Own property in Dubai
Options to own property in Dubai
What are the different options to buy property in Dubai?
Dubai being one of the greatest modern cities of the word featuring luxury lifestyle, remarkable entertainment, excellent security and convenient transportation services attracts expats to the country to invest and buy property in Dubai.
Due to the emirate providing good employment opportunities with tax free attractive packages, its been a dream for many families to own a home in Dubai. There are many ways to buy property in Dubai and you should know about these before you decide on your choice to buy property in Dubai.
Most Important thing to note before you invest your hard earned money is the “Location” where you are going to buy the property.
Note that freehold property in Dubai can only be registered in the name of a non-GCC passport holder in specified areas such as The Palm Jumeirah, The Meadows, Emirates Hills, The Springs, The Lakes, Dubai Marina and Jumeirah Lake Towers.
The different options to buy property in Dubai are as following:
- Owning property as an individual: This is the easiest way and the unit registered in your name. However, on the downside of buying as an individual, inheritance might become a tedious process as it’s always been marred with uncertainty, which means the future of your purchase might lie in the hands of Dubai Courts deciding on succession.
- Joint ownership: This is mostly the way married couples choose to register their property. At the same time expatriates should note that unlike with many Western countries where property is passed on automatically to the surviving spouse, in the emirate the deceased’s ownership is transferred to his or her heirs and not the spouse.
- Jebel Ali Free Zone (Jafza) offshore company: The offshore company can be owned by an offshore party which gives buyers more advantages like exemption of local inheritance laws as the offshore company is subject to the laws of the offshore jurisdiction. On the downside, there are time and cost associated with for a company startup and running it until the profits can be anticipated after a year or two.
