With the growing population of the city, a lot of new residential and commercial properties have sprawled up over the years. There are several freehold areas made up of freehold properties for non-GCC (Gulf Co-operational Council) nationals which they can purchase and keep.
Paying for property gives full ownership to the non-GCC nationals of a piece of land and a residential unit. Whether they want to live in it themselves or rent it to the highest-paying tenant is entirely up to them.
Moving onto the second part of our question, it can get a bit confusing while trying to buy a freehold property in Dubai, especially if you are not a UAE national. According to article 4 of the property ownership Law, non-UAE nationals are allowed to purchase and own freehold properties for up to 99 years in the areas of Dubai.
However, it should be noted that you can use only a freehold property in Dubai that has been designated for foreign ownership, and one must follow the rules and regulations as stated by the Government of Dubai. A noticeable amount of people come to Dubai to work and eventually settle; hence, they can easily buy a piece of land here.
List of Top Real Estate Developers in Dubai
While purchasing and getting information about freehold Dubai property prices, make sure that the real estate agency is government approved. Once the property is registered in your name, a person of your choice can inherit it after you.
Here is a list of top real estate developers in Dubai;
- Nakheel Properties
- Emaar Properties
- Dubai Properties
- Damac Properties
There are many developers in Dubai selling lavish and classy household units at different prices. You can search for a place that fits your needs and wants. There are numerous apartments, villas, mansions, penthouses, and beach houses.
In addition to this, there are a lot of available lands and places that can be used to run businesses once registered with the government.
Types of Properties in Dubai
Let’s take a look at two types of properties in Dubai;
This is when a person buys a long-term lease on a freehold property. Now, he/she could do whatever they want with the place as long as it is not lying idle. You cannot destroy the newly purchased land as it is on lease.
How long is your place on lease depends on your capabilities to pay the installments. There are different periods for a contract that starts from 10 years and goes all the way to 99 years. In the case of corporate property, the time for rent can go up to 50 years.
Common Hold Properties
This category of property in Dubai include apartments that a person can buy or sell according to their wish. The residents, including you, of the building that you are currently living in, are required to pay a maintenance fee that is normally collected by the owner of the building. What is this fee for? It is to keep the environment neat and clean and take care of the common areas in the building.
The Process of Purchasing Property in Dubai
Hiring a real estate agent to aid you in your search for a place will require you to pay 2% of the purchase price to the agent. Once you have chosen a home, the next step is to contact the developer and make a deal.
The developer will ask you to sign a private purchase contract but make sure to read all the terms and agreement carefully. It is better to bring your passport to the meeting if you are a foreigner. While you will have to pay 5% – 10% of the purchase price when you sign, depending upon the developer the remaining amount would be paid on scheduled dates. There is no tax on the purchase price, but if you are transferring it to someone else, then a tax percentage of 1% to 7% will apply. The fee to get your property registered with DLD is about 4% of the purchase price.
The above article has clearly mentioned what a person should know about who is planning to buy a property in Dubai. Read the article thoroughly and contact us for any additional information or query that you may have. One should always know what they are getting into before it is too late.