Benefits Of Buying Property In Dubai | What are the freehold areas in Dubai

Advantages of owning a property in Dubai

Advantages of owning a property in Dubai, the emirate of Dubai is one of the places that most people dream of visiting, living in or investing in, due to the constant development of this country, continuous growth and the use of technology in everything, where there is the tallest tower in the world, and also embraces the largest shopping centers where the most important local and international brands are located, in addition to that there are a lot of picturesque tourism and entertainment areas and artificial islands suitable for all ages, and this progress that is happening in the country encourages everyone to buy a house in Dubai.

How to buy a property in Dubai

After officials allowed residents and investors to buy properties for sale in Dubai, there are three basic legal steps that must be followed, as follows:

1-preparation of an agreement between the buyer and seller

When searching among the properties you want to invest or live in and when you find the right place for you, it is preferable to take a consultation from one of the real estate agents who will help you communicate with the owner, negotiate and determine the terms of sale and the amount. 

2-signing a sales agreement

When the agent finishes all the details and negotiations, it’s time to make a sales agreement known as the memorandum of understanding, but in Dubai these papers are called” contract F “, and they were made available by the government on the official website of the property and Land Department in Dubai and are located under the contracts page, and as usual in the country when signing this contract, the buyer pays part of the property value to the seller at 10%.

3-submit an application for a No Objection Certificate

In order to transfer ownership of the property to you, you must submit an application for an objection certificate through the entity that developed the unit you purchased, and this allows you to transfer ownership with ease, once you have paid the permitting fees, they transfer ownership. 

Most often, this process of “completing real estate transactions” takes about 30 days from the beginning of signing the contract of sale agreement.

Buying a property in Dubai for foreigners

The emirate of Dubai has allowed all nationalities to own various types of real estate, such as buying a House, Villas, land or townhouses, and the property can be easily registered in the name of the person who will make the purchase, but it should be taken into account that some areas have been identified in order for foreigners to buy real estate in Dubai, and these places are known as freehold areas. 

Freehold areas in Dubai

Certain areas have been designated so that foreigners can buy or invest in real estate from these areas. 

The law of freehold ownership and real estate investment in Dubai

When buying a property in Dubai or investing in it, you must follow the freehold law, which states the following:

  1. The right to own real estate is limited only to natural and legal persons of foreigners.
  2. That the owner of the property must take the approval of the chairman of the executive board.
  3. The share of the public company does not exceed 49%.
  4. The usufruct right in some cases is not more than 99 years, in others more than 10 years.
  5. The owner of the property must, before mortgaging it, take the consent of the beneficial owner.

Documents required to register a property in Dubai

The files and papers required from individuals when registering real estate in the property and Land Department are:

  1. No Objection Certificate in freehold areas.
  2. And the certificate of initial sale.
  3. Certificate statement.
  4. Original certificate of ownership.
  5. Certificate of initial registration
  6. Ownership of the right of utility.
  7. Provide a sale agreement in case the resale was made to one of the elderly.
  8. Emirates ID for both the seller and the buyer.
  9. Provide a valid passport for foreigners not residing in the UAE.
  10. Power of attorney on behalf of the buyer or seller.

Property registration fees in Dubai

The government fee that is paid when registering a property is Advantages of owning a property in Dubai :

  1. Payment of administrative fees for apartments and offices, which is estimated at AED 580, if it is land, AED 430 is paid, and for real estate on the scheme, AED 40 + 4% of the purchase price is paid.
  2. Property registration fees for properties whose purchase value is less than 500 thousand dirhams, 5% VAT + 2000 dirhams is paid, and for properties worth more than 500 thousand dirhams, 5% VAT + 4000 dirhams is paid.
  3. The registration fee for a mortgage loan at the Dubai Land Department is paid at AED 290 + 0.25% of the loan amount.
  4. If these transactions are not registered within 60 days, the purchase will be canceled.

How to determine the price of real estate

There are some factors that play a fundamental role in determining the price of a property, these factors are:

  1. Geographical location of the property.
  2. The appearance of the property.
  3. Availability of services surrounding the property.
  4. Specifications and general facilities of the property.
  5. Legal paperwork for real estate.
  6. Make a comparison of the property with similar properties in the same place.
  7. Seek help from a real estate broker or agent.

Factors to consider when buying a property in Dubai

There are some factors that you should consider when buying a property in Dubai, including:

  1. The right cost for you. 
  2. The period of ownership of the property. 
  3. Documents. 
  4. The area of the property. 
  5. Location of the property. 
  6. Coordinate the scheme. 
  7. Know the quality of the property. 
  8. Consulting real estate agents 
  9. The state of the market. 
  10. Maintenance costs. 
  11. Real estate residence visa.
  12. Rental proceeds. 

Pros of buying real estate in Dubai

There are some positives that make people accept the process of buying a property in Dubai, so what are the advantages of owning a property in Dubai 

  1. Stability of the economy within the state. 
  2. The facilities provided by the state at the time of purchase. 
  3. The distinguished strategic location of the Emirates. 
  4. The use of technology in the design of real estate and the quality of services provided. 
  5. Obtaining a long-term visa. 
  6. No property taxes are levied.
  7. Stability and living Security. 
  8. A lot of projects. 
  9. Acceptable prices. 
  10. Real estate is luxurious. 
  11. Obtaining a long-term visa to enter Dubai. 

Visa to Dubai after owning a property

It has been decided since last year that real estate investors who own a property in Dubai can obtain a long-term residence visa, and for those who have real estate investments in the country up to 5 million dirhams can immediately apply for a 5-year visa, and these investors can sponsor their family members through this visa where they can use it. 

As we mentioned in the article advantages of owning a property in Dubai, there are those that make a person brave in exploiting opportunities and buying a property in Dubai, and enjoying all the services and facilities provided by the state.

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