Can foreigners buy property in Dubai?

Worry less, purchase more: Foreign nationals and the properties of Dubai

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.

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Real Estate Dubai: The Pros and Cons of Buying Property

Buying property in Dubai as a foreign national

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;

• As a foreigner, you do not need to seek special permission to purchase a property in Dubai.
• You need to have a valid passport to determine your identity.
• Even you do not necessarily need to have a residency permit.
• You have to decide the kind
• of property you want to own – whether it is a town hall or an apartment – and you have to find it in the respective communities according to your demand.
• If you need to stay in the country to fulfil the buying process, you can pick out for a six-month visa called the Property Holders Visa.
• Firstly, browsing on the internet works best to find out most of the information regarding available properties around the city.
• Then you need to take help from a reputed real estate agent. By taking an agent's help, the procedure will become smoother to complete.
• A freehold property will give foreigners full ownership in your name, for an indefinite length of time, although it may seem a bit costly since Dubai is an expensive place.

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!