Everybody dreams of buying real estate in Dubai. The reasons are many, some want to buy it because it offers lucrative returns, while others want to buy it to live a luxurious lifestyle that UAE has to offer to the residents. If you have come to Dubai on a visit visa, and are wondering how to buy properties in Dubai with a visit visa, then this article is for you. We will cover everything you need to know about the process.
The government of the United Arab Emirates has laid down some most important laws for investors and business owners to facilitate them in acquiring property in the dynamic real estate market, to grow the economy.
What The Law Says About Buying Property in Dubai?
To buy property in Dubai with a visit visa, firstly we have to look into what the law says. As per law, if you are in the United Arab Emirates for a visit, you can buy property. There are many freehold areas designated by the government where you can buy the property. It allows Non-UAE nationals to acquire freehold ownership rights over a real property.
Does Buying a Property in Dubai Leads to a Residency Visa?
After buying real estate in Dubai, you become eligible to get residency visa in UAE. As there are many types of residency visas, you can apply for the one that meets your requirements.
Investor Residence Visa:
To be eligible for UAE investor residence visa, you need to own a property worth at least Dh1 million in UAE. At the time of value calculation, only up to three properties are considered and it is calculated at the buying time and not the current value of the property. The property should be ready, and not off-plan.
Investor Residence Visa is valid for three years with a renewable option, and its cost varies from Dh13000 to Dh15000.
Five-year Residence Visa:
To be eligible for a five-year residence visa, you have to purchase a property worth Dh5m in the UAE. Other requirements include not using a mortgage or loan to acquire property in the UAE and retain it for at least three years. After getting a Five-year Residence Visa, you can sponsor your family and dependents.
10-year Residence Visa:
To become eligible for a 10-year residence Visa, the investor needs to invest Dh10m in UAE, and about 40% of it should be in real estate investment. There are other requirements as well such as not buying property from a loan and retaining it for at least three years.
Off-plan Property or Complete Project
When buying real estate in Dubai, one must know the difference between off-plan property and completed projects. To buy an off-plan property, you must get the documents signed, purchase registered at the Land Department, and process the payment for the property to be transferred on your name.
Verifying documents is an essential process before buying property in Dubai, and you must not neglect this part at any cost. You should also see the no-objection certificate (NOC) to understand there are no unpaid dues on the property.
How to Buy Properties in Dubai With a Visit Visa?
Dubai is always welcoming to people, and especially non-resident investors. As a visit visa holder, you can easily buy and sell properties in Dubai. If you want to buy property in Dubai without residency, you need to open a savings account in the UAE with a local bank to transfer the funds for property purchase. The process is quite easy and straightforward. However, you need to meet the bank’s criteria for AML regulations and proof of funds.
Opening a local bank account can help in the purchase of your desired property, as you can easily pay all payments from the account. The second way is to buy an off-plan property by a well-known and reputable developer who has a project escrow account facilitated with the Land Department.
Both of the options are secure and safe, providing non-residents with a peace of mind while investing in their future in the flourishing market of Dubai.
Is it Difficult To Buy Property in Dubai?
Buying property in Dubai is a pretty straightforward process. There are no such regulations such as foreign buyer permits to consider while buying property. Most of the properties are bought as freehold, but if you go with leasehold property, then you can own it for about 30-99 years.
Requirements To Buy a Property in Dubai
Whether you want to buy a perfect family home in Dubai or want to invest for a lucrative future, you have to follow certain legal steps to buy a property.
- Formulating a contract between the seller and the buyer
- Signing the agreement of sale
- Application for a no objection certificate
- Effecting the ownership transfer with DLD
The idea of owning property in Dubai is appealing for various reasons, attracting people who want to make money or enjoy a luxurious lifestyle. In this article, we have covered how to buy properties in Dubai with a visit visa, and it’s clear that the UAE has made rules to make this process straightforward for investors to invest and to boost the economy. Buying property involves understanding the difference between off-plan and finished projects, along with careful document checks and legal steps. Dubai welcomes people from other countries, so opening a bank account locally is important for smooth transactions.
Overall, purchasing property in Dubai is straightforward, without tough rules. Following the legal steps, like signing agreements and transferring ownership, is key. Dubai’s mix of cultures and futuristic city life makes owning property here promising for both dreams and financial success. It’s a place where anyone can invest in their future and enjoy a modern and luxurious life. Need more information? Contact AZCO Real Estate Brokers LLC.