UAE Property Guide, Part 1 of 8 - The United Arab Emirates

Comments · 214 Views

Modern cities, with top-quality facilities, hotels and fantastic shopping are complemented by the traditional Bedouin life style, in a country that embraces both traditional Islamic and liberal western views equally.

The United Arab Emirates (the UAE) is located in the Persian Gulf, bordered by Saudi Arabia and Oman. The UAE comprises seven sovereign states, referred to as Emirates dubai desert safari, which include: Dubai, Abu Dhabi, Ajman, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Quwain.

The UAE is a distinct country where you can witness the best of seemingly different cultures and influences to create a stunning modern nation that has something for everyone. Modern cities, with top-quality facilities, hotels and fantastic shopping are complemented by the traditional Bedouin life style, in a country that embraces both traditional Islamic and liberal western views equally.

 

The UAE hasrecently, thanks to property growth due to the grant freehold ownership rights to foreigners, become one the most sought-after property investment hotspots. Property ownership with freehold rights in the UAE was not available to foreigners prior to 2002. Until the year 2002, only 99-year leaseholds or rentals of property was permitted by law to foreigners who were not GCC (Gulf Cooperation Council) or UAE citizens. Dubai was the first to introduce freehold purchase for foreigners beginning in 2002, when an order was signed by the crown general Sheikh Mohammed bin Rashid Al Maktoom of Dubai that allowed to purchase as well as own free-hold properties in certain zones of Dubai. In 2006, Law 7 - the Dubai property law was passed. it formally affirmed the rights of individuals who are not GCC and UAE citizens to buy freehold property; established the property registration office of the Dubai Lands and Properties Department and established the department's jurisdiction and laid out its general guidelines, definitions , etc. of ownership of property.

 

Opening of the Dubai real estate market in 2002 led to an increase in interest not just in Dubai but also the rest of the United Arab Emirates by investors This interest hasn't been ignored by the others Emirates States including Ras Al Khaimah being the first Emirate after Dubai to permit foreign ownership. Ajman the smallest of the Emirates has granted foreign ownership of freeholds since 2004.

 

The other emirates permit various levels in foreign-owned properties. Sharjah does not permit freehold ownership for expats, but allows 99 year leaseholds. Abu Dhabi has similar laws that allow 99 year leaseholds as well as 50 year-long renewable agreement on surface property as the sole alternatives for foreign property investors. However, Umm al-Quwain allows ownership of foreign property, but the ownership of property is not permitted.

 

Fujairah has announced only one project with freehold rights, but they are currently working on property legislation that is expected to allow freehold ownership by foreigners.

 

The freehold ownership within the UAE is located in areas or specific developments that have been specifically identified by the governments of each emirate for potential foreign ownership. The Emirates have not been open to all foreign ownership like we have seen in the west.

 

Investors should also be aware that property ownership does not automatically entitle the owner to permanent residence visas, nor does it automatically grant them the right to be able to work, though you can work under the patronage by an employer.

Comments