ALL YOU NEED TO KNOW WHEN BUYING A PROPERTY IN UAE – RESIDENTS & NON-RESIDENTS
Buying a property in Dubai is a hassle-free process now, whether it be a resident as well as non-residents
The ever-dynamic cosmopolitan society of Dubai with world class infrastructure and economic planning, has enabled the investors across the world to find this region of the globe as the most demandable and convenient place for business and living. Buying a property is on heavy forecast, for residents and non-residents. The harmonize society of Dubai welcomes nationalities of different parts of the world to open their hearts and minds to flourish themselves and country.
By recent times, with new amendments on law taxation and introduction of golden visa and many more, the government of UAE advanced the possibilities of buying properties, both for residents and non-residents. Strong rental returns, absence of property taxes, consistent development opportunities, visa qualifications and lower property costs makes Dubai as a hotspot hub for investment.
As per UAE Government Portal, in Dubai, foreign ownership is permitted in areas designated as freehold. The government has amended the law for UAE residents and foreigners i.e; residents and non-residents, to acquire freehold ownership rights over property, be it apartment, office, villas or even land, without restriction or any curtailments for up to 99 years. Through Article 3 of Regulation No. 3 of 2006 Determining Areas for Ownership by Non-Nationals of Real Property in the Emirate of Dubai (pages 129-132), the government has made it clear the land plots designated as freehold properties.
It is a whip of cream that government has set no age limit to own property in Dubai. As there is law taxation, buying property in Dubai is a plus point for foreign investors. With great ROI percentages in the form of rental options and many more, Dubai has paved a whole big pathway for greater future.
https://u.ae/en/information-and-services/moving-to-the-uae/expatriates-buying-a-property-in-the-uae —- UAE Government Portal
Process of buying property for residents as follows:
Contract between Buyer and seller
Once your dream space has been decided, it is important to negotiate and formulate the right terms and conditions with the seller. The buyer must decide the mode of payment which is either in the form of cash or mortgage.
Getting the Memorandum of Understanding
This real estate form which is available at Dubai Land Development website must be signed in by the buyer and seller. It is very important that signing process must have done at the Registration office in the presence of the agent.
Producing the No Objection Certificate
The transfer of ownership must be approved by the developer and an No Objection certificate (NOC) will be issued after the clearance of outstanding service charges.
In order to get the papers in moving action, the following set of papers must be carried with you:
- Cheque of the property price to the seller from the manager
- Identification documents such as Emirates ID, passport
- The above-mentioned signed NOC
- The above-mentioned MOU contract
The entire process will take a couple of weeks to be approved and hence you will officially become the property owner in Dubai.
Process of buying property for non-residents in Dubai are as follows:
In order to grab you dream space, for non-residents it is not necessary that a residence visa is required. But identification documents like passport is important. Since you are a non-resident, the eligibility criteria for buying a property varies from country to country, income statement and many more.
Once such criterias’ are fulfilled with the seller and with your banker, you can move the papers to Dubai Land Department.
The permittance of buying properties for non-residents has enabled investors to buy, sell, or lease their property which are again an outlined list of areas.
APIL Properties’ multi diverse team of consultants, agents and legal advisors will help you choose the right properties for you with a paramount level guidance and attention from the beginning till the key handover.
Take a closer look at our website to see our massive portfolio of apartments, villas and many more for sale across UAE to discover the ideal property for you.
Website – APIL Properties official page
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