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Don’t miss out! Learn how to own your real estate in Dubai!
Invest to Dubai’s real estate: a correct choice
You need to hear this! Invest in Dubai’s real estate!
Now, is the perfect time to buy your property in Dubai. Dubai’s economic growth are promising, with a steady increase around 3.5% each year. This growth recommends a positive outlook for Dubai’s real estate, the value of your property will rise along with the strong economy. For now, the property price is rising approximately 17% per year. According to data, around 43% of the total value of residential property in Dubai is owned by foreigners. Dubai became the hot city of real estate in the Middle East.
Based on UAE’s Law No.7 of 2006 on Real estate registration in Dubai, foreigners can own freehold land/properties and leasehold properties in areas appointed by the ruler of Dubai. And for both, there are no imposed taxes for the owner.
What are the designated areas for foreigners? This is some of the areas in the list given by the Dubai Land Department:
- Arabian Ranches
- Business Bay
- Dubai Marina
- Downtown Dubai - Burj Khalifa Area
- Downtown Dubai - Old Town
- Discovery Gardens
- Dubailand - Falcon City of Wonders
- Dubai Investment Park
- Dubai Sports City
- Dubai Motor City
- Emirates Hills
- International City
- Palm Jumeirah
Some benefits of foreigners that buy properties in Dubai include:
- 10-year Golden Visa.
- High rental returns on their investment
Procedural Requirements:
- A contract between both parties (buyer and seller).
- Sign the Real Estate Sale Agreement in the presence of the seller and a witness. Better if at the Registration Trustee’s office.
- The seller must apply for an NOC from the property developer.
- The transfer of ownership from seller to buyer need to be completed at the Registrar’s office in the Dubai Land Department.
Required Documents:
- Title Deed
- NOC from the developer (for Primary Properties)
- Passport, visa, or Emirates ID of both the seller and buyer
- A signed Form F (MOU), which outlines the terms and conditions for buying the property
Find the full article from the links below:
by: Meng Lingyi
Credits to:
dubizzle.com,
menafn.com,
propertyfinder.ae,
engelvoelkers.com,
linkedin.com
Date: 24 July, 2024
