If you are a foreign national and interested in buying property in Dubai, no need to worry as it’s quite an easy process. Point to be noted here is that most of the real estate properties in Dubai are available pre-construction or off plan. More often, as real estate developers launch a project there is wide array of activity amongst investors.
Before you invest in Dubai real estate, first and foremost identify a Freehold zone that appeals to you. It includes Business centers, Sports City, Marina Environment or man made islands like The Palms. Always buy property from a reputed real estate developers like Emaar, Nakheel and Damac Properties as they are a trusted name in property business.
If experts are to be believed, Dubai freehold investment property can turn out to be advantageous for investors even before its completion. It has been noticed that investors have sold their property after a year or so making good capital gains. This trend is fading away but it can still be a possibility, provided the free hold property you have opted for is of top quality and located at a prime site.
Unlike plenty of overseas markets, freehold property in Dubai is not bought with mortgage finance. This in turn gives Dubai real estate market a big amount of resilience. Real estate developers in Dubai do not start until the units are sold and then they ask for a 60 to 75 per cent deposit.
In some cases, foreign investors have been confused with the concept of owning freehold property in Dubai. Five years ago, the Crown Prince of Dubai and UAE Defence Minister, announced that 100% freehold ownership of few properties in Dubai was available to all foreign nationals.
But the pivotal question is: What actually is freehold ownership? Remember that the government has given few real estate developers the authority to sell freehold real estate. Taking this into account, the investor must know who the real estate developer is before investing the money.
Talking about freehold, investor enjoys the full right of private property ownership. It includes complete title of the property and land. On the other hand, a leasehold title is developed by the assistance of a freehold title.
After getting approval from the three master real estate developers, namely, Emaar, Al Nakheel, and Dubai Properties, foreign nationals get the right to lease or buy the land in Dubai. A no-objection letter from the real estate developer is quite important if the foreign nationals want to register the land in their name.