Who Can Buy Property in Dubai?

Dubai has always been the center of attraction for people who want to augment their cash flows by investing in real estate. Venture capitalists are getting multiple amenities. Whether they buy a property to form an LCC company or start a business in free zones, they are getting benefitted.

 

Dubai lawyers have always been helping the investors and business owners for company formation in one of the most appreciated emirates of UAE. From initiating the process of getting the license and closing the official procedures, these legal entities are of great help.

 

Foreigners Buying Property in Dubai 

 

A few years back, expatriates living in Dubai were not allowed to purchase a real- estate property. Afterward, they were allowed to do so but with the help of a local sponsor. The property was bought and managed with the mutual consent of both partners.

 

Whereas, the recent amendments of the law have made it legit for the foreigner to buy freehold property. A certain timespan is limited for the ownership. Dubai lawyers ensure that you complete legal procedures on time to avoid any future issues.

 

Moreover, these legal attorneys are also supporting people by guiding them about the rules and regulations associated with purchasing land in Dubai. They assist people n abiding by the legal principles and public dealing with UAE nationals.

 

Laws Related to Property Ownership

 

Law No. 7 of 2006 on Real Property Registration regulates the matters related to property ownership in UAE. Regulation Number 3 of 2006 of Property Ownership laws has highlighted the specific areas where expatriates are allowed to purchase land.

 

Palm Jumeirah, Old Town, Downtown Dubai, Discovery Gardens, Jumeirah Lake Towers, Falcon City, Jumeirah Beach Residence, Burj Khalifah, Marina Dubai, Sports City, Motor City, Midriff, Business Bay, International City, and Dubai Investment Park are designated for foreigners.

 

Companies registered by either UAE nationals or foreigners have given the right to claim the freehold title and get land interested on legal grounds. Ownership of the land provided to expatriates could only be employed for certain areas which were legally allocated.

 

In the end

 

Purchasing a property in Dubai is not less than a dream come true. It brings hundreds of perks along with it as people can build structures and companies and earn a living. On the other hand, Dubai lawyers are completing their responsibilities of advising and supporting the expatriates in the best possible way.

 

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