Real estate market in Dubai
Since 2006, UAE visitors and immigrants have been allowed to buy Emirati real estate. Previously, only local residents could become UAE homeowners. In this article, we’ll look into houses prices in Dubai and prices of other sought-after properties.
Foreigners are allowed to buy homes in special areas called freehold zones. There are also leasehold zones, where properties and land plots can be leased for the period of 10 to 99 years. These areas are called leasehold zones.
Obligations in transactions
The seller is obliged to guarantee that the property being sold is not mortgaged so that the prospective homeowner has every right to sell the property.
All debts and fees must be paid. The buyer must pay half of the property transfer fee if a standard sale and purchase agreement is concluded. All the necessary paperwork must be done on time.
Joint property ownership
Property joint ownership is possible in Dubai and is regulated by the new joint ownership law (Law No. (6) of 2019). According to it, jointly owned properties are divided into three categories depending on the common areas management:
Let’s compare prices in US dollars in Dubai’s most popular neighborhoods:
However, you should keep in mind that these are approximate prices. Visit https://emirates.estate/ to see up-to-date prices and the most recent listings.
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