Dubai offers its clients one of the most secure environment for real estate in the entire region. In this emirate, there are many special freehold areas where foreigners can buy, own, and dispose of any type of real estate. The source Emirates.Estate gives some examples of the most sought-after freehold areas.
Features of freehold areas in Dubai
Freehold zones are special locations defined by the ruler, where people who are non-residents of the Persian Gulf countries can own a property. These areas were enshrined in Law No. 7 of 2006 “On land Registration in the Emirate of Dubai”. Article 4 of the law granted foreign citizens the right to buy real estate in the UAE in certain territories and register transactions with the Dubai Land Department (DLD). The foreign owner can dispose of the housing at his discretion: sell, donate, bequeath or start renting it out. Moreover, the homeowner can modify and change it.
It is important to notice that citizens of the UAE and the Persian Gulf countries can lease a property in some freehold zones.
The best locations for foreign nationals to purchase real estate
Business Bay, Downtown Dubai, and Dubai Marina are some of the best freehold districts in Dubai. They have various real estate offers for any taste and budget.
Business Bay
Business Bay is located on 5,945,794 sq. m on the Dubai Canal. This respectable neighborhood is popular with businesses and overseas investors. According to Dubai’s master plan for 2040, Business Bay and Downtown Dubai will be transformed into the major financial center of the Emirate.
The community consists of high-rise buildings with studios, 1-3-bedroom apartments, and luxury penthouses. AED 600,000 ($165,000, ¥1,050 million) is the minimum cost of a 1-bedroom flat.
Downtown Dubai
Downtown Dubai is a large commercial and residential development project in the northern part of Dubai. In fact, it is the center of the city. There is a great deal of high-rise buildings of residential real estate with world-class amenities. The homeowners have access to Jacuzzi, gyms, indoor and outdoor pools. Low-rise villas and townhouses are also located away from the center. There are lots of iconic sights of interest in this area, such as the world’s largest mall, Dubai Mall, Dubai Fountain, Dubai Opera, and Burj Khalifa. The lowest price for real estate in this location is AED 720,000 ($196,000, ¥1.2 million).
Dubai Marina
Dubai Marina is a neighborhood of skyscrapers. It is also home to the tallest residential building in the world — the Princess Tower, the Dubai Marina Mall, with over 130 shops, a cinema, and a hypermarket. There is a picturesque embankment here, which is a favorite place of locals and tourists.
Dubai Marina, in terms of population and skyscrapers, is the largest community in Dubai. In addition, the area is attractive for investors and end buyers. The lowest price for a 1-bedroom apartment in Dubai Marina starts from AED 1.3 million ($354,000, ¥2.2 million).
Are you going to buy apartments for sale in Business Bay or a villa in another elite neighborhood of Dubai? Emirates.Estate specialists will choose for you several housing options according to your requests and answer all your questions related to the purchase of real estate in the UAE. In addition, you can get more details on the official portal.
