Buying Freehold Property in Dubai
Take Advantage of This Wonderful Opportunity
Hi, Sunil here to talk about freehold property in Dubai
There is a real estate boom currently in place in Dubai and one of the main causes behind this boom is the current change to the legislation that allows foreigners to own property in Dubai indefinitely.
In 2001, the government formulated a plan by which foreigners can own a 99-year lease on certain properties in Dubai, kind of like Great Britain and Hong Kong.
But in May 2002, when the crown prince Sheikh Mohammed bin Rashid Al Maktoom issued a decree by which foreigners can own properties, things started to pick up. For it is around this time that the freehold property in Dubai came into existence.
The entire concept was still brand new back then and a lot of the details were just then being worked on. Legislation solidified over the years and in 2006 Dubai announced establishment of multiple freehold zones open to foreign investment. The real gold rush started then.
Today, as an expatriate, you can purchase property on a freehold basis but only in selective areas of Dubai, These areas are generally confined to the other limits of Dubai. Some of these areas include Sheikh Zayed Road, Jumeirah, Jebel Ali, and Dubailand.
A freehold right grants the permission for an expat to own a property outright in his or her name indefinitely and he or she can transfer it or even sell at their will. Now that is a huge improvement to what existed before. Earlier on, you could not own a property in Dubai and had to be satisfied with just a bill of sale from the developer. And for any sale or transfer of that property, you would have to get the developer to go with it.
The earlier laws did not make much sense, not especially if you wanted to invest all of your hard warned money on a property. But now, things have definitely changed for the better. Under the current changes, you can own a property outright and need not depend on any developer to help you sell it.
The Dubai property market is booming like never before with the market yielding as much as 30% returns and thats saying something. Since the freehold rights were decreed, the time has indeed come to act on them. If you are interested in investing in a property, then you may be pleased to know that there are various building constructions fast coming up in the freehold areas.
The Jumeirah Beach Residence is a beach resort overlooking the Arabian Gulf that has been recently completed. It contains penthouses, terraced apartments, duplex as well as garden apartments. The Jumeirah Beach Residence is a huge residential complex, one that you should be able to invest in without any issue whatsoever (other than if you dont have the ca$$h).
Another complex that you may want to take a look at is the Saba complex - Dubai's first freehold office development project, with 365 stories in store and with current quotes starting at Dhs. 435 (US$ 120) per sq ft. Both are being built in the freehold area and present a great opportunity for anyone to make some money. For starters you can invest in any one of these properties and soon put up a board of your own stating property for sale in Dubai.
The best way to go about investing in a freehold property in Dubai is definitely through a well reputable and credible real estate agent. There are many below average and scamming agents in Dubai so please be very careful when you select one. Take your time as this is one of the most important steps requiring your decision making and reliance on instincts.
Granted that freehold property in Dubai is still a new concept, I can only hope that this concept is soon extended to other areas of Dubai as well. Now that would indeed be something, for can you imagine yourself owning a part of the ski resort in a shopping mall? Well, lets hope that the gates are thrown open at the earliest.[Note of Caution: I would not jump into investing in Dubai real estate without the right knowledge and resources. If you are considering buying property in Dubai I highly recommend the Dubai Secrets guide for a property investor in Dubai. This is a practical guide compiled by seasoned investors in Dubai.]
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