No matter where you do belong, certain laws and regulations you need to consider before investing in a property and the same rule applies in Dubai as well. Let’s check the basic rules and guidelines you should follow before owning a Property in Dubai. Know the legal proceedings very well that you should follow according to the real estate laws.
The law says:
According to the Dubai real estate law, you can buy properties or houses in Dubai if you are:
A UAE citizen
A GCC citizen
Under the same law, being a foreigner, you also can buy properties in Dubai but they should belong to the designated areas for foreign property ownership. Different types of houses and other real estate property ownership by foreigners are there in Dubai. These also include leaseholds and freeholds. Freeholds are different from leaseholds only by the buyer rights.
When you buy a property on the basis of leasehold, you will have legal rights for a particular period of time. However, for the freehold rules, you will get complete ownership of a property and the corresponding land forever.
Moreover, this is the best time to invest in the properties of Dubai or just to own a home there. The UAE market is growing rapidly as the Covid-19 pandemic has moved to the rear side. At the end of 2021, the property market started to rebound and people moved into the final stretch of 2022 – the market growth still is not showing any indication of slowing down.
Although buying a property or house is always an important decision that involves practical planning, prior research and flawless execution.
What legal steps you should take to buy a property?
Whether you are looking for a profitable real estate investment or just want to have ownership of a home there, the property buying process in Dubai is quite straightforward. But you should familiarize yourself with the local Dubai property laws. All the documents related to the Power of Attorney must be signed in the country itself. Such legal documents must be translated into the Arabic language. This is also applicable same for foreign people who want to buy properties in Dubai. So, it’s always better to seek expert legal advice to make sure you have got these legalities and technicalities correctly because they have all the potential to make a deal right or fall apart.
The process of buying property in Dubai:
You will get two options while buying a property in Dubai –
Off-plan
Secondary
In one word, off-sale properties can be bought during the development before they are completely ready to use. These properties usually come at a discounted price but include certain risk factors.
Secondary properties are already owned by a legal owner. Usually, these transactions are done through real estate brokers. Both of the properties have similar buying procedures with a few legal differences.
Whatever real estate property you want to buy in Dubai, you should follow all the laws and rules strictly as per the real estate rules in UAE.
Four basic legal steps of property buying legal steps are there in Dubai:
- Legal contract between the property buyer and the seller
- Signing the property selling agreement
- Legal application for no objection certificate
- Effecting the property ownership transfer with DLD
Whether you want to buy apartment in Dubai or want to own a house there, the legal formalities are the same. After all the legal formalities and completed and all the documents are signed, a new deed will be issued where you will be the owner. Then you will become an official property holder in Dubai.
