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 Freehold property is a relatively new phenomenon in the UAE. In May 2002 Dubai's ruler, Sheikh Mohammed Bin Rashid Al Maktoom, issued a decree allowing non-nationals to buy property on a freehold basis. This sparked the boom in the real estate industry that has transformed the face of the city.
Buying property for non UAE nationals on a freehold basis puts complete ownership in the name of the purchaser for life, with the right to sell, lease or rent the property at his or her discretion. Property owners and their families can then obtain renewable Dubai residence visas for life, which can cost up to Dhs. 5,000 per person. |
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