Purchasing Property in Dubai
Dubai property is one if the most convenient places when it comes to settling down or in doing business. In the recent times there have been many investors who have been interested in the Dubai property.
The country has the many things to offer people like affordable luxury houses,tax free environment,and capital growth and is one of the world’s fastest growing city.
Including Dubai there are other six emirates that make up the United Arab Emirates. The Dubai real estate market has experienced the boom with excellent luxury properties to offer. In the past few years,the country has got many new constructions and several real estates projects.
The Dubai projects include offshore properties like The World and Palm Islands. The inland projects include the Dubai Waterfront,Dubai Marina,Business Bay,The Burj Dubai Complex and Dubai land. Dubai has got the world’s tallest building i.e. the Burj al-Arab.
Previously,no one was able to own property in Dubai but after the announcement on March 12 2006 that the non-United Arab Emirates nationals can also purchase the property and since that time there has been much rush. Foreigners will be able to own the property only after they submit a no-objection letter which states that all payments transactions are fulfilled.
The three kinds of ownership in the legislation are the freehold,common hold and usufruct. In a free hold property the house owner will have to complete ownership rights and then the person will be handed over the property. In usufruct the person can use another’s property for long term which should not be less than five years. In common hold the person can get hold of the property by sharing it with some other person also.
Hence you can opt from any one of the above and get hold of your property.
Tags: Abu Dhabi Property, Dubai Property
Uncategorized | admin | 
December 15, 2008 2:40 am
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