas in which freehold ownership is permitted for foreigners have been determined in the Emirate of Dubai.
A foreign investor who wishes to own real estate in Dubai can inquire about the areas designated for freehold ownership with the relevant authorities and review all relevant procedures, conditions and legal justifications and in the Emirate of Dubai, it provides the opportunity to own all types of commercial and residential real estate by foreign investors in areas designated for freehold ownership by the government.
In addition, foreigners can own real estate in other areas in the Emirate of Dubai on an unlimited basis, in the event that there are special exceptions regarding non-freehold ownership in accordance with the directives of the competent authorities in the Dubai government.
Real estate that foreigners are not allowed to own in Dubai
Among the conditions for buying an apartment in Dubai for foreigners, you must know that there are places where foreigners are not allowed to own property, as foreign investors are not allowed to own real estate in areas that have not been designated for freehold ownership by the government.
Instead, the law allows foreigners to purchase property in these areas with usufruct rights for up to 99 years and moreover, there are some properties determined by the competent authorities in the Dubai government or the federal government in the UAE that are not allowed to be owned by foreigners.
These measures come in implementation of government policies related to organizing and directing real estate investments in the region.
Here we have reached the conclusion of our article in which we talked about the conditions for buying an apartment in Dubai for foreigners and what are the ownership policies that are followed in Dubai.
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