Since 2016, anyone, including a foreigner, can purchase a land plot in the UAE and, in particular, in Dubai. The land is bought for different needs, both for the construction of residential or commercial facilities and to invest for further resale.
Land for construction and investment in Dubai
Foreign citizens can’t buy land in Dubai everywhere. For foreigners, plots located in freehold zones are available for purchase. In this case, the investor receives the right of full ownership and can dispose of the land at his discretion: give, bequeath, sell, or lease.
There are more than 70 freehold zones in Dubai, and their number is increasing. In which areas are land plots in the greatest demand? The popular locations of the emirate are Dubai Marina, Palm Jumeirah, Jumeirah Lakes Towers, and Business Bay. But there are not so many available offers in these areas. More land is available in the Jumeirah Village, Al Furjan and Dubai Sports City districts.
When choosing an area for the purchase of land, a foreigner needs to focus not only on the location but also on other factors that indicate the investment attractiveness of the offer. Experts of the Mayak Real Estate agency help to find a profitable option.
In Dubai, several hundred land plots are on sale at the same time in different districts and at different prices. Land in central and popular tourist districts with good infrastructure is more in demand. Jumeirah Palm, Downtown, Business Bay, Jumeirah Village Circle, DAMAC Hills, Mohammed Bin Rashid City, etc. are considered promising. But whether the purchase of a plot in one of these parts of the emirate will bring profitability, you need to consider everything individually. Not everything depends on the location.
If we talk about approximate prices, for example, in the Silicon Oasis and Sports City districts, the price of a land plot starts from 100 dirhams per square meter. When buying land in one of the communities located in the center of Dubai, the cost can reach 450 dirhams/sq.m. The most affordable prices can be found in districts that do not yet have developed infrastructure.
You can buy a plot of land in Dubai directly from the state or from a developer who owns large territories. The purpose of acquiring land may be different either for development or for resale. It is best to decide on it before the selection of offers.
Plots in Dubai are sold for cash and mortgages. What are the requirements for a borrower planning to purchase land:
As for the terms of lending for the purchase of a land plot, the first payment is about 10%. In most cases, payment must be made in stages: foremost the first installment, after six months the second installment and after some time the third installment.
The UAE Civil Code provides for different types of ownership of property, including land:
To purchase a plot in Dubai, you need to prepare the following documents:
The process of buying a land plot
Before purchasing land in Dubai, it is important to determine for what purpose the plot is being purchased. It depends on which part of the emirate it is best to look for offers. The purchase procedure also includes such stages as the preparation of documents, approval of loan issuance in the bank, etc.
If you use the services of a reliable agent who knows all the peculiarities of the procedure to buy land in Dubai, you can save time and money. Mayak Real Estate agency can help an investor with:
Contact experienced professionals to successfully invest in land in Dubai. Mayak Real Estate company has been present in the real estate market for more than 10 years.
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