There is no question that Dubai is a promised land for real estate investors and generally anyone who knows about realty.
From offering tax-free rental yields to its transparent and very accommodating real estate regulations, it is no wonder everyone aspires to belong to the Dubai landlord club. Therefore, we shall discuss this club’s how, who, and why.
WHO CAN ACQUIRE PROPERTY IN DUBAI?
Anyone can acquire property in Dubai. This is because there is no age limit to owning property, and Dubai’s real estate laws are very accommodating. Law No.7 of 2006 Concerning Land Registration in the Emirate of Dubai provides a category of people who can acquire property. They include
- The citizens of the state
- The citizens of the Gulf Cooperation Council for the Arab States of the Gulf
- Noncitizens (who can acquire both freehold and leasehold property only in state-designated regions).
Note that noncitizens are only required to have a valid passport to prove their identity and do not necessarily have to be residents in Dubai.
HOW TO ACQUIRE PROPERTY IN DUBAI?
As earlier mentioned, anyone can acquire property in Dubai, especially noncitizens. We shall now examine a step-by-step guide on how to achieve/purchase property in Dubai.
- Find the right property that suits your need (for noncitizens, property in a freehold zone). This could be done personally or through the services of a real estate agent.
- Negotiate and outline the terms of the purchase with the seller.
- Get a Memorandum of Understanding or Form F to that effect to be signed before a witness at the Registration Trustee office.
- Pay for a usual deposit which is usually around 10% of the purchase price
- Apply and pay for a No Objection Certificate (NOC) to transfer ownership
- Get a new title deed to be issued to the purchaser at the Dubai Land Department after presenting
(i) A managers cheque for the property price payable to the seller
(ii)The original means of identification of the parties involved
(iii) The original NOC and
(iv) Signed Contact F.
WHY ACQUIRE PROPERTY IN DUBAI?
There exist several reasons why one should acquire property in Dubai, but we’ll just discuss the most attractive of the lot.
- The tax-free rental income
There are no taxes placed on purchased property or rental income in Dubai. Translation, ‘The Man’ won’t take a cut of your income.
- Foreign investors can obtain a residence visa
Since the inception of the long-term visa in the UAE, non-citizens with property worth AED 5,000,000(Five million) are eligible for a five-year residence visa. Also, noncitizens above the age of 55 years can obtain a five-year residence visa if they own property worth AED 2,000,000 (Two million) thanks to the Retire in Dubai Programme.
- Competitive property price
The competitive price of properties in Dubai when compared to those in other major cities and states of the world is a good enough reason why anyone should acquire property in Dubai.
- High rental yields
There is a guaranteed assurance of getting a high return on one’s investment in the property market in Dubai
- Recreation and vacation
Personally, I think this is the most obvious advantage of getting property in Dubai. It is not only a tourist and business destination but also a high fashion hub.
- Accommodating and highly regulated real estate laws
The other advantage of partaking in real estate investment in Dubai is the fact that you’ll be guaranteed an environment that is highly regulated devoid of fraudulent elements, and laws that are rather accommodating especially towards non-citizens.
It is obvious that Dubai is one place to acquire property. It is any real estate enthusiast’s paradise, and it is the mecca of luxury and business investments. What if I told you that you could be on your way to becoming a member of the Dubai landlord club. This is very possible through the Ellamediate platform.
Here you have an opportunity to purchase fractions of verified real estate assets for as low as $250 (yes, Two Hundred and Fifty Dollars), in one of the most beautiful and economically progressive places in the world.
By logging on to the Ellamediate Limited website or downloading the app, you can partake in acquiring property in Dubai through an even simpler medium, from the comfort of your home. Hence, you don’t have to be bothered with some of the usual procedures listed above.
You can therefore enjoy some of the benefits that come with owning property in Dubai. From high rental income to a regulated environment allowing for peace of mind, it is only reasonable that your next real estate investment should be to acquire property in Dubai.