December 13, 2022 | 13 min read
If you are a UAE visit visa holder and want to buy property in UAE, but the question above has been troubling, continue reading this guide to know the answers.
The United Arab Emirates has laid down the law on how investors and business people can acquire property in UAE according to the UAE’s Ambitious economic vision.
Regulation Number (3) of 2006 stipulates the areas for ownership by Non-UAE Nationals who want to acquire real property in the UAE.
According to the law, even if you are UAE visit visa holder, you can buy property in UAE. Whether a resident or a non-resident foreigner, you can buy property in the designated freehold areas in UAE.
The law allows Non-UAE Nationals to acquire freehold ownership rights over Real Property. There is no time limitation, usufruct rights, or leasehold rights for up to ninety-nine 99 years relating to the land parcels shown on the maps provided by the Department and as being opposite each of the following areas:
Yes, you are eligible to get a residency visa after buying a property in UAE. There are three types of residence visas, and you can apply for the one you meet the requirements.
You have to own property worth at least Dh1 million in UAE for you to be eligible to apply for a UAE investor residence visa. During value calculation, only up to three properties are considered, and the value of the property is calculated at the buying time and not the current value. It is important to understand that the property must be ready and not off-plan.
When you have mortgaged property, the requirement is at least 50 percent of the property value has to be paid to the bank. You can also involve your husband or wife in one property purchase and qualify for this visa. However, you must present a marriage certificate during the visa application.
The cost for a UAE investor residence visa ranges from Dh13 000 to Dh15 000, and it is valid for three years with a renewable option.
You can be eligible for a five-year residence visa after purchasing a property in UAE worth Dh5m. Other requirements to qualify for this visa include you being required not to use a mortgage or loan to acquire the property, and you should retain the property for at least three years. After getting this visa, you can sponsor your family and dependents.
The 10-year residence visa is meant for investors investing more than Dh10m, and 40 percent should be in real estate. Other requirements include not using a loan to make the investments and retaining the property for at least three years.
When looking for a property to buy in UAE, you must differentiate between buying a property off-plan or a completed one. Buying a completed property is more secure than the off-plan due to the completion date and issues with developers.
When buying an off-plan property, you must get the property documents signed, purchase registered at the Land Department, and then process the payment for the property to be transferred to you.
The purchase of the off-plan property is guided by Executive Council Resolution No (13) of 2008, which details the organization of the initial real estate registry in UAE. This law set out restrictions on developers to protect the buyers' rights. Despite this law, it is still possible that concerns about construction and completion may come up.
Before buying a property with Visit Visa in UAE, as the buyer, you must verify the documents are correct and legal. There is an escrow account where you will make the payments for the property you are considering buying.
It is also advisable to physically see the original title deed, verify it is original, and understand all details mentioned. As the buyer, you should also request the seller or real estate developer to provide a no-objection certificate (NOC) that confirms there are no outstanding unpaid dues on the property. As the buyer, it is your initiative to verify the project's status and whether the seller has an existing mortgage on the property by running a check with the Land Department. When the owner of a mortgaged property in Dubai wants to sell that property, it becomes more problematic. Before applying the title deed NOC, the property owner in this scenario must pay off the first mortgage in full.
No, even though you are allowed to buy property in UAE, you don't automatically get the residence. The UAE government does not issue the UAE residency visa as a gift because you own property. To get the residency visa, you must follow a separate procedure.
No, there is no such thing as a lifetime residency visa in Dubai.You can get a residency in UAE if you buy a property worth AED 1m in Dubai. However, the validity of this residency is three years, and you have to renew your visa every three years.
The UAE government also introduced a 5-year visa for real estate investors, a 10-year visa for investors/ business owners, and a 5-year visa for retirees. However, these visas have yet to become applicable. Once the government issues more details, we will update you.
A minimum investment of one million AED is required in order to qualify for an investor visa in Dubai through the purchase of the property. This investment may be made in different properties; however, all properties must be ready and hold a title deed that the Dubai Land Department has issued.
Yes, you can buy a villa in UAE and get residency. The government will have no trouble approving your application for the program because a villa is a residential property. When buying the villa, you should ensure you are buying in a freehold area rather than a leasehold area.
Yes, you can buy an apartment in UAE and get a UAE property visa. Again, all you have to do is make sure the apartment is ready to move into, residential, habitable, and in a freehold area.
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