After the year 2002, Dubai has opened up their lands for the foreign buyers and since then the real estate market has also bloomed there. Many people are thinking of buying their own house in Dubai because it is convenient to do that now.
But still before landing up to any property there it is very important to know about the local rules and regulations that are running there. Dubai government has brought up new ownership regulations on 2002 and so even being a foreigner, buying a property in Dubai has become an easy job now. Since then it has also become an investment hub in the real estate market.
In Dubai, there are 3 different property types available. They are:
- Freehold properties
- Long Term Leasehold
- Strata titled properties
If one is going to buy a freehold property then it will give one full ownership under their name and that to for an unspecified time. This freehold ownership is unrestricted by tine and it can extend ti the buildings and all lands later on. So, if one wants to buy a property in Dubai then this has to be the most preferred option. When one is buying a freehold property, it means that they will get full rights on it and there will be no restrictions on lease or selling out of the property. But freehold properties are only available in some areas of Dubai. They are:
- Downtown Dubai
- The Palm Jumeirah
- Burj Khalifa
- The World Islands
- Dubai Marina
- Old Town
- Discovery Gardens
- Arabian Ranches
- Emirates Hills
- Falcon City
- International City
If one wants to buy a leasehold property then they can also do that in Dubai. This means one can get a property on lease for a time period which can vary from 10 years to 99 years. And once the term expires the ownership of the property goes back to the landlord.
Then comes the common hold properties. In this case the unit owners mainly pay the management fees on a monthly basis or a yearly basis to keep all the common facilities intact there. But among all these 3, the freehold properties are preferred choice among the buyers.
One can also go for a villa for rent in Dubai because there are plenty of places where one can stay on a rent and that too in convenient locations.
But when one is buying a villa or a house in Dubai then there is a particular buying process that one has to follow. One has to check that if they are taking the help of a developer then whether they are approved by the Dubai land department or not. Also, if there is an agent then are they registered with the Real estate regulatory agency? They must be registered with RERA who can give them the authority to deal with the real estate sector in Dubai. Once the registration is done, one can be at ease about the property.