KEYS TO BUY A PROPERTY IN THE UNITED ARAB EMIRATES
Before taking the step, you must know that the real estate market is heavily regulated.
The United Arab Emirates is made up of seven emirates. Each emirate has its own laws and regulations regarding ownership and the possibility of expatriates owning real estate. This makes the real estate market heavily regulated.
For example, if you decide to buy a property in Dubai you have to know that freehold ownership of real estate is allowed for expatriates.
Types of real estate
Currently, there are four types of real estate:
1) Musataha: consists of the ownership of goods by the user. The owner will enjoy the reform or construction of the property only for a certain time and must have an expiration period.
2) Property Titles: consists of the property title itself for a fixed period of 99 years. The owners here must dispose of it before the expiration date; otherwise, the title will be lost.
3) Long-term lease: consists of the possession of a property for no less than 25 years. Such a license is similar to the landlord-tenant relationship.
4) Usufruct: consists of the possession of a property for 99 years without the right to modify, build or build on the property owned.
Places in Dubai for a lifetime property
Additionally, there are investment areas in a specific geographic location in each of the seven emirates that allow expats to hold freehold titles, meaning the right to own property for life.
In the case of Dubai, these areas are only those permitted by the Dubai Land Department and include namely: The Palm Jumeirah, The World Islands, Downtown Dubai, Burj Khalifa, Business Bay, Dubai Marina, Emirates Hills, Jumeirah Lakes Towers, Jumeirah Beach Residence (JBR), Arabian Ranches or Dubai Investment Park, to name a few.
Benefits of owning a property in the United Arab Emirates
Expats can obtain an investor visa in the UAE by acquiring a property title. The validity of the visa is subject to the total value of the property. For example, an investor who owns a property valued at AED 2,000,000 or more (without a mortgage) at the time of purchase is eligible for a 10 year Golden visa. The visa is renewable, and the holder of the visa can sponsor his/her spouse and children.
It is important to do your legal due diligence by hiring a qualified lawyer or law firm in Dubai before investing substantial amount.