Can a foreigner buy property in Dubai?

January 13, 2023

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Most likely you have heard a lot about the attractiveness of the real estate market of the United Arab Emirates, about the large selection of properties, their investment attractiveness, tax-free legislation, as well as the simplicity and transparency of real estate transactions.

If you are considering buying real estate in the UAE, and in particular in Dubai, for living, renting out, or as an investment, but doubt whether the Emirati real estate market is open to foreigners, this article can be really useful.

Who is considered a foreigner in Dubai?

Foreigners in Dubai are considered not only non-residents, but also persons who have already received a residence visa, in other words, expats.

Are foreigners allowed to buy property in Dubai?

Regardless of status, foreigners can purchase both residential and commercial property in Dubai.
Dubai and the other Emirates such as Adu-Dhabi, have become one of the most attractive places in the world for real estate investment.
However, foreign citizens are not allowed to buy real estate in all areas, but only in those determined by the UAE Government. These areas are called "freehold areas". Do not think that these areas were determined on a residual basis. These are great places, many of which are the most desirable and sought-after neighborhoods to live in and invest in.
According to Dubai's Most Popular Properties Report, the following areas, which include both affordable and luxury properties, were the most popular:

Dubai Marina
Downtown Dubai
Jumeirah Village Circle (JVC)
Arabian Ranches
Dubailand
Palm Jumeirah

In all these areas, people from foreign countries have the right to purchase real estate both in ownership and on a long-term lease.

Eligibility criteria for buying property in Dubai for foreigners

Dubai has been welcoming real estate investors from around the world starting from 2002. As we mentioned earlier, you don’t have to be a resident to buy real estate in the city. All you need is just a valid passport.

Can foreigners receive a mortgage loan to buy property in Dubai?

Foreigners who consider buying real estate in Dubai can get a mortgage from local and international banks opened in Dubai. However, there are some limitations for non-residents compared to expats and UAE Nationals. The criteria for getting a mortgage for non-residents depend on a bank, whether it is a national or private bank, the country the applicant is from, monthly income, etc. All banks usually require proof of work status and bank statements for several months.

When did Dubai allow foreigners to buy property?

The UAE Government opened the real estate market for foreigners in 2002. Since then, the market has been growing and the properties have been showing their investment attractiveness.

Can you live in Dubai as a foreigner?

Yes, you can. You can live as a tourist for some time depending on the terms determined for your country of citizenship.

Also, you can obtain a 3, 5 or 10 year residence visa for buying real estate. The term depends on the property’s value. The Property Investor Visa can be prolonged for as long as you own the unit.

Опционально - For more information on how to get a residence visa in Dubai, see XXX (можно дать ссылку на статью, если имеется про типы виз).

Is it easy to buy a house in Dubai?

Yes, it is quite an easy procedure. It can slightly differ depending on whether you are buying a new or resale unit. In general, all you need to do is to:

Choose a developer approved by the Dubai Land Department (in case the unit is new)
Choose a real estate agent registered with the Real Estate Regulatory Authority
Pick a unit and make a booking
Pay initial deposit
Receive and sign Sale-purchase agreement
Register your unit at the DLD

Is it possible to buy an apartment in Dubai remotely?

Yes, it is. You can buy an apartment, a townhouse, or villa remotely and your presence in the UAE is not required for the deal. You just need a legal representative who can be, for example, your real estate agent. Complete a power of attorney for your representative and they can close the deal for you.

Is it worth buying a property in Dubai?

Undoubtedly. The city’s real estate market has been and remains attractive for investment, both in terms of residential and commercial real estate. Here are some of the benefits:

Large selection of properties for every budget
Attractive prices compared to other megapolises
High rental yields (Up to 7% ROI for villas and up to 6% for apartments)
Zero tax burden on buying and renting
Reliable management companies that provide services for finding tenants and subsequent interaction with them
Stability in the market, which is especially important in the current environment of global turbulence.

Still have questions? Emirabiz.com consultants will be happy to answer them!