Are you a foreigner and want to invest in a property in Dubai? Dubai is one of the top global cities in regards to property investment. The government of Dubai issued a law in 2002 that not only allows Emiratis but foreigners as well to invest in the real estate market in specified areas called “freehold areas” through which they gain freehold property ownership. As a result, Dubai has become the center of attraction for foreigners globally. Let’s take a look at the freehold property ownership, the benefits of investing in these types of properties, and the top freehold areas.
Freehold is a type of property ownership in which a foreigner has the right to own a property in freehold areas and the land that the property is built on without any restrictions. At the Dubai Land Department, a foreigner will be able to write his name as the owner in the registry, and will be given the title of deed.
If you own a freehold property in Dubai, you will enjoy a lot of benefits, including:
• Complete control of the property and land, so you have the right to remodel and renovate the property as you like, and you can also sell and rent the property at any time without obtaining the consent of the state.
• Pay only the price of the property. There are no additional payments, such as a service charge, a cost that a property owner pays in return for services, such as general maintenance and repairs.
• No taxes are imposed on any property in the UAE including those in freehold areas.
• Enjoy a high return on investment and high rental yields.
• Pass the property and land you bought to upcoming generations.
• Obtain a type of residency visa depending on the amount of money you invest in a property. If you want to know more about obtaining a residency visa through investing in a property, click here.
• Obtain mortgage loans for off-plan and completed properties from any bank in Dubai.
According to law no.7 of 2006, Dubai designated areas where foreigners can buy a property and enjoy its full ownership called “freehold areas”. Any foreigner can buy a completed or off-plan property in those areas as long as it’s through a developer or agent approved by the government.
There are several freehold areas in Dubai that have many luxurious residential and commercial buildings equipped with various facilities, including gyms, spas, Jacuzzis, swimming pools, etc. We will list the top ten areas in Dubai:
Business Bay is located south of Downtown Dubai. It is considered a center for business and trade. For that reason, it is an ideal location for investors looking to purchase offices and commercial properties. It also has many residential buildings, developed by leading developers in Dubai such as Damac Properties. Some of the most popular landmarks are Dubai Water Canal Boardwalk and Bay Avenue Park.
Dubailand is located on Sheikh Zayed road. It is considered one of the fastest-growing off-plan freehold areas in Dubai. The layout of the area was built to include theme parks, recreation hubs, and retail shopping centers. It has many landmarks, including Trump International Golf Center, as well as one of the largest public parks in Dubai that is as big as London’s Hyde Park.
• Arabian Ranches
• Damac Hills 1
• Damac Hills 2
• Damac Lagoons
• Dubai Sports City
• Al Barari
• Dubai Production City
• Dubai Motor City
• Dubai Studio City
Downtown Dubai is located in the heart of Dubai, along Sheikh Zayed Road. Among the areas’ most famous landmarks are Burj Khalifa, the tallest building in the world, Dubai Fountain, the tallest fountain in the world, and Dubai Mall, the largest shopping mall in Dubai. Foreigners who invest in properties there will enjoy the metropolitan lifestyle of Dubai.
• Old Town
• Dubai International Financial Centre (DIFC)
• Barsha Heights
Dubai Marina is located in the west of Dubai. It is known for its residential skyscrapers, such as Princess Tower, the former tallest residential building in the world. It is also known for its beaches, canal, and shopping malls such as Dubai Marina Mall, one of the main shopping malls in Dubai. Foreigners in Dubai Marina will enjoy beautiful views and an amazing skyline.
• Jumeirah Beach Residence
• Jumeirah Lake Towers
• Jumeirah Village Triangle
• Blue Waters
Palm Jumeirah is located on the coast of the Arabian Sea. It is considered the largest man-made island in the world, built in the shape of a palm tree, where one can enjoy beautiful ocean views. Some of its most popular landmarks include Aura Skypool, the highest pool in the world, Nakheel Mall, a new soul to Palm Jumeirah and is considered a premium dining and entertainment destination in this area, and Atlantis Hotel, a luxury ocean-themed hotel resort in Dubai which contains distinct Arabian elements.
Dubai Festival City is located in the heart of Dubai, along Dubai Creek. It’s known for its contemporary styled apartments and villas overlooking Dubai Creek and landscaped gardens. The area’s most popular landmarks include IMAGINE, the largest water screen projection in Dubai, Dubai Creek, and AlBadya Golf Course.
• Al Badia
• Al Badia Hillside Village
• Marsa Plaza
International City is located in the Al Warsan region on Mohammed Bin Zayed Road, near Dubai International Airport. It consists of 10 residential districts named after many countries of the world and has many low and mid-rise buildings with affordable prices. It has many landmarks, including Dragon Mart, a shopping mall that contains a lot of Chinese products at reasonable prices, and Dubai Festival City Mall, one of the iconic shopping malls in Dubai.
Discovery Gardens is a district located in Jebel Ali, near the Expo 2020 site. It is considered the greenest area in New Dubai because of the landscaped gardens that surround the buildings. For that reason, it is an ideal location for people who want to live in serenity. Ibn Battouta Mall, the largest themed mall in the world, is among its most common landmarks.
Culture Village or Jaddaf Waterfront is an area that overlooks Dubai Creek. It was built to preserve the culture of the UAE by implementing traditional Arabian arts into its real estate developments. It consists of off-plan residential and commercial properties, and has many landmarks such as the cultural museum, Jameel Arts.
Meydan City is located in the Ras Al Khor area of Dubai. Because of its closeness to many areas like Downtown Dubai, Dubai Marina, and Business Bay, it has become an attractive place for foreigners. It combines the luxurious residency lifestyle and business life of Dubai. It’s also home to the second tallest residential tower in Dubai, Dubai One Tower. Meydan Racecourse, The Track Meydan Golf, and Meydan One Mall are considered as some of the known landmarks in Meydan City.
Dubai encourages foreign investment and offers facilities for foreigners who want to invest in a property. If you want to invest in a freehold property in Dubai, contact RE/MAX UAE. We have excellent agents who are experienced in the real estate market and can help you choose the property that fits your needs and budget.