An Ultimate Guide to Buying Properties In Dubai For Foreigners
Guide for Non-Resident Foreigners Buying Property in Dubai
You’re spoiled for choice when it comes to apartments for sale in Dubai. The emirate offers apartments of various sizes and prices to cater to the needs of a diversified audience. Apart from this, the ex-pat-friendly policies of the UAE government make the Dubai property market ideal for investment by foreign nationals. The laws passed by the UAE Government in 2002 regarding the ownership of properties by foreigners proved to be a turning point for the real estate industry of Dubai and the UAE. Since then, the Emirate has established itself as a global hub. In short, buying a property in Dubai is always a win-win decision.
Foreigners Buy Properties In Dubai
Below is a quick guide by Aeon & Trisl Dubai broker for foreign investors looking to buy an apartment in Dubai. If you have queries such as “in which areas can foreigners purchase properties in Dubai?” or “what are the eligibility criteria for non-resident investors?” Then continue reading to find the answers to all such questions and more!
Can foreigners buy an apartment in Dubai?
One of the most frequently asked questions regarding Dubai’s real estate market is “can foreigners buy a property in Dubai?”
Yes, foreign nationals both expatriate residents and non-resident investors can buy a property in Dubai on a freehold basis. This allows foreigners to buy, sell, or lease their property. However, the emirate allows investment by foreigners only in the areas specified by the UAE Government.
Where can foreign nationals buy property in Dubai?
Foreigners can buy property in Dubai only in the designated zones also known as freehold areas. However, you will find that these areas are the most demanded neighborhoods in Dubai and feature a range of property types to pick from.
The popular areas for residential and commercial investments include Arabian Ranches, Palm Jumeirah, Downtown Dubai, Business Bay, Jumeirah Village Circle, Dubai Marina, and Dubailand, all of which are freehold areas where foreign nationals can own property. These areas offer properties such as apartments, studios, villas, townhouses, shops, office spaces, off-plan properties, plots, etc., thus investors will find properties at all price points.
Property prices also vary from neighborhood to neighborhood. For instance, a 1 BR apartment in JVC will cost around AED 329k while that is AED 660k in Downtown Dubai. Similarly, the price for a 4 BR villa in Dubailand will start from AED 1.4M while for Palm Jumeirah villas the price range starts from AED 4.11M.
What are the eligibility criteria for foreigners to buy property in Dubai?
To invest in Dubai real estate, the following items should be possessed by a foreign investor.
- A valid passport. As mentioned earlier, when buying an apartment or any other property in Dubai, a foreigner need not hold a residence visa, but a valid passport is a must to move forward with a property purchase.
- To purchase an apartment, a foreign non-resident can also take the mortgage, but he/she will have more limited options than a UAE national and ex-pat resident.
- A document showing that you’re currently living at the address mentioned.
- Proof of regular income, such as a tax return or a pay stub.
- Verifiable, pristine financial resources.
- A proof that you can afford the investment.
- Anti-money laundering check.
What foreigners should know before investing in a property in Dubai?
- Location: When buying a property in Dubai, make sure to consider the location of the property before making any final move. Try considering properties in family-oriented communities, areas closer to your workplace, or your kid’s school.
- Examine and study market data: When there are tons of possibilities available, it’s difficult to decide on a single location. Just pick the place that will yield the highest returns.
- Determine whether your plans are short-termed or long-term plans: For those uncertain about their plans to permanently settle in Dubai, renting an apartment can be the ideal decision.
- Consider your budget: Dubai offers properties for rent and sale at a diversified range. The renting and the selling prices of properties depend upon the size, location, number of BR, etc. So, before you invest, just know your budget because no one wants a major chunk of their salary to go towards the housing cost.
- Visa for permanent residence: Foreign investors might get a residence visa in UAE if they invest in a property worth AED 1M.
What are the costs associated with buying a property in Dubai?
- NOC cost.
- Real estate broker commission cost.
- Property developer fees.
- Property deposit, total price, etc.
That concludes our guide for real estate investments in Dubai by foreigners. You can learn more about the norms, rules, and regulations with our dedicated professionals. Just drop us a call and we will be at your service!
Foreign nationals, both expats and non-resident investors can acquire freehold property in Dubai only with Aeon & Trisl’s and a few easy steps and without any hassle.