How to Buy a Freehold Property in Dubai?
The royal decree 2002 that permits foreign nationals to own and buy freehold property Dubai has to lead to the boom in the industry over the years. This proclamation grants foreigners and ex-pats to buy, own, or lease freehold properties in designated freehold areas. What’s not to love about freehold properties? Total control over your property with no pressures of further payment or charges. Are you considering investing in freehold properties in Dubai? You have made the right decision and this article is for you. However, it can get tricky and confusing especially for the inexperienced or foreigners. As an expert, we have put together an outline of what freehold property is, and how you can buy a freehold property in Dubai. Read on!
What is a freehold property? Before delving deeper on how you can buy freehold properties in Dubai, Let us take a look at freehold property meaning. Freehold property is one where the owner has absolute control over the unit and the land it stands on outright, in perpetuity. The owner has the rights to do whatever he wants with the property provided it is in accordance with the rules and laws. Whether you want to move into it, give it out the highest paying rent, or pass it on for inheritance, the choice is totally yours to make. Buying freehold property in Dubai is different from leasehold where the buyer only has control over the unit- not the land. In leasehold, the right to occupy or live in the property can be for 99 years or less.