Dubai is becoming increasingly popular for foreign investors to purchase or rent property. In the past these investors were reluctant to purchase domestic or residential property in the Middle Eastern country as they previously had been deterred by a history of instability, violence, and the limit on foreign nationals buying, leasing or selling homes and real estate.
However, since 2002 there has been a legislation that has permitted foreign ownership of property. Investing in real estate in Dubai is relatively easy and straightforward, depending on the local laws and regulations of the location you’re purchasing the property in. But where do you begin?
Finding a Property
So, what type of property do you want to invest in? Many foreign investors tend to purchase townhouses, villas, or apartments, and often these properties are based in complexes with facilities such as tennis courts, gyms and swimming pools, which are usually communal. Normally this means that these attributes are likely to be rented out as holiday homes for holiday makers around the year; however, there are also many foreign nationals looking to set up roots in Dubai. Once you have determined what type of property you would like to invest in, make sure that you are looking at an area foreign buyers are allowed to buy in such as, Jumeriah Gardens, Al Hamra Village, or Emaar Towers.
A good place to get an idea as to where to invest in property in Dubai, is online. There are several estate agents and agencies such as propertytrader.ae, Lamudi, and the Espace. These agencies generally sell resale properties, new houses, and properties that may be still under construction. Checking out information about Dubai and its property market will also grant you a little more information for when you discuss specifics when talking to a specialist in the Dubai real estate market.
Talk to Specialist Real Estate Agents
If you want an easier ride when looking for your Dubai property, it’s best to contact a specialist agent. These agents can help you obtain the perfect property and explain your options to you, as laws and regulations in Dubai can change quickly. They will also be able to bridge the gap of the language barrier between sellers and foreign buyers.
Visit Property Fairs
Due to the fast growth of the property market in Dubai, many foreign investors look to buy from developers who may be in the process of building, or have not yet built the property. Property fairs are a neat way for developers and buyers alike to make deals, as the developers can present their work to potential buyers. You don’t even need to fly out to Dubai to attend a property fair, as there are fairs for investors expecting to purchase property in Dubai all over the world.
Have the Required Documents
Before even starting to look at property in Dubai, please make certain you have all the valid ID and visa documents that you need in order to purchase a property in Dubai. Such as the six-month visa for foreign investors called the ‘property holders visa’ which allows investors to remain in Dubai for six months whilst looking for property. You also must be an individual, not a company, purchasing a property and this must be at a value above 1 million Dirhams, which compares to around £215,500.
Remember before you think about moving to Dubai, make sure you have visited or spent some time in the country to fully understand its culture and property market.