Dubai: Expatriates can purchase an apartment, villa or a plot of land in Abu Dhabi, Dubai, Ajman, Ras Al Khaimah, Umm Al Quwain and get a three-year residency permit.
But they will own the property for only 99 years and the land purchase is only allowed in certain areas of the emirates.
Sharjah also allows expatriates to invest in land, villa or an apartment for a maximum 99 years, but will not issue a residency visa.
The residency visa has to be renewed after three years and can be obtained from the residency department at the emirate from which the expatriate purchased the property. The sponsor of the expatriate property owner will be the national property development company from which he or she bought the property.
While a residency visa is not issued in Sharjah, the expatriate will only receive an "investment contract" from the owner of the property.
The investment contract will be endorsed by the Sharjah Municipality and it will allow the buyer to 'invest' in the apartment for 99 years. But a plot of land can be 'invested' for a specific number of years, but not more than 99 years. However, the ownership will not be given to the buyer because it is an investment contract between the two parties. None of the emirates allow freehold ownership of the property. Freehold means that you fully own the property. As a freeholder you will have full responsibility for the maintenance and repairs of the property.
Maintenance
One should not forget that he or she need to pay yearly cost for his or her property maintenance such as security, cleanliness and for other services.
The maintenance cost will be paid for by the real estate that will take care of the maintenance.
The cost of maintenance in Dubai for an apartment may exceed Dh50,000 per year depending on the price of the property itself while in Ajman it will not exceed Dh3,000 per year. The property laws are still under review, but most of the expatriate ownership of property is leasehold at present. That means that you own the property for as long as is specified in the lease, such as 99 years.
At the end of the lease, the property again becomes the possession of the freeholder. The lease stipulates who is responsible for maintaining and repairing different parts of the property and any conditions you must meet as a resident.
Expatriates can choose from a wide range of property development companies around the emirates who offer wide range of prices for villas, apartments, townhouses, lands, offices or shops.
Investment: Leasehold ownership
- Abu Dhabi, Dubai, Ajman, Ras Al Khaimah and Umm Al Quwain allow leasehold ownership for expatriates.
- Sharjah has a different term for it - 'investment'.
- All emirates, except Fujairah, allow land purchase by expatriates, but only in certain specific areas only.
- Expatriates can buy or invest in land and build a shop, villa, or apartments on it.
- One can sell the property or can rent it out.
- You can transfer the leasehold of the property or 'investment' to anyone.
- The leasehold property can be passed on as inheritance, in case of the death of the expatriate.
- You are not required to live here in order to purchase leasehold property.
- Those who are living abroad have to, however, briefly visit the country every six months.
