posted on 18/08/2001: 1097 views
Expatriates, including non-resident foreigners, can now buy property in Dubai, an official of the Dubai Lands and Properties Department disclosed yesterday. The ownership, however, will be in the form of 99-year lease.
In fact, restrictions on buying of land and property by expatriates were lifted by the Dubai government more than a year ago, Sultan Butti bin Mijrin, Assistant Director-General of Dubai Lands and Properties Departments, said. Earlier, only GCC citizens were entitled to this privilege, he added. "Foreigners are now entitled to the same rights as UAE citizens and Gulf nationals as far as buying, selling and renting lands and property in Dubai is concerned," Mr Bin Mijrin said. There are no restrictions on the location or size either, he added.
The Land and Property Department official said the 99-year lease facility was one of the many incentives introduced by the Dubai government to attract investors to the emirate.
The 99-year lease system does not, however, affect foreign investments in the Jebel Ali Industrial Area. This facility allows such investors to own lands on which they can construct their own villas or houses or residential premises for their staff, which is financially feasible for them in the long run, since it cuts lots of expenses on staff quarters' rents."
Expatriate investors who buy property or land have a freehand to sell it at any time. The government has not only offered this facility to expatriate investors living and working in the UAE, but also to any investor from any country abroad. Having a UAE residence visa is not a pre-requisite for purchasing or leasing land and property in the emirate. The priority in selling or leasing land is always given to whoever chose it first, be it a UAE citizen, a Gulf national or a resident or non-resident expatriate.
Investors who are UAE residents can choose the land or property that suits them and process the transaction on the Internet through the department web site and government would provide various facilities for payments for the purchase of land and construction. Details of these facilities, he said, could be obtained at the time of signing contracts. (The Khaleej Times)
|16 May 2013||Palm Jumeirah gets US$1bn project|
|14 May 2013||18.3% price increase puts Dubai among world's hottest property markets|
|06 May 2013||Dubai ranked world’s 2nd hottest property market in 2012|
|01 May 2013||Sorouh’s net profit rises 21.6%|
|01 May 2013||Aldar Q1 earnings fall 68% to Dh154.3m|