Can foreigners buy a house in Dubai?’ is one of the most frequently asked questions about Dubai’s real estate market.
The answer is, Yes, foreign nationals, including expats and non-resident investors, are allowed to own property in Dubai. Since its opening to foreigners in 2002, Dubai’s residential market has attracted a large number of expat and international purchasers. Foreigners can buy property in leasehold zones, which are often around the city centre, or freehold areas, which are scattered throughout the emirate. With an abundance of flats, villas, and townhouses currently on the market, the number of units available to foreigners has expanded dramatically over time.
The Dubai Government approved regulations in 2002 permitting foreigners to acquire freehold property in Dubai, which proved to be a watershed moment in the city’s and country’s real estate markets. Dubai has positioned itself as a global investment hub since then. There has been sustained demand from foreigners interested in buying property in Dubai, including residing expats and non-residents, due to the broad choice of homes, healthy ROI, and controlled market. These freehold districts are among the most sought-after neighbourhoods in the emirate, with a wide range of property types to choose from for investors.
Terms of Buying Property in Dubai for Foreigners
There are four basic terms, either you’re buying a freehold development, an apartment, villa, shop, or any kind of property in Dubai.
Buyer and Seller Agreement
When you find your desired property in Dubai you’re looking for, the first thing to consider is negotiate the terms with the seller. There has to be no ambiguities between the buyer and the seller over price, mode of payment, and any other significant consideration.
Sale Agreement
The sale agreement, also known as a Memorandum of Understanding (MOU), is the second formal stage in purchasing villa, house, apartment, shop, freehold and other properties. It is also called F-form. When the contract is ready, both the buyer and the seller must sign it at the Registration Trustee office in front of a witness (typically the agent).
Apply for NOC After confirming that there are no outstanding charges or service costs on the property, the developer will provide the NOC for a fee. This process necessitates the buyer and seller, as well as their agent, visiting the developer’s office