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Buying a property in Dubai is a hassle-free process now, whether it be a resident as well as non-residents
The ever-dynamic cosmopolitan society of Dubai with world class infrastructure and economic planning, has enabled the investors across the world to find this region of the globe as the most demandable and convenient place for business and living. Buying a property is on heavy forecast, for residents and non-residents. The harmonize society of Dubai welcomes nationalities of different parts of the world to open their hearts and minds to flourish themselves and country.
By recent times, with new amendments on law taxation and introduction of golden visa and many more, the government of UAE advanced the possibilities of buying properties, both for residents and non-residents. Strong rental returns, absence of property taxes, consistent development opportunities, visa qualifications and lower property costs makes Dubai as a hotspot hub for investment.
As per UAE Government Portal, in Dubai, foreign ownership is permitted in areas designated as freehold. The government has amended the law for UAE residents and foreigners i.e; residents and non-residents, to acquire freehold ownership rights over property, be it apartment, office, villas or even land, without restriction or any curtailments for up to 99 years. Through Article 3 of Regulation No. 3 of 2006 Determining Areas for Ownership by Non-Nationals of Real Property in the Emirate of Dubai (pages 129-132), the government has made it clear the land plots designated as freehold properties.It is a whip of cream that government has set no age limit to own property in Dubai. As there is law taxation, buying property in Dubai is a plus point for foreign investors. With great ROI percentages in the form of rental options and many more, Dubai has paved a whole big pathway for greater future.
https://u.ae/en/information-and-services/moving-to-the-uae/expatriates-buying-a-property-in-the-uae —- UAE Government Portal
Once your dream space has been decided, it is important to negotiate and formulate the right terms and conditions with the seller. The buyer must decide the mode of payment which is either in the form of cash or mortgage.
This real estate form which is available at Dubai Land Development website must be signed in by the buyer and seller. It is very important that signing process must have done at the Registration office in the presence of the agent.
The transfer of ownership must be approved by the developer and an No Objection certificate (NOC) will be issued after the clearance of outstanding service charges.
In order to get the papers in moving action, the following set of papers must be carried with you:
The entire process will take a couple of weeks to be approved and hence you will officially become the property owner in Dubai.
In order to grab you dream space, for non-residents it is not necessary that a residence visa is required. But identification documents like passport is important. Since you are a non-resident, the eligibility criteria for buying a property varies from country to country, income statement and many more. Once such criterias’ are fulfilled with the seller and with your banker, you can move the papers to Dubai Land Department.The permittance of buying properties for non-residents has enabled investors to buy, sell, or lease their property which are again an outlined list of areas.
APIL Properties’ multi diverse team of consultants, agents and legal advisors will help you choose the right properties for you with a paramount level guidance and attention from the beginning till the key handover.Take a closer look at our website to see our massive portfolio of apartments, villas and many more for sale across UAE to discover the ideal property for you.
Website – APIL Properties official page
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Is buying property in Dubai open to both residents and non-residents?
Yes, both residents and non-residents are permitted to buy property in Dubai. The government has facilitated the process, making it accessible to a diverse range of investors.
Are there any recent amendments in UAE law that impact property ownership?
Yes, recent amendments, including changes in taxation laws and the introduction of the golden visa, have enhanced the possibilities for property ownership in the UAE.
What factors contribute to Dubai being a hotspot for property investment?
Strong rental returns, absence of property taxes, consistent development opportunities, visa qualifications, and lower property costs make Dubai an attractive hub for property investment.
Is there an age limit for residents to own property in Dubai?
No, there is no age limit for residents to own property in Dubai, providing flexibility for investors of all ages.
What is the process for residents to buy property in Dubai?
The process involves negotiating terms with the seller, signing a Memorandum of Understanding (MOU), obtaining a No Objection Certificate (NOC), and completing necessary documentation at the Registration office.
Are there specific documents required for residents during the property-buying process?
Yes, residents need to carry identification documents such as Emirates ID, passport, a cheque for the property price, the signed NOC, and the MOU contract.
DAMAC Riverside allows you to literally live by the side of a manmade river, containing natural cool water, in the desert city of Dubai.
Open vast sandy desert is not that apparent in Dubai due to the skyscrapers and concrete wonders turning it into a mega city. But, the unbearable summer heat (Dubai has summer year-sound) keeps the people here aware that they are really in a desert. The glamorous touch-ups cannot overpower nature.
The river, though artificially made, contains natural water and nature takes care of the residents, teaming it up with natural greenery (again planted here by humans) to give some relief. DAMAC Riverside that’s why is becoming a favorite community to settle down with family increasingly.
We are not writing this blog to praise all the pleasures one will positively enjoy here. For that check our other blogs please. Here, we will give you a fair idea about the property registration process in Dubai (applicable for DAMAC Riverside or any side!).
As you select and commit to buy a specific property at DAMAC Riverside or at any community in Dubai, these useful pieces of information will come handy to you.
Dubai is such a progressive desert city where engineers make artificial islands and waterbodies featuring natural water.
One such wonder awaits you at DAMAC Riverside where a manmade river flows through the center of this lavish waterfront community at Dubai Investment Park. Plus, essential oil infused lake and swimmable lagoons add to its waterfront living delights wonderfully. Lagoons and sandy beaches offer a tropical beachfront vibe to the residents here.
Let us reveal to you the DAMAC Riverside amenities here. Take a dive in the serene peacefulness beautifully balanced with modern lifestyle
DAMAC Riverside is a lavish waterfront community at Dubai Investment Park, Dubai. It is a villa-exclusive gated community but the next phase offers luxury apartments under DAMAC Riverside View. Both offer excellent accommodation opportunities in a community that abounds in world-class amenities for wonderful living experiences.
