You are eligible to buy accomodation in Dubai, even if you are a guest.
Many of these questions are answered by experts. Everyone has the right to buy a villa in Dubai or other real estate.
Foreigners can buy a house in designated areas of Dubai. Article 3 of Decree No. 3 of 2006 “About the determination of the territories in which non-citizens have the right to own property” specifies pieces of land that are classified as unconditional ownership.
Fears and doubts
For sure, it is more profitable to buy housing at the construction stage, but in the case of foreigners it is not always a good option because buying completed housing is safer. Basically, concerns in this case relate to the timing of completion of a building process and the actions of developers. Rights to an apartment can be transferred directly to the buyer after full payment, documents can be signed and the Land Department can be contacted to register the purchase.
Before purchasing a property in Dubai, the buyer must ensure that the project under construction has an escrow account and that all documents related to the property are correct and legally binding.
Steps to buy a property
Buying real estate should take several steps.
- Contact a lawyer. He will check the original title deed and make sure that all the details mentioned in it are clearly spelled out.
- Request a no-objection certificate from the seller confirming that the seller or owner has paid all due fees to the appropriate regulatory agencies.
- Check with the Land Department the status of the project and whether you have the possibility of issuing a mortgage. If you, of course, need a mortgage.
- Sign an agreement with the developer that sets out the terms and conditions for purchasing.
Obtaining a visa for investors
In addition, do not forget that for a resident, housing in Dubai is much cheaper, so it will be a great idea to think about obtaining a residence permit, or, as it is called in the UAE, a long-term resident visa. According to the government, those who invest in accommodation can get a five-year residence visa if they invest at more than 5 million dirhams in Dubai real estate. The regulation applies to both secondary and new real estate worth over AED 5 million and AED 10 million. The period for which the visa is issued will depend on the value of the object.
It is even easier to obtain a real estate investor visa, which is issued for two years to those who have bought housing worth more than AED 1 million in the country for personal funds.Don`t forget about “golden” visas and retirement visas. For more information go at https://emirates.estate/