Expertise    »    Real Estate

Following the 2002 official decree allowing foreigners to buy property on freehold ownership, the real estate market in Dubai has been witnessing a mind-boggling boom in residential and commercial property. The recent developments in the Dubai property law signal more confidence in the real estate market and the prices are expected to go up as new buyers enter the freehold market.

Purchasing a property on freehold basis means that the property is put under the owner’s name for life, and the owner has the right to sell, lease or rent their property at their own discretion.

There are numerous reasons why all nationalities are purchasing property in Dubai:
  • The purchaser of property is entitled to a UAE residence visa
  • Properties in Dubai are all finished to a very high standard
  • Dubai property prices are low compared with other developed countries
  • There is no income or capital gains tax applicable to property sales or rentals
  • There is no stamp duty or legal fees on freehold property in Dubai – apart from a 1.5% land registry fee on completion
  • Rental income from Dubai property is presently estimated between 8-10%
  • Capital growth is expected to surpass 15% per annum
  • Mortgages are available in Dubai to foreigners
  • The UAE Dirham is a stable currency pegged to the US dollar
  • Crime is almost non-existent in the UAE

Following in Dubai’s footsteps, other Emirates are offering luring freehold properties for foreigners, thus enhancing investment opportunities of the region.

However, along with countless benefits for Dubai property owners, there are certain points to consider before going about the purchase. Closing a property deal is where the groundwork for comprehensive legal issues is set forth and that is why legal aid is imperative to be aware of the importance and complexity.

Experienced lawyers at Helene Mathieu Legal Consultants provide advisory services in the real estate field:
  • Execution of power of attorney
  • Drafting and reviewing real estate agreements
  • Due diligence
  • Assistance in property transfer and registration at Lands Department
  • Representation and negotiating on behalf of the client
  • General advice on property dealings disputes with Real Estate developers