Property in Dubai

Buying Property in Dubai – Guide for Expats

There are four reasons why 200,000 expats travel to Dubai annually. Low taxes, incredible infrastructure, cultural diversity, and safety attract expats to move to Dubai. The recent changes in real estate investment laws have made it even more attractive for expats to own properties here.

As an expat looking to buy or invest in real estate you need to be aware of the legal provisions. Your investment in Dubai real estate is a subject of approval by the High Highness the Ruler of Dubai. Especially since you are not a national of the UAE or any of the GCC nations.

You need to remember you can buy or invest in land plots or property in certain areas of Dubai. Mainly plots or areas designated as freehold; here your ownership has no time restriction. On the other hand, in usufruct areas, you can lease a property for 99 years.

Freehold Property Guide in Dubai

Now that you know, you can buy properties in Dubai, you need to know where these properties are located. Freehold areas are the only designated real properties that can be owned by expats. But these are some of the most exclusive and sought-after neighbourhoods in the Emirates. There are three types of real properties you will find in freehold areas – apartments, apartments and villas, and villas.

Some of the exclusive freehold areas for villas are Arabian Ranches, Jumeirah Islands, Jumeirah Park, the Sustainable City, and more. In terms of apartments, you can look for a long list of neighbourhoods which includes Barsha Heights, Old Town, Dubai International Financial Centre, and more. And for apartments and villas, you can go to Jumeirah, the World Islands, Town Square, and more.

Benefits of Buying Real Estate in Dubai

The real estate market in Dubai is making significant global news. As an expat investing in real properties can be extremely beneficial for your current portfolio and your future. You have the luxury of choosing from the widest range of apartments, condominiums, villas, and single-family homes. You also should know along with luxury and exclusive neighbourhoods like Palm Jumeirah, you can also buy low-price properties in neighbourhoods like Barsha Heights.

Competitive pricing, high rental yield, and investor-friendly taxes are some of the most important benefits of buying real estate in Dubai. Compared to some of the biggest real estate markets like Shanghai, London, and Paris real estate prices are lowest in Dubai right now. Which is offering some of the most attractive rental yields – villas with 6% and apartments up to 7.5% on average. Further, the UAE also does not levy a property tax on owned or leased real estate so you can enjoy a healthy return on your investment. However, you must remember while buying or selling your property you need to pay a 4% transfer tax. This is usually split equally between the seller and the buyer.

Now that you know all the ins and outs of buying real estate property in Dubai, are you ready to make that investment?