How foreigners buy properties in Dubai? Well, there are two ways to go about it. Either you have deep pockets or you can get a property through a real estate agent from outside the country. The latter is known as’residency’ and is one of the fastest means of purchasing a property here. But what are the rules, and how do you acquire these rights?
There are very few formalities required for a foreigner to buy property in Dubai. A UAE national who is at least 18 years old can apply for a UAE national citizenship certificate and get a Permanent resident card (PR). This PR lasts for three years, after which you may change your name by taking an oath in the presence of a notary public. After that, any legal action taken against you will need the help of your UAE lawyer. For foreigners who have bought property in Dubai before, they need to take out a new passport and show this to the real estate agent.
In order to rent a property in Dubai, a foreigner would need to apply for a UAE National as well as a proof of residence. You need to have a valid Passport, or a permanent resident card (green card). However, once the property is rented, the landlord does not have to check your citizenship. As long as you are legally able to stay in the UAE, you will have all your property rights.
Foreigners need to be aware of the property laws in Dubai before they purchase property. Property sales in Dubai are not regulated by law. Therefore, it is important for buyers to be aware of the property laws in Dubai and know about the type of contract they should sign when purchasing a property in Dubai. The laws on property transactions in Dubai are designed according to the type of citizenship a person has. For instance, a UAE national who is a British citizen can buy property in Dubai, but a British expatriate will have to go through a different legal procedure.
It is not mandatory for a buyer to buy property in Dubai from a UAE national; on the contrary, many people choose to rent property in Dubai. This is because foreigners are considered foreign nationals in the country. When renting property in Dubai, it is essential for a buyer to understand the property laws of the country in which he plans to rent his property. Peninsula Business Bay is renting a property in Dubai, he is not considered a UAE national. He needs to follow the laws of the country in which the property is being rented.
How foreigners buy properties in Dubai depend on the type of property he wants to buy. A UK national can buy properties in Dubai if he has an agreement with an experienced real estate agent in the country. If a person wants to buy property in Dubai, he also has the option of doing business with an agent who is an expatriate. However, this process of dealing with a UAE national is very expensive.
In order to get a good deal and avoid paying heavy amounts for buying off plan properties in Dubai, a person needs to do a lot of research. A person can gain a lot of information about properties and their prices by asking help from property classifieds. These classifieds have details of all the properties that are currently for sale in Dubai. A buyer can learn a lot about the price ranges of properties in Dubai before actually making a purchase.
How foreigners buy in Dubai depend on their status. Those who are legal residents of the country can buy properties in Dubai. Those who are not residents of the country but want to invest or buy property in the country can either buy a property or rent one.