The UAE experienced a tremendous building boom up till 2008
when the financial crisis hit. During that period, foreigners wanting to invest
in the UAE were plenty. Today, post financial crisis as the market here is
recovering, that appetite to buy new property and lease better property is once
again on the rise.
UAE and GCC nationals can own property in the UAE. As a
foreigner in the UAE, owning and / or leasing property needs to comply with
laws and regulations that change from time to time. That said, in Dubai and the
UAE, property law is young and is still taking shape.
In the UAE, each Emirate has developed its own laws. For
example, to the best of my knowledge, in Fujairah, foreigners cannot buy
property. However in Dubai, foreign ownership of freehold real property is
permitted. There are "free-zones" within each Emirate designated for
specific use. Each zone is a tax-free jurisdiction and has its own rules and
regulations. A company established in a free zone can be 100 per cent owned by
foreign nationals and may own freehold interests in real property within that
zone.
Choosing the right real estate in Dubai agent is crucial to getting the right information, price
and ultimate deal. A bit of your own research on what is out there, and what
you are willing to spend over how long would also be beneficial.
You don't have to be in Dubai to buy property in Dubai ; it is possible for you to give Power of
Attorney to a person to handle all the aspects of the purchase on their behalf
but it is advisable that they check all the documentation and ensure that
everything is clear before signing the deal.
Legalities regarding freehold ownership by non-UAE nationals
and non-GCC nationals are ambiguous, as are the practices and procedures for
issuing residence visas to expatriate buyers and their families. Some local
banks offer mortgage finance to expatriates wanting to buy property in the UAE.
It seems that finance can be arranged through overseas banks if you have assets
overseas.
It's in the UAE's interest to allow buyers to own property
and therefore there I have read about two new real estate laws that will
improve protection for buyers, investors and landlords - and they are as
follows: A buyer can request the courts to cancel a contract if the developer
'significantly changes' the agreed specifications, or refuses to deliver the
unit without a good reason. Buyers can also seek legal action if developers do
not bind payments to approved construction based milestones or the unit is
proved unstable due to major structural defects.
The regulations also stop developers from selling off plan
units before taking possession, which includes actual control of the land.
Leasing Properties in Dubai is most
common in the UAE. Contracts normally last a year during which the landlords
are not permitted to increase the rent, until its time for renewal.
Landlords of leased apartments are normally required to
handle the annual maintenance of their property and they are not permitted to
evict a tenant without just cause within the tenancy contract time period.
All-in-all, the UAE is a great place to live and buy property. However, careful
research into laws and regulations in a timely manner is a must.
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