How to buy a property in Dubai as a non-resident?
Everything you need to know about the process of buying a Property in Dubai
Foreigners have the right to buy residential property located in areas designated as “emphyteutic lease” or “full ownership”, and the buying process is relatively simple.
The residential market in Dubai opened to foreigners in 2002. Since then, it has attracted a lot of buyers among expatriates and foreign investors. Foreigners have the right to buy property in long lease areas, which tend to be close to the city center, or in freehold areas, which are spread across the emirate. The number of units available to foreigners has increased dramatically over time with an abundance of apartments, villas and townhouses currently on sale.
Residential properties in Dubai remained tax sheltered after the introduction of a value added tax in the UAE in 2018. These properties are either zero-rated or tax-exempt.
Another advantage of investing in property in Dubai is that foreigners (and their dependents) receive a residential visa if they invest at least 240 million dollars (AED 1 million) in a freehold property with a title deed. valid (in other words, this visa is not valid for those who have invested in off-plan properties). The residency visas available are as follows:
• 3-year visa renewable if the investment is 240 million euros (1 million AED) or more
• 5-year visa renewable if the investment is 1.2 million euro (5 million AED) or more
• 5-year renewable visa for “retirees” over 55, if the investment is 485,000 dollars (2 million AED) or more
The process of buying real estate is relatively simple. The foreign buyer simply needs to hold a valid passport – a resident visa is not required. The buyer can work with an on-site real estate agent or directly with the developer to find the right property and complete the necessary paperwork.
According to consultants Knight Frank, the average duration of a transaction in Dubai is 30 days from the date of signing the sales contract.
