After the UAE’s effective control of the COVID-19 pandemic, the real estate market in Dubai saw substantial changes. Dubai evolved itself as a worldwide investment destination. Expats seem to purchase three-quarters of the city’s real estate. Due to the wide range of properties available, UAE promises a high return on investment and a well-regulated market. Here’s the guide on how to buy property in Dubai by foreigners.
Can Foreigners Buy Properties In Dubai?
Yes, foreign nationals, both expats and non-resident investors can acquire freehold property in Dubai. This permits foreign nationals to purchase, sell, or lease property in the UAE. Although buying property in Dubai as an Expat on a freehold basis is only permitted in government-designated zones. A non-UAE citizen does not need to be a UAE resident to invest in and/or own real estate in such freehold/leasehold zones. We have always linked Emirates with menial labour and construction activities among Indians. However, it has attracted a significantly more wealthy clientele in recent years.
Obtain A Property Investor Visa
A Non-UAE resident may buy property in the UAE without a residency visa. Or apply for a property investor visa right now. This is a two-year renewable visa granted by the Dubai Land Department. With this visa, you may become a UAE resident, which means you can get an Emirates ID, a driver’s licence, and sponsor family members. A residential property valued at least Dh1 million must be purchased.
In 2002, #Dubai opened the #RealEstate market allowing foreigners to own properties across various freehold areas! Today, there are 60 freehold zones where investors of any nationality can buy an apartment or a villa in Dubai
📷: .@bayut pic.twitter.com/fVSLKV1W7Z— الرواد للعقارات | Al Ruwad RE (@al_ruwad) August 11, 2020
Also Read:Affluent Indian Expats Are Buying A Second Home In Dubai And Here’s Why!
Important Documents To Purchase A Property As A Non-UAE Resident
The most crucial thing to keep in mind is that all conversations should be explicit and recorded. You must submit all of your documentation from the Municipality and Sewa in order to achieve a clean break from your contract. These will be required to demonstrate that you do not owe any fees or dues.
The title deed, passport copy, good conduct certificate, bank statements, six pictures, and a utility bill are all necessary for the application. If you want to wait until you’re 55 years old or older, you can apply for a retiree visa. This has a five-year time span and you can extend it. A foreign individual needs to own a valid health insurance. And to own a property in Dubai, one’s financial condition should match the given criteria i.e. have a Dh20,000 monthly income, Dh1 million in savings, or a Dh2 million property.