Is it among your plans to buy an apartment in Dubai? We give you information about everything you need to know.
In recent years, a non-resident could not buy a property in Dubai, like in the UAE. Now this method has a simplified format and is available to everyone who owns money. Here we will tell you about Arab apartment, buying properties and who could own real estate in Dubai.
What rights do investors have to buy a house in the UAE?
Thanks to the growing interest of foreign investors in the Dubai real estate market, Prince Sheikh Mohammed bin Rashid Al Maktoum introduced a completely new real estate law that allows non-residents to buy property in Dubai or rent houses for an unlimited period of time. They obtain permission to rent houses for a period of 10 to 99 years in certain residential districts.
Due to this new law, there are independent property regions in the UAE where a foreign home client becomes the owner and can have their property as they wish. Property rights are similar to those of other territories. The inhabitants who received property rights have the possibility of using their property for a lifetime. In addition, it is possible for them to transmit them to other people.
To own real estate in various regions of Dubai, consumers have to get government assent. However, in freehold regions you do not need to obtain such permission.
Why does an investor require to know Dubai real estate laws?
Consumers and investors from all over the planet remain interested in getting a property in Dubai. In the first instance, they need to know the local laws in order to make secure deals. A residence permit is required to trade any property in the United Arab Emirates. However, the residence permit does not give foreigners the right to work in the UAE. For that, consumers and investors have to request the corresponding visa.
Unlike the metropolises of other territories, in Dubai there is no documentary verification at the time of acquiring goods. Consumers only need to sign a contract to do real estate transactions. Typically, consumers are required to put down 10-20% of the total cost of the home.
If we are talking about an agreement to buy an apartment in a new property, you must make payments in installments. In the purchase contract, you can transfer the amount to a third party or supplier. If the client pays the seller, he will have to pay 2% of the total cost of the house as a commission.
Dubai real estate laws are relevant to both local and foreign investors as well as ordinary home consumers. Anyone who is selling, buying or renting a house should comply with real estate laws to obtain benefits from the purchase.
If you are really interested in a property in another well-known district of Dubai, you can find every one of the best offers in the catalog on the Chelsea International Property.