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Can Foreigners Own a Property in Dubai?
Can Foreigners Own a Property in Dubai?
To own an apartment in Dubai is to expand and start investing. Many dreams of owning properties in Dubai because of the advantages and the simple and easy process that makes it possible for foreigners to own a house in Dubai.
Luckily, foreigners can indeed own property in Dubai. Foreign ownership is actually permitted in the areas that are designated as freeholds in Dubai. That being said, if you have ever questioned if foreigners and investors abroad can purchase a property in Dubai, they can. In other words, all foreigners who do not reside in the United Arab Emirates and all expatriate residents are able to acquire freehold ownership rights over properties without usufruct rights, restriction, or even leasehold rights for up to 99 years. There is no age limit to owning a property in Dubai.
Therefore, if foreigners wish to own a flat in Dubai or even own a villa in Dubai, they absolutely can. They can even use the owned properties for investment and business reasons.
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Benefits of Owning a Property in Dubai for Foreigners
To own a property in Dubai is to benefit from the advantages that it brings along. Foreigners who wish to own a property in Dubai are definitely making one of the best decisions since there are many benefits, especially for investors who are not yet and are still measuring the pros and cons.
Therefore, here are the benefits of owning a property in Dubai:
· High Rental Yields
When investors and foreigners own a property in Dubai, they get the chance to rent out the property and make money out of it. The reason is that they can benefit from high rental yields on the owned property. Whether they own a villa in Dubai, own an apartment in Dubai, own a flat in Dubai, or own a house in Dubai, it is always a good idea since investors will receive a significant monthly income if they choose to rent it out.
· Competitive Prices
One of the major benefits of owning a property in Dubai is the competitive prices for the properties in Dubai. Compared to other important cosmopolitan hubs, buying a property in Dubai is way cheaper than in other countries and cities. For example, the average price per square foot in Dubai is way cheaper than in Shanghai, Paris, New York, or London, which are cosmopolitan hubs.
· Tax-Free Nation
Dubai is considered to be a tax-free nation since there are no taxes on purchased properties or rental income. That being said, if foreigners wish to own a property in Dubai they can make the most out of it. This means that foreign investors who choose to own a property in Dubai and then rent it out, get to benefit from the entire amount of money that is paid by tenants each month.
· Obtaining a Residence Visa
Foreign investors who wish to own a property in Dubai can obtain a residence visa for 5 years if they meet the specific criteria. However, the property must be worth a specific amount of money. That being said, Dubai is indeed one of the most beneficial places to invest in, especially if investors tend to pay a significant amount of money.
· Comprehensive Property Management Service
Foreign investors who wish to own a property in Dubai for investment purposes can make use of the services of property management companies who can assist them in maintaining their property and handling legalities as well. Dubai is filled with property management companies that can actually offer foreign investors a wide selection of services.
· Simple Fact of Owning a Property in Dubai
Owning a property in Dubai is a great milestone in itself. The reason is that Dubai is considered to be one of the major cosmopolitan hubs that one can enjoy living in or investing in. Also, owning a property in Dubai is one of the safest investment options since Dubai is a safe city, in a safe country, and has a respectful government.
· Healthy ROI
One of the benefits of owning a property in Dubai is a healthy return on investment (ROI), a diverse choice of properties, and the regulated market in Dubai, the United Arab Emirates. The average annual ROI in Dubai typically varies between 5% and 8.4%, making Dubai one of the best areas to invest in. Plus, Dubai is known for its capital appreciation and tax-free advantage.
Is Owning a Property in Dubai a Good Investment?
Owning a property in Dubai indeed is one of the best investments one can consider. The reason is that if individuals want to own a property in Dubai, they do not have to pay a big amount of money compared to other major cosmopolitan hubs. Also, they get to benefit if they choose to rent out the property since rent is somewhat expensive in Dubai. To own a property in Dubai is therefore a great investment especially if it is used for business purposes since the city itself is quite crowded and it is considered to be one of the most frequented cities in the whole world.
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Is Owning a House in Dubai Cheap?
To own a house in Dubai or to own a property in Dubai, in general, is somewhat cheaper than in other cosmopolitan hubs in the world. Though it is not as cheap for investors from specific countries, it is still one of the best options if investors want to own a property in a foreign country. That being said, owning a property in Dubai is definitely the best option as it is rewarding since investors can rent it out and they can benefit from the investor-friendly tax system.
On a side note, the main reason that makes Dubai houses cheap is the fact that Dubai is filled with a supply of homes making the whole investment much less expensive. That is why to own a property in Dubai is to invest in a city for a lifetime.
UAE Citizenship and Owning a House in Dubai
UAE citizenship is not as easy as owning a property in Dubai. If foreigners own a property in Dubai, they can get a visa but they can never get lifelong residency or citizenship in the United Arab Emirates for the simple reason of owning a property in Dubai. Rules are considered to be very strict in this regard and even visas are usually valid for 6 months or 2 years maximum.
Can Foreigners Rent Out Their Properties in Dubai?
When foreigners and foreign investors own property in Dubai, they become free to do whatever they want with it. They can choose to live in it if they get a residential visa or they even have the option of renting out the owned property and making a monthly benefit. This is indeed one of the major reasons that make foreign investors decide to own a property in Dubai, since buying a house in Dubai is considered to be much cheaper than buying a house in another cosmopolitan hub such as Paris and New York. Renting out a house, a flat, or an apartment in Dubai is one of the smartest investments since foreign investors can use the owned property for business reasons, all while staying in their country of residence.
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Eligibility Criteria for Foreigners to Own a Property in Dubai
As it is already mentioned, non-resident investors can own a property in Dubai, which means they do not need to have a residence visa if they wish to own a property in Dubai. Nonetheless, what is required is a valid passport to be able to confirm their identity.
However, foreign investors have the chance to get a loan in Dubai. They can indeed get a mortgage from the banks that are operating in the United Arab Emirates. Obviously, they will have much more limited options than UAE nationals and ex-pat residents. To be able to get a mortgage in Dubai, there are some criteria non-residents need to meet and there are some factors that might affect the process. These factors include the country of residence, profession, and monthly income. As for the eligibility criteria, they mainly vary based on the selected bank. Non-residents will need to provide the bank with some documents such as proof of work status, proof of salary or monthly income, and bank statements.
In the end, to be able to own a property in Dubai, the criteria are not at all strict. What might change is if non-residents decide to get a mortgage in Dubai.
Is a Resident Visa Required if Foreigners Want to Own a Property in Dubai?
Unlike what some might think, owning a property in Dubai does not require a resident visa. All that is required is a valid passport. The process is very straightforward and it is not at all complicated. All foreigners need to do is focus on buying the property they need.
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Who Can Help Foreigners Own Properties in Dubai?
To be able to own a property in Dubai, one can conduct his/her own research to see all available properties and the different prices. However, it is always advised and highly recommended to refer to a real estate company in Dubai that has deep knowledge of the real estate market in Dubai and that can assist you with all the required steps. Foreigners can even refer to an independent real estate agent in Dubai. The reason is simple; real estate experts and professionals always have a wide selection of options and the best offers.
That being said, foreign investors who are looking to own a property with specific criteria must hire a real estate company that can showcase all the properties that meet their criteria, help them negotiate with the owner to get the best offer, and even offer consultancy services.
Foreign investors can refer to real estate companies in their own country as well. More often than not, local real estate companies that are large and professional enough have connections and might know owners from different areas of the world, or at least owners in some cosmopolitan hubs or other foreign real estate companies.
That being said, professional real estate companies are always the go-to option when it comes to foreign investors who want to own a property in Dubai.
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