When buying real estate, you need to study a lot, especially when it comes to your qualifications. Before deciding to invest in real estate, before you take the steps to buy it, the difference between free and leased property and the right and responsibility to own free property is important to understand.
Owning a free-holding right is usually much better than a lease for one main reason: management. As an owner, you can generally do what you want in your home as long as you are within the rules and laws.
In 2001, the Dubai government agreed to allow expatriates to lease certain Dubai assets for 99 years, but in May 2002, UAE Vice President and Prime Minister and Dubai ruler Sheikh Mohammed Bin. High Commissioner Rashid Almaktoum is a decree that allows foreigners to purchase real estate with free ownership. The decree has triggered a boom in residential real estate in Dubai.
The Dubai system provides free ownership to owners of all nationalities, but for skyscrapers and multi-residential buildings, what that means in terms of legal ownership is still unclear. Not fully defined.
Dubai’s free-owned areas include, among other things, the Jebel Ali, Palm Islands Project, World Island, Dubai Marina, Emirates Hills and Alberta plots.
Registration of your property in the land sector is important for claiming full ownership. Once the property is complete and handed over to the purchaser, the developer must register the property title in the land department’s real estate registry in the name of the purchaser.
The land is registered in the name of the alien only after the developer has submitted an undisputed letter, indicating that all payments for the transaction have been made.
The Dubai Freedom Act stipulates the functions and responsibilities of the Department of Land Property, which has done all the work without much legal clarity. According to the law, the department determines the study area. Approve the rates for the landmap and the services provided by the department.
There is no way to own real estate in an area where no foreigner is designated. If you want to own real estate in an area where no foreigner is designated, a long-term lease is the best bet.
Long-term rentals are different from free-owned properties. Long-term leases outside the designated area cannot be registered with the Land Bureau by foreigners under the new law. However, despite this, these leases remain an individual right and are legal. Unregistered Longries in areas other than those designated are still enforceable as personal contractual rights between the parties. The Rental Board will determine any dispute that may result from an unregistered long-term lease.
As for residence, as a general rule By Zaki Ameer, you can choose to own and not reside in real estate in the United Arab Emirates. Therefore, you do not have to be a resident to purchase a free property, as it may be a villa. Developers provide visas for real estate purchases that allow buyers to obtain multiple entry visas for 6 months. According to Gulf News, a recent cabinet decision allows foreign real estate owners to obtain a three-year residence visa if they purchase more than one million dirhams, which is not yet a law. Property ownership and residence or sponsorship are interrelated but should be considered separately.
Good luck with your decision!