After getting the point that Dubai is providing free ownership to people outside from United Arab Emirates and other gulf Cooperation Council nationalities, many investors are rushing towards Dubai. Not only Dubai towards UAE rather. But before going to buy dubai properties, they should know some facts and figures regarding the fee ownership. Below are described some facts about the free ownership law of Dubai;
Types of ownership
There are two ownerships actually described by the government of Dubai, which are sole ownership and co-ownership.
Sole-ownership-in this type of ownership, a single person can own a buy a property in Dubai.
Co-ownership-if there is a property business run by a number of people or more then one person came together to make money, then they can buy a single property as a joint-ownership or co-ownership.
Ownership restrictions for outsiders
Any of GCC national can buy a property any where in Dubai and other Emirates. But still the outsiders are restricted to some specific areas known as free zones. There are two benefits of these free zones as:
Tax-free zone-no any business is charged any type of tax in case of income or business property.
Ownership-free zone-places in Dubai, especially in new Dubai, are considered as free zones for outsiders.
Any outsider can buy a business of any kind and run in these areas with zero-tax charges. Any person, who buys any type of property, is provided with a residential visa which is to be renewed after a period of three months. Besides from these special areas in new Dubai, the outsides are restricted to buy any property. There are no any restrictions to remain in Dubai during the period of their residential visa or to do any job there. Owners are free to live any where and if they want to does any job or not.
Remember that it is by law that the free ownership is not provided to Jews.
If you are willing to buy any property in Dubai, which should be completed in sense of construction, then you are provided with a loan if you need in case. Your credit terms of last six months or some times one year are judged and then a loan is issued with a very low interest rate. You can take benefit of these loans by getting a loan and then paying it again to the bank through the monthly income generated from the property.
Major problems during the process of buying the property
There are no any restrictions of having an ownership in certain areas of Dubai, but still most of the investors face a lot of problems in this regard. So here are some major problems which should be considered while a property purchase:
Outsiders should be cleared about the documentation which is done through out the buying process.
Terms and conditions should be cleared before having a loan from a bank in Dubai.
Contract should be signed at the time; payment of the property is done.
Payments terms should be clarified but for the most of the cases, you are asked to pay deposit at the time of agreement, a certain percentage of the total payment and asked to pay remaining with in a given period of time.
The property market of Dubai is full of the property development projects which always attract the property investors to buy dubai properties. The conditions of ownership are very favorable for those who want to invest in this market, but the above facts should be cleared to all the buyers who are the future prospects of Dubai property market.