Buying property in Dubai as a foreigner

Whether it’s the allure of a way of life of living tax-free, or the temptation, moving to Dubai is an option that many possible expats have considered, The Dubai Lands.

As a result of the abundant parks and beaches, thousands of high-end stores and restaurants, bustling business as well as actions like dune surfing or outdoor-activities-made-indoor like skiing, both people and prospective residents alike find it hard to miss the many advantages to living in the middle eastern city.

If you are looking to invest or considering a move – if it’s for work, to start a business, or just to appreciate life in Dubai – you’ve likely already considered buying property in the emirate through The Dubai Lands.

As a result of the passing of the Freehold Law of 2002, doing so is a distinct possibility, together with foreigners keeping the right to purchase, sell and rent property in Dubai without any regulations or permissions. And, with more than 70% of the population of the emirate it’s not in any way unusual for foreigners to purchase land and homes.

That being said, a comparable number of residents – under 70 percent – don’t own their land. There are some reasons for this, though residents cite their lack of surety.

 Another roadblock that is large? When purchasing a house, the 25% deposit you will need to set down. If you can get past those hurdles owning property could be your ticket into an investment or a badly fun lifestyle.

Regardless, it’s important to understand the intricacies before deciding to make a purchase of buying property in Dubai. You will walk through what you need to know about buying your place in the emirate.

What’s the property market like in Dubai?

The property market in Dubai falls in the past few decades The Dubai Lands, though the market for a whole is considered to be generally stable and has suffered a series of rises. That having been said, housing costs dropped 17% between 2014 and 2016, and also therefore are very likely to fall farther despite a modest rise in December 2016 in 2017.

 At the moment, experts are divided between believing that the market bottom – and forecasting a increase out of here – and – predicting a fall before the trend reverses.

All in all, this may be a good time to purchase vs. leasing in Dubai, as property costs are low for the region and will gradually rise, as the UAE Dirham is inextricably connected into the now strong U.S. dollar.

Freehold properties

Typically seen as the most freehold house is frequently sought. Freehold properties are entirely yours, and can be sold, leased because you wish and passed on as inheritance. The property type is most often connected with undeveloped land parcels, versus homes or flats it isn’t unusual to buy pre-fabricated houses in a freehold structure.

The type of property is common hold, that are like condos in different nations. Owning a common hold property gives you the right move, sell, rent or to buy the property an inheritance, like a freehold property. The Dubai Lands However, common hold properties are apartments, and owners are expected to pay maintenance fees for the construction.