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People more often prefer to buy houses and land plots abroad. One of the most attractive countries in this way is the United Arab Emirates and Dubai, their capital city. In order for such an investment not to cause a lot of trouble, you need to find out in advance in detail what buying real estate in the UAE gives you, what types of transactions are made and how to correctly issue them.
Why it is profitable to buy real estate in the UAE
Buying a land plot or a house in the United Arab Emirates is an investment that will bring income in the short term, and in the long term it can become a necessary condition for obtaining a residence permit and citizenship of this state by the whole family of the property owner.
Frequently Asked Questions about buying a property in Dubai
Is it possible to buy a house in the UAE with a mortgage?
Yes, some real estate in the UAE are subject to a mortgage loan.
At the same time, we should not forget that the wonders of modern science and technology in the UAE are combined with rather specific local traditions inspired by Islam, which it is desirable to observe as strictly as state laws.
Why it is profitable to buy apartments in the UAE
- Potential investors use preferential conditions and a free currency regime, the optimal platform for the development of international business is Dubai, from which you can fly to most countries in 5 hours.
- The buyer does not need to pay income and other taxes.
- The property rights of investors are protected by laws.
- The UAE is a country with long-term investment prospects, a high standard of living, one of the best healthcare systems in the world and a stable political environment.
An advantage is the possibility of paying in installments or a mortgage when buying real estate in Dubai.
Types of transactions for buying investment properties in Dubai
When starting to search for a property in Dubai, you need to decide on the category – ownership or rent. Freehold is the right to own a home. Leasehold is use housing on a rental basis. Regardless of which category the future owner chooses, he has not only rights, but also obligations with a property in Dubai, the UAE.
Frequently Asked Questions about buying flats in Dubai
If I buy a flat in the UAE, will I be able to leave it to my children?
Yes, after the death of the owner, the property acquired in the United Arab Emirates is passed on to his descendants.
Acquire Arab apartments in Dubai
- The rules defining Freehold correspond to English law (in Dubai, which has been under British rule for a long time, many points have preserved the influence of the United Kingdom, its legal norms, etc.). The category of freehold means that the owner has all the rights to this building or land plot, which he can sell it, donate, or pass on by inheritance.
Accordingly, the future owner can receive this property as a gift, by inheritance or buy it (which most often happens). The right of ownership passes to the heirs after the death of the owner or is transferred by the owner to another person in accordance with the law.
- According to the laws of Dubai, the owner or investor fulfills certain requirements. They relate to the use of the acquired land plot and the housing construction. The use of the property is regulated by the current legislation of Dubai: the relevant authorities must allow to build or put it into operation. They make sure that it corresponds to the plan and its further goals.
Question to an expert on investment apartments in Dubai
Is it possible to buy a flat in Dubai in any area?
Foreign citizens can buy real estate only in specialized zones, which are called freehold.
In addition, in some cases, the activity of the owner on the land plot or in relation to the housing may be restricted or suspended if this activity violates the established standards. In some cases, the owner must maintain apartments in Dubai or repair the total area.
Apartments for rent in Dubai, the UAE
Leasehold property is temporary. The lease period is determined by the contract.
Frequently Asked Questions about renting apartments in Dubai
What is the maximum period for which I can rent a house in the UAE?
You can rent an apartment in the UAE for a period of 99 years, after which you can extend the rental period for another same number of years.
This document also defines the cost and rules for renting real estate in Dubai or land plot. The rules of temporary use may include clauses that oblige the temporary owner to carry out maintenance, monitor the condition of elevators, pay for utilities separately from rental payments, etc. Flats in Dubai are rented out in the residential sector. This ensures proper maintenance and care of the home.
The disadvantage is a limited lease term with the possibility of extending it an unlimited number of times if the owner has no violations, and he pays for the apartment on time. While the term itself can be quite long – 99 years, with the possibility of further extension for the same period.
The duties of the tenant include not only maintaining order, but also compliance with the intended purpose in the contract. The contract may prohibit the redevelopment of housing, expansion of the building area, etc., as well as oblige the tenant to coordinate with the owner any work to change the property.
Legal basis for buying real estate in the UAE by foreigners
The Real Estate Law was passed in Dubai in 2002 to allow foreigners to buy real estate. The provisions of this law say that persons who are not citizens of the UAE can own real estate in specialized areas. They are defined by the clarifications introduced into the law in 2006. They are also called freehold zones. This is almost the entire so-called “new Dubai”, including the prestigious quarters of new buildings.
To make a deal, you will need a valid foreign passport of a foreigner. To conclude a freehold agreement, you need to make a down payment (its amount is negotiated in advance). If you are considering the secondary housing market, such transactions are made through real estate agencies, the cost of real estate services is 2-3% of the transaction amount specified in the contract. Buying primary housing from a developer does not require payment of commission fees.
Emirates.Estate will help you buy a flat in Dubai, the UAE
The above describes the process of buying apartments in Dubai for foreigners in the most general terms. If you want to get a deeper understanding of the process or want to buy an apartment in Dubai near the beach, you should contact one of our private consultants of Emirates.Estate for free.