You can legally buy property in Dubai, though it does not come with a residency visa. Residency visa is only given by the government as an act of goodwill. Then, there is a separate process that you must follow. But still, you can take advantage of this and make a home in Dubai.
In order to start with this, you need to do something before you get a residency visa. First, you should get a real estate broker or agent. You can find one near your house and market to them. Ask for their advice on where and how to buy property. They should give you their contacts and agents in the real estate sector and give you a list of properties available for sale.
The next step is to get your property registered in the Land Department. This is done by you. Go to the relevant office near your area and talk to the agent or broker in charge of property registration to learn the entire process of how to do it.
Once you get the registration done, you can start looking for a property. If you already own a property, then you need to apply for a new property tax identification number. A land department official will be contacting you soon. You can also apply for a property visa if you have a non-immigrant visa.
After you get a residence visa, you can start looking for property. There are different ways on how you can do this. You can look in the newspaper or online classifieds. You can also check out government websites for more options. One of these options is the property investment scheme (PIS), which is a good way on how you can acquire luxury villas for sale in Dubai even without investment.
Another option is to get a Multiple Listing Service (MLS) ownership. This type of ownership allows you to own more than one property. You can do this with just a single property. To be eligible for a Multiple Listing Service (MLS), you must have a property that has not been previously listed and have a price that is higher than the price of the property that you are looking for. This option can only be avail to those who are Dubai citizens or foreign professionals with a fixed business that has not involved financing, who have not acquired a first mortgage or other loan on the property that they want to buy, and who have a fixed rate of return on their investments.
The land department will not be interested in brokering a property for you if you cannot present a valid property proposal. If you are unable to present any details about your plan, you may be required to visit the land department to apply for a residence visa. It takes about six months from the application being accepted until you actually get your property. After you get your residency visa, you can start looking for a property.
You can get investor visa easily by becoming a sponsor for another person who wants to buy property. However, you can only sponsor your personal property. For instance, if your friend wants to buy the property and he needs an attorney, you cannot act as his legal advisor and sponsor his property. Your friend will need a sponsor who is a UAE national.
When you are applying for a residence visa, there will be an age limit for investors. The maximum age limit is 30. The investment plan for the property that you are planning to sponsor must be five years or more in age. This means that your friend and his spouse, or the sponsor’s wife and husband, can only acquire investor visa once they reach the maximum age limit.
If your property is not of the type that requires a sponsor to purchase it, you can still sponsor others. In fact, this is one of the main reasons why there are so many sponsors today. They can easily purchase a freehold area in Dubai for the cost of one or two months’ rent. Once the property is done, they can stay for as long as they want. They do not have to get a resident visa for as long as they can keep paying the monthly rental fee. Get villas for sale in Palm Jumeirah.
Anyone who is interested in purchasing property in Dubai can apply for an investor visa. There are no age limits or residency requirements. If you want to sponsor a family member, you can even do so if you have their consent. The key is to purchase the property within a certain period of time. Once you have done this, you can stay as a permanent resident and purchase any other property in the future.
