Good news for anyone thinking on getting on that property ladder, expats can now buy land in the UAE.
For those keen to make the region their second home, a new law and regulation has made that extremely favourable, after the UAE opened up more land parcels to expatriates, allowing them to invest either on lease or freehold terms.
OK, so while this was possible in some regions wit in the UAE, what makes this much more exciting is that the decree passed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai this week allows expatriates to purchase freehold plots in Dubai South, formerly called Dubai World Central (DWC).
According to Arabian Business this now allows expats “the right to absolute ownership, with no time frame, of land and property in DWC plots 205, 206 and 207. It also gives owners the right to lease property on these plots for up to 99 years.”
In case you were wondering, there are actually four types of land ownership in the UAE. These include GCC land, available freehold for UAE nationals only; GCC land for lease, which is open to all nationalities; freehold land for all nationalities, and freezone land for lease, which is open to all nationalities and is renewable.
By allowing expats to now buy land as well, it is set to trigger a property and development boom in the run-up to the Expo 2020.
According to Khaleej Times, Freehold plots in Dubai that are available to buy are Dubai South, Business Bay and Pearl Jumeirah and in secondary locations such as Al Furjan, Dubai Sports City and Jumeirah Village South. This excludes older areas such as Bur Dubai, Karama and Qusais.
It’s no surprise more expats are staying longer in the UAE.