Investing in Dubai Real Estate: Who Can Own Property and How to Get Started?
Foreigners and non-residents can own property in Dubai, as well as UAE nationals. In fact, Dubai is one of the most open property markets in the world, with no restrictions on foreign ownership of property in designated areas. However, ownership of property in certain areas may be restricted to UAE nationals or GCC (Gulf Cooperation Council) nationals. It is important to consult with a lawyer or a reputable real estate agency in Dubai to understand the specific rules and regulations governing property ownership in the emirate.
In Dubai, foreigners and non-residents can own freehold properties in designated areas known as freehold areas. These areas are typically located in prime locations and include popular areas such as Downtown Dubai, Dubai Marina, Palm Jumeirah, Jumeirah Beach Residence (JBR), and Emirates Hills, among others. Foreigners can own 100% of the property in these areas without the need for a local sponsor or partner.
On the other hand, areas outside of the designated freehold areas are known as leasehold areas, and ownership is restricted to UAE nationals and GCC nationals only. However, foreigners can still lease properties in these areas for up to 99 years.
It is also worth noting that the laws and regulations regarding property ownership in Dubai are constantly evolving, so it is important to seek professional advice and keep up to date with any changes.
Furthermore, non-residents who wish to buy property in Dubai may need to obtain a residency visa or a special investor visa, depending on the value of the property. These visas can allow investors to reside in Dubai and enjoy certain benefits such as tax exemptions, healthcare, and access to schools.
Overall, Dubai’s property market is attractive to foreign investors due to its stable economy, low taxes, and high-quality infrastructure. However, it is important to do thorough research and seek professional advice before investing in property in Dubai.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
