The Dubai real estate market has shown steady growth since the COVID-19 pandemic, becoming one of the leading areas for investment. Expatriates, who make up three-quarters of property buyers, fuel the constant demand for apartments, villas and commercial premises. It is noteworthy that foreign citizens enjoy equal rights of ownership of real estate, but the acquisition of property rights is limited to zones designated by the government.
Key Freehold Zones in Dubai
Dubai's 60 freehold zones, including Dubiland, Downtown Dubai and Dubai Marina, offer a variety of investment opportunities. Each zone boasts unique features, from busy business centers to picturesque coastal areas, attracting expatriates looking for a piece of Dubai's dynamic lifestyle.
Benefits for foreign buyers of real estate
Investing in Dubai real estate opens up opportunities for obtaining long-term residence visas. With a minimum investment of 1 million dirhams, foreigners can become residents of the UAE, taking advantage of the modern infrastructure of the city and its global significance. Moreover, real estate turns out to be a stable source of income due to leasing or resale with minimal risks due to state supervision.
Legal framework for foreign buyers
According to Law No. 7 "On Registration of Real Estate in Dubai", non-citizens can acquire ownership or lease rights for up to 99 years. The right of ownership of real estate provides full ownership rights, allowing you to sell, donate, inherit or lease. It is noteworthy that the ownership of the land under the real estate object is also provided. Real estate worth more than 1 million dirhams of the UAE allows non-residents to obtain a long-term visa to the UAE.
Rent, usufruct and Musataha
Leasing involves a long-term lease without the right of redemption, while usufruct allows use without changes. Musataha grants ownership of the land for 50 years, which allows for continuous construction. All transactions are registered through the Ejari system, which ensures transparency and compliance with the law.
The purchase process for foreign citizens
The acquisition process includes a preliminary agreement, a contract of sale, obtaining a certificate of no objection and registration of ownership in the Dubai Land Department. Administrative expenses include taxes on registration fees and agency fees, so it is important for buyers to take these costs into account in their budget.
Features of mortgages for non-residents
Non-residents can get a mortgage with a down payment of 25%, and an off-plan purchase requires a down payment of 50%. Mortgage interest rates are higher for non-residents, and the applicant's age should not exceed 65 years for self-employed and 70 years for self-employed. Additional fees include mortgage registration and property valuation.
Opportunities in the field of commercial real estate
Non-residents can invest in commercial real estate in designated areas such as Dubai Marina, Downtown Dubai, Jumeirah Village Circle (JVC), Arabian Ranches and Dubiland. However, legal entities must be registered in certain free zones. The average cost of commercial real estate varies depending on the area, including office space, shops and warehouses.
In conclusion, the Dubai real estate market continues to be popular among expatriates because of the opportunities for investment, accommodation and an active lifestyle. Since the city remains a global center, making informed decisions with the help of a specialist will guarantee the reliability of the transaction.
