The basics of buying freehold property in Dubai are the same as anywhere else: One needs to be very careful and exercise due diligence. Buying property that is financed by a well known bank is almost always safer, because the bank does its own verification of the title and other incidents of the property. The first step, of course, is to find a registered broker who has acceptable properties on hand and appoint a buying agent.Areas Where Non-Locals Can Buy Freehold Property in DubaiBy law, non-locals are allowed to hold or purchase freehold property only in certain plots or areas as specified by Regulation No.3 of 2006 of the Government of Dubai. The law says that non-locals may own freehold property in Dubai not limited by time, or may have the usufruct right or hire right for a period not exceeding 99 years in 23 areas mentioned under the regulation. Non-locals may not hold freehold property in Nad Al Shiba Area, Plot No. 224, but may hold leases up to 99 years.The 23 areas where non-locals may purchase freehold property in Dubai include Um Hurari II, Barsha South II, Barsha Sout III, Emirates Hills I, II & III, Jabal Ali, Al Jaddaf, World Islands, Ras Al Khour, Al Rawiya, Sheikh Zayed Road, Al Safouh I & II, Al Qouz III, Industrial Qouz II & III, Mardiff, Marsa Dubai, Jabal Ali Palm, Jumeira Palm, Nad Al Shiba, and Warsan I. The particular plot numbers in each area that offers freehold property in Dubai for purchase by non-locals are mentioned in the Regulation.
Buyer’s Agent Agreement by RERA, Form BThe Buyer’s Agent Agreement, Form B, embodies the principles of choosing freehold property in Dubai. First, you need to decide whether you want to invest in property under construction or to be constructed. Such a property is termed as “off plan” property in Dubai. Properties that are already completed and possession ready or given is called “secondary market” property.Next, you need to determine and state your budget and the time frame by which you want possession. Property in Dubai is available in principally five types or categories: vacant land, Villa, Building, Apartment, and Townhouse. Other specifications including number of bedrooms, number of bathrooms, car garage, and any other special requirements need to be decided and spelt out.The buyer of freehold property also needs to decide and notify whether property deposit is ready or not, whether the buyer requires finance or not, whether finance is pre-approved or not, whether the property is investment property, owner occupied property, residential, commercial, or industrial.Though registered brokers are usually honest, one needs to remember never to pay any part of consideration money without having a registered sale agreement. If you are buying “off plan” then the money should be paid into a RERA approved trust account and both the cheque and the receipt should be in the name of the project and not in the name of any individual or company. It is also good to keep in mind that only the Dubai land department can charge fees on property transfer, and according to law no seller or developer can charge any transfer fee for freehold property in Dubai.
- How to Buy Freehold Property in Dubai
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