Who can own property in Dubai?

Why the Dubai Fitness Challenge

Author, Wasl

25/03/2024, 7 Minutes Read

Dreaming of owning a piece of Dubai's glittering skyline? Foreign investors, even those who do not reside in Dubai, might be surprised to learn that it's easier than ever! The world’s most happening destination warmly welcomes foreign investors, allowing them to own a piece of the dream.

In 2002, Dubai changed its freehold laws, granting foreigners the right to freehold ownership in designated areas – a game-changer for the city's real estate landscape. Today, this welcoming policy continues to attract investors from across the globe, eager to tap into Dubai's lucrative market and diverse offerings

Dubai’s residential rental market remains robust. Despite global economic uncertainties, Dubai’s property market is forecast to rise 5-7 percent in 2024, driven by its safe-haven status, tax-friendly environment, and growing population. 

Lower interest rates, potentially due to FED cuts followed by the UAE Central Bank, could make property purchases more accessible to more investors. Dubai is also expanding its metro networks and new connecting roads will significantly enhance property values in certain communities. Dubai’s economic competitiveness is expected to improve even further, making it an opportune time to buy property in Dubai.

Who can own property in Dubai?

Can foreigners buy property in Dubai

So, can foreigners buy property in Dubai? The answer is an emphatic yes! Whether you're an expat resident or a non-resident investor, you can invest in Dubai's real estate, provided you hold a valid passport and navigate the designated freehold zones.

What’s more, you don't need a residency visa to invest. This flexibility makes Dubai an attractive option for those seeking to diversify their global property portfolio without facing the hassles of relocation.

Types of property

Types of property

Dubai's designated freehold areas encompass some of the city's most sought-after neighborhoods, offering a diverse range of options from budget-friendly apartments to sprawling villas, catering to every preference and budget.

Dubai boasts a thriving market for both ready properties and off-plan projects. Whether you seek immediate occupancy or want to capitalize on future growth potential, you'll find the perfect opportunity. Looking for inspiration? Consider Wasl Tower[1] , offering stunning, sustainably designed apartments right opposite the Burj Khalifa, or the family friendly Hillside Residences by Wasl.

Process of buying property in Dubai

Process of buying property in Dubai

In 2019, the UAE introduced a new system for long-term visas. Foreigners can now live, work, study, and invest in the UAE without the need for a national sponsor and with full ownership of their investments under the new system. 

The 2-Year Investor Property Visa in Dubai is a prominent Visa that the UAE offers. This Visa grants unlimited entry to the country if you have a minimum investment of AED 750,000.

If the property is valued at a minimum of AED2 million (one property or more), the buyer is eligible for a UAE Golden Visa which offers ten-year residency.

Foreigners buying property in Dubai can also get a mortgage from banks operating in the UAE. The eligibility criteria for non-resident mortgages in Dubai will vary between banks and can include factors such as the country of residence, monthly income and more. Documents needed to obtain a Dubai mortgage for non-residents will include bank statements and proof of work status.

Whether renting or buying a property in Dubai, both require careful evaluation of key factors, weighing the advantages and disadvantages, understanding rental property rates and downright purchase prices, monitoring market trends, and being aware of legal and contractual considerations. 

By considering these aspects, you can make an informed decision that aligns with your financial goals and lifestyle preferences in the vibrant city of Dubai. There has never been a better time to invest in Dubai real estate

Ready to embark on your Dubai property journey? With careful planning and expert guidance, you can unlock a world of potential in this vibrant city.