Real estate in Dubai has long been an object of interest for investors from all over the world. A unique combination of modern infrastructure, high profitability and stable legislation makes the real estate market of the emirate especially attractive. One of the most popular questions among potential buyers remains — who can buy real estate in Dubai and what conditions must be met?
The right approach
First of all, it should be noted that the government of the United Arab Emirates pursues an open policy in the field of real estate investment. Foreign citizens, including individuals and legal entities, can freely purchase housing in specially designated areas — the so-called freehold zones. These areas are officially designated for full ownership of real estate by foreigners. Among them:
- Dubai Marina;
- Downtown Dubai;
- Business Bay;
- Palm Jumeirah and many other prestigious areas offering a wide selection of apartments, villas and penthouses.
A foreign buyer can be either a resident of the UAE or a person who does not have a local residence permit. At the same time, Dubai penthouses for sale do not require obtaining a visa in advance. Moreover, purchasing an object for a certain amount can give the right to a long-term resident visa, including a 2-year or even a 10-year «golden visa», depending on the value of the object and other factors.
There are no legal restrictions on the citizenship of the buyer. Representatives of Europe, the CIS, Asia, North and South America freely participate in purchase and sale transactions, registering property in their name or a company. However, it is important for buyers to take into account that all transactions are officially registered with the Dubai Land Department, which guarantees legal purity and security.
It is also worth mentioning that the acquisition procedure is relatively simple and transparent. A local guarantor is not required, there is no tax on the purchase of real estate, and there is no tax on rental income. Moreover, foreign owners can freely dispose of their real estate: live in it, rent it out, sell it or pass it on by inheritance.
Thus, almost anyone can buy real estate in Dubai, regardless of citizenship. The main condition is to choose an object in a zone open to foreign ownership, as well as to comply with local registration rules. This opens up a wide range of opportunities for comfortable living, investing and earning income in one of the most dynamically developing megacities in the world.