Freehold properties have a big part in making Dubai real estate attractive investment and homes for investors and residents internationally.
Freehold properties let foreign investors purchase as well as own the property and similar to leasehold properties they can also sell the property, but the property belongs to the buyer only for the lease period.
Complete ownership means that property owners can use, sell, lease or transfer it to their next of kin in its original form without any minimal form of interference which provides security coupled with long term stability.
Benefits of Freehold Property
- Ownership Rights and Security: The freehold ownership in Dubai also allows the absolute rights over the property hence legal ownership of the property is guaranteed. This means that owners can occupy the property using it for residing, for vacation or even for renting out.
- Potential for Capital Appreciation : The real estate market of Dubai is considered globally as a market which offers opportunities for gains. It is quite common to observe high increases in value of freehold properties due to their location especially in areas that are desirable.
- Rental Income Opportunities : Due to increase in the population and constant inflow of expatriates there is high demand for rental housing in the region. Since house owners can easily lease their properties for a long term basis, freehold investments bring good rental income.
- Right to Certain Government’s Privileges : Living in a freehold property has its advantages as from time to time it enables property owners to qualify for certain government benefits such as long term visas. Although freehold property has its demerits, it has the benefit of being inherited by the next of kin, making the property’s value to remain with the given family for generations.
Locations of Freehold Property in Dubai
Dubai offers various attractive freehold property locations, each with unique features:
- Sobha Elwood : This area is famous for giving its residents elegant villas and apartments as well as a combination of the luxury with nature
- Damac Sun City : This community is designed as a combination of luxury townhouses. Damac Sun City is a part of a wider community concept which encompasses a lifestyle of luxury in connection with close proximity to leisure and entertaining amenities.
- Damac Hills Estate: Damac Hills Estate is one of the widely recognized freehold areas that is situated in one of the best areas and comprises apartments, townhouses as well as villa. There are means of leisure such as golf courses, parks, and commercial buildings for business intentions, thus many investors and inhabitants prefer it.
- Dubai Marina: A living boat harbour responsible for providing high rise apartments with spectacular marina views; refer to it as an ever- active water front.
- Emaar The Valley : This is a new neighbourhood with villas and townhouses with modern appliances for family and outdoor activities.
Buying Freehold Property in Dubai
If a foreign investor wants to purchase freehold property in Dubai, there are legal and regulatory requirements that he/she has to adhere to such as the registration of the property with Dubai Land Department.
The buying process normally entails identification of a property, bargaining on some conditions and signing of documents. There are options for affordable financing such as mortgages from the banks located in the particular region.
The use of a real estate agent, for instance Top Luxury Property will ease the process of making a purchase and conforming to regional legal requirements.
Freehold Property Taxes and Fees.
In case of the freehold tenure, there are several costs that are to be made by the property owner and these include the registration fees, annual maintenance charges, and service fees among others. Besides, although there is no property tax in Dubai, certain developers or communities may have certain fees or charges for various services.
Conclusion
Many advantages can be derived from freehold properties in Dubai namely-full and outright ownership, capital appreciation, receiving rentals and transferring properties to the next of kin.
Due to freehold property availability with different lifestyles, Dubai remains as the most favourable place to invest in real estate.
In both using freehold properties for residential purposes or as an investment, it is important for one to be able to understand the pros and cons, since it results in advantageous decisions.
