Dubai, the new global hotspot has become one of the most desirable destinations to visit as well as reside in recent years and more so after the COVID-19 outbreak. The city’s commendable pandemic management has allowed Dubai to once again welcome visitors to visit the country and experience its incredible culture and unique attractions. For visitors who are looking to retain a part of the city permanently, investing in real estate is both an optimal as well as feasible option. Investors can further take advantage of specialized services as provided by registered real estate brokers like Vanguard to make their investment journey seamless and truly beneficial. This blog explores how foreign investors can own a property for sale in Dubai during their visit to the Emirate.
Tourists arriving in Dubai are expected to provide a previously attained visit visa or apply for a visa on arrival in order to enter the country. This visit visa can also be used to acquire properties in specific freehold areas in Dubai as approved by the Land Department of the city. These properties are primarily of three types: off-plan residences, completed projects and lastly mortgaged spaces, each of which come with their separate rules and policies of acquisition. Depending on the type of property of interest, a real estate agency in Dubai can help clients attain their desired investments in a hassle-free manner.
This type of real estate refers to projects that are still under construction or pending completion and hence are not available for immediate move-in. These properties can still be acquired from the developers by registering the purchase with the Land Department that also helps protect the interests of the buyers. Purchasers can also request a NOC (No Objection Certificate) in Arabic from the seller to ensure that all the fees have been paid from their end and the property can indeed be purchased.
However, prior to the purchase, it is recommended to have the status of the project checked alongside its history – to check whether or not a mortgage exists. Furthermore, obtaining the original title deed of the property is also advised so that the Department can verify its authenticity and other legal aspects of the process can also be overlooked. The route of attaining a mortgaged property entails a different procedure and is explained further below.
Properties that are ready for occupancy (vacated premises or post-construction projects) are termed as completed and provide an easier method of acquisition as it is a more secure option for real estate investments. This type of residential investment involves a simple process wherein an agreement has to be created between the buyer and seller where the price of the property agreed for sale is provided and the legal document is signed and registered with the Land Department in Dubai.
If a property that has been listed for sale holds a mortgage, the seller is expected to first settle the mortgage with the concerned bank or entity prior to providing the NOC to the buyer or the investor can pay 50% of the real estate value to the bank directly. This ensures that the buyer’s interests are protected and the space is acquired legally as per the laws set by the Dubai Land Department. The agreement signed thereafter by both parties must contain all the details of the deal including the agreed sale price, payment means, considerations and other terms and conditions. Along with this, a mortgage bank statement for successful registration of the property is also required.
Back in 2019, the United Arab Emirates (UAE) government introduced new laws and policies that help expatriates attain desired properties while availing other benefits in association with their purchase. This mainly pertains to the type of property visa that is granted, which is in turn dependent on the amount of money invested in the property. These visas can be renewed again given that the property is owned by the buyer for the required period of time.
3-Year Property Visa
This term visa is granted to investors who purchase a property that is worth AED 750,000 or more within any Emirate of the UAE. The visa is issued by the Dubai Land Department that also allows investors to access perks such as sponsorship of additional visas for family members, ability to apply for a UAE’s drivers license as well as an Emirates ID, essentially making the individual a resident.
Access to bank services is an additional benefit and individuals and dependents with the visa can travel in and out of the country without any hassles. In addition, the purchase must not be made on a credit basis and the property must be retained for the three year period in order to maintain the visa.
5-Year Property Visa
Investors can attain this property visa if they invest in a property valued at AED 2 million or more and is applicable to any Emirate within the UAE. These visa holders can access all benefits available to residents such as gaining an Emirates ID, drivers license, additional visa sponsorships and access to financial institutions in the UAE. This visa is supported by investments that are maintained for a minimum period of five years and has been identified as a popular choice amongst foreign property investors.
Golden 10-Year Visa
The Golden Visa can be obtained by individuals who make a real estate investment worth AED 10 Million and more. The policies of this visa were updated earlier this year, allowing for PhD holders and scholars with exceptional grades and talented individuals in the fields of science, math, arts and sports to attain the visa. Further to obtaining advantages as a resident of the country, these visa holders can also sponsor an advisor and executive director.
With the above benefits, you can not only retain a part of Dubai perpetually through your property investment but also be a part of the city as a resident. The UAE offers an enticing package for interested property owners to help individuals and businesses become more than investors in the country. On the basis of your property value and selection, you can be a proud owner of an apartment, villa or any other residential space of your heart’s desire in Dubai by taking advantage of its beneficial investment policies. Vanguard, one of the best real estate companies in Dubai can help you find the ideal property that suits your needs and expectations optimally.