Are you an expat living in Dubai? If the vibe and luxuries the city offers are mesmerising to you and you want to make a life here, you are certainly not alone. There are lots of expats living in the city and calling it their home. The good news is that buying a property for an expat is not difficult if you have the proper legal documents.
There are however things you must know before you start searching for Dubai apartments to buy. This article explains them.
Where Can You Buy Property?
There are particular areas designated in Dubai where expats can invest in property. They are the ‘’freehold’’ zones. There are many such freehold zones in Dubai. Some of the most popular areas that are freehold are Dubai Marina, Arabian Ranches, The Palm Jumeirah, The Greens, The Springs, Business Bay, Emirates Hills, and many more.
All these building properties are great for expats wanting to have a good life in the glamorous city of Dubai. They have nice amenities on offer that make living in them, comfortable and fun.
Getting a Mortgage
For those people who are planning to make Dubai their home for at least 3 years, buying property makes more financial sense than renting. You can get a mortgage as an expat, but some restrictions will apply. The UAE has laws in place which insist expats make at least of 20% down payment for a property of their choice. This is 20% of the total cost of the property. The minimum down payment for UAE nationals is 15%.
If it is the first home you are considering buying, the down payment will be 20%. If it is your second, third, or even fourth home in the country, then the minimum down payment you have to make under the law will increase.
Difference between Freehold and Leasehold
When someone buys property in a freehold zone, then he will have absolute ownership of that property. This includes the land on which the property is on.
In leasehold, on the other hand, a person will be getting the lease for a property from a freeholder for a maximum of 99 years. With this, the person is buying the right to occupy and use the freehold property but when the term ends, the said property remains with the freehold property owner. The leaseholder will have no right on the land on which the property is on.
Now that you know the difference between the two types of ways to buy property, it will be easy to understand why freehold is the right choice for expats.
Having Documents in Hand Helps
When starting to look at Dubai apartments to buy, it is necessary to have all documents in place. Getting a mortgage will mean that banks are going to go over your details properly before approving you for a loan. Apart from your identity proof, photo identity, income proof, and address proof, you are also going to need your Emirates ID as well as your residence visa.
Filling out forms for a mortgage that has your correct information is also an essential part of the process,
Want to Make Dubai Your Permanent Home?
A study has come out which says that 65% of expats living in UAE want to make it their forever home. Dubai is one of the best cities to live in the world with world-class job opportunities and lifestyles. If you feel the same, then investing in residential property is a great way of making it your permanent residence. Here are the two visas that the government gives out to people who want to buy property here.
- Residency Visa: This is the visa that has to be renewed every 6 months by relevant immigration authorities of UAE.
- Property Investor Visa: This is a visa that is offered by Dubai Land Department and has to be renewed every 2 years.
Dubai is a wonderful city to make a home in and it all starts with finding the perfect apartment for you to live in. There are 1BHK, 2BHK, and 3BHK apartments available in the hottest destinations in the city. You can also go for townhouses and villas if your budget permits. Being an expat and owning property in Dubai is a gift you can give yourself.
