UAE is the highly known international destination with close to 90% of the country’s residents being foreigners. It offers all types of properties for investment whereby foreigners can purchase such properties in their fill ownership. Before we get into the particulars of the overview on the laws and regulations related to Dubai Properties we need to outline its main featured. Purchasing a property in Dubai, UAE, has three main advantages.
First – investment appeal of the properties in the UAE. The properties tend to increase in value over the time as well as, if you rent it, result steady and attractive income.
Second – if you decide to use your property for your residential purposes – the UAE is the great place for living. And the property prices in the UAE are highly competitive when compared with other global international hubs.
Third – purchasing of a residential property gives you the possibility to get the residency visa in this country.
When talking about Dubai, UAE as the investment destination– this country have the strong leading positions in terms of highly comfortable and attractive business environment and great living standards.
Which types of properties are available in the UAE - regulations & applicable law
When talking about various types of properties we apply three major differentiation criteria for its classification:
- By type of property – commercial, residential, etc.;
- By type of ownership – freehold or leasehold;
- By location – on the main territory of Dubai, in the free hold area or in a free zone.
In terms of types – each property in the UAE has the clear designation defined by law, which is stated in the property documents. And the use of the property shall be in line with its designation. Means you shall not use a residential property for an office, or vice versa. Changing property designation is close to impossible.
On type of ownership – there are areas in Dubai which are the free hold areas means foreign nationals can freely buy properties there, and there are areas where the properties, as according to the regulations & law, can only be leased by foreign citizens.
In terms of location – properties can be located on the main territory or in one of the free trade zones. Majority of free zones provide the property lase options only, however there are some free zones which provide the option to purchase it.
In general the regulations of Dubai in terms of properties are quite straight forward and clear. For the properties, which foreigners can purchase, there are very straight forward procedures which are to be followed within the purchase. All the rights of the owners are documented in the Dubai properties registry which is handled by the Dubai Land Department.
For the areas, where foreigners can acquire properties, there is no limiting regulations in terms of nationality or any other prohibitive laws when buying such by foreign nationals.
If you wish not to buy, but to rent a property, respective property regulations for Dubai properties are also very clear. There are standard tenancy contract terms which are regulated and the process of renting a property is fast and uncomplicated.