A Complete Guide For Foreigners For Buying Property In Dubai

If you are wondering if you, as a foreigner or a non-resident of UAE, can invest in property in Dubai, then you have reached just the right place. To start with, all you have to know is, yes, foreigners can invest in property not only in Dubai but also in other Emirates. So, if you are looking for the top property to buy in Dubai but do not know where to start, this post will assist you with everything you need to know.

The term foreigners do not only include non-residents but also includes expats already residing in the UAE. All of these categories are welcome to invest in various types of properties in Dubai. These properties may differ regarding ownership and eligibility for foreign buying and selling. Since the Dubai government has implemented new property purchasing and ownership rules, foreigners can now buy freehold and leasehold properties.

Freehold Properties

In freehold properties, the owner has the full authority to buy, rent or invest in the property or the land that lies on it. The freehold area that non-citizens and expats can purchase is designated by the Dubai Land Department (DLD) and includes some of the top property to buy in Dubai, such as The Palm Jumeirah, Burj Khalifa, Emirates Hills, Downtown Dubai, Blue Water Island, Dubai Marina, Business Bay, and Barsha Heights.

Leasehold Properties

In this type, the owners can buy the right to benefit from the property for a long-term period, which is usually 99 years, similar to a long-term lease. In this case, however, the owner is not permitted to change or remodel the property without the freehold owner's consent.

Buying Property For Business Purposes

Non-residents can also buy properties for commercial or residential purposes, but before that, you will have to ensure that you have the necessary documents, including a valid Trade License to use the property for commercial purposes. You can invest in renting their properties to tenants and have companies manage the entire process. 

What About The Taxes?

The UAE government has established a tax system that supports a no-tax concept to encourage foreign investment. So, the government no longer taxes a healthy investment environment for property investors. 

Can You Get A Residence Visa?

One of the many advantages of buying property in Dubai is that foreigners can easily obtain a long-term residence visa for purchasing property in the UAE. Depending on the property's value, the Property Investor visa can be obtained for three or five years. For instance, if you own a property worth AED 5M, you are eligible for a 5-year residence visa. 

Can You Get A Loan To Buy Property?

Again, yes! Foreigners can apply for a mortgage through national and private banks to buy property. The rules for getting loans may differ from one bank to another. These rules are based on factors like monthly income and country of residence. After meeting all the requirements and submitting the correct documents, you can easily obtain a loan for investing in property in Dubai. 

How Do You Start?

Buying property in Dubai is not a complex process for non-residents. Here are some easy and simple steps to follow. However, it would be best if you remembered that the below rules might differ depending on whether you are purchasing a resale unit or a new one. 

• If it is a new unit, choose a developer approved by the DLD.
• Look for a real estate agent registered with the Real Estate Regulatory Agency.
• Get a loan from the bank.
• Apply for a No Objection Certificate
• Register the property at the Dubai Land Department under your name.

Why Should You Invest In Property In Dubai?

There are many advantages of buying a property in Dubai for expats and foreigners; the most prominent one is obtaining a residence visa. Since the system is tax friendly, it can provide competitive prices, making the entire process as easy as possible. You can also benefit from the high rental returns on your property investment. There are a number of facilities available for foreigners to invest in real estate as an initiative to increase foreign investments in Dubai. 

Can Someone In Dubai Act On My Behalf?

Yes, if you know someone who resides in Dubai or you have a close one who lives there, you can appoint them to act on your behalf by issuing a power of attorney (PoA). All you have to do is engage with a law firm in Dubai to draft the PoA and then approach a notary public in your country for its due execution and attestation. This notarized PoA should be either apostilled or attested by your country's foreign ministry and then by the UAE embassy in your country, after which you can send it to the respective person, who will then get it attested by the Ministry of Foreign Affairs and International Co-operation in the UAE.

Conclusion

So this is all you need to know about buying property in Dubai as a non-resident. By following the above steps, you can be the owner of some of the best properties in the world in a luxurious location.