Investing in the property market is not an easy task to be accomplished, more so when you are a foreign national and want to purchase properties. However, buying a property in Dubai can be a smart investment as it is more comfortable in comparison to many other countries. You can even get full ownership of a property without any time limitation as long as it is a freehold area.
Nevertheless, since experts say that – "as with any investment, it's better to be well-versed before diving in with hundreds of thousands of dollars", let's know how a foreigner can buy a property in Dubai.
Previously, until the year 2002 in Dubai, there were restrictions for the expats, constituting 70% of the country's population, regarding buying a property. Those restrictions worked like barriers for the people, left with no options to choose for finding opportunities to invest in other countries. The scenario took its turn when Dubai has opened up to foreign property buyers since 2002.
It was the year 2001 when the government of Dubai inaugurated provisions where the expats were allowed to have the benefit of a 99-year rental agreement for the properties of designated areas of the city. Later on, in 2002, the Freehold Decree was issued by the government. According to this decree, the foreigners – aged a minimum of 21 years and above – got permission to purchase, sell, and rent properties in those selected areas.
By launching the freehold law, Dubai saved its bacon while seeing international investments in a boom. Eventually, it became one of the hotspots of not only Asia but also the whole world.
Buying property in Dubai is an ideal decision to take since this place has a sustainable economy that relies on oil exports and one of the most business-friendly countries in the Middle East.
Moreover, Dubai is famous for providing a profitable and uncomplicated procedure of buying a property for foreigners;
With the world at a standstill, the prospect of owning a home from around the world is still a thriving opportunity. If you are seeking the next place to grow your roots or build a future, drop your contact details and we are happy to help you make it a reality!
Leasehold VS Freehold | Which is the better offer of a lifetime?
Why is Reading in UK Getting Popular for Investors?
What everybody ought to know about Real Estate Wholesaling in Japan
Your All-In-One Guide to Buying Property in Thailand as a Foreigner 
Why the UK remained popular for investors during the pandemic?