When buying real estate in Dubai, you must clearly understand the purpose of acquiring this type of asset. In the case of buying a home for permanent residence, the potential owner should focus on areas that match their budget and personal preferences.
When purchasing properties for commercial purposes, it is worth considering areas that generate a high ROI, such as International City (8.24%), Dubai Studio City (7.61%) or Bluewaters Island (7.1%). However, indicators of rental yields alone are not enough to make an informed decision.
If you’re at a loss at trying to make a choice, Metropolitan real estate agents are ready to provide you with all the information you need, as our experts regularly conduct in-depth research on the Dubai real estate market with a schedule and forecasts of possible changes in price levels, as well as supply and demand. Having this information will give you a deeper understanding of the Dubai housing market and will allow you to become aware of properties that are the most popular. One of our key goals as a business is to compile an investment portfolio with optimal passive income.
To be able to buy a home in Dubai, you cannot do without the involvement of a qualified intermediary. According to the requirements of local legislation, foreign investors have the right to choose and view properties, as well as to negotiate with sellers on their own. But in accordance with the requirements of the Dubai Land Department, further documentary registration of the transaction and the transfer of ownership must be carried out with the assistance of a lawyer or a real estate agency.
Our company offers a wide range of consulting services, including planning, market research of the real estate market and property valuations. Our staff will help you find the best property options for you, taking into account your budget, preferences and goals (investment or personal residence). Our company specialists are ready to offer you full support at all stages of a purchase, from the selection of a property and preparation of paperwork to the transfer of ownership, as well as providing investment property management services.
It is important for investors who wish to buy real estate in Dubai to know one more thing – not all projects can be purchased by foreigners. Foreign citizens have the right to buy or rent residences long term in freehold and leasehold areas.
According to the UN, as of 2020, 88% of the population of the United Arab Emirates account for foreign citizens. For this reason, the country is well adapted to accommodate expats of all different nationalities. Foreigners who have received the status of a UAE resident can largely count on the same rights and freedoms as local residents.
According to Article 4 of Law No. 7 of 2006, foreigners who are not citizens of a GCC country have the right to purchase, lease or rent out land/real estate only in specially designated freehold zones. The properties purchased in these zones can be used as a permanent residence, resold to third parties, donated or inherited. Currently, there are 23 freehold districts in Dubai, such as Jumeirah Lake Towers, Dubai Marina and Arabian Ranches, among many others.
There are also leasehold areas in the Emirate. Real estate and land in these zones are not for sale, but they can be rented for a period of 10 to 99 years for the purpose of independent living or subleased to third parties. You cannot sell, donate or inherit this type of unit. A complete list of leasehold and freehold districts is established in Regulations No. 2 of 2006 (as amended).