Dubai is one of the top global destinations for property investment for Indians due to its location, infrastructure, tax free environment and world class amenities.To attract international talent and promote foreign investment in UAE, the government launched the Dubai Golden Visa program in 2019, offering long-term residency to investors, entrepreneurs, scientists, Ph.D. holders, sports professionals and exceptional talents.Initially the original requirement was to invest AED 5–10 million but the program was revised in 2022 to include more accessible conditions such as a lower investment amount and flexibility in property purchase options.Now indian investors can obtain a 10-year dubai Golden Visa by purchasing dubai real estate worth AED 2 million (Rs. 4 Crore) or secure a 2-year residence visa with a property investment of AED 750,000 (Rs.1.7 Crore). There are many ultra luxurious property in Dubai for investments like Danube Diamondz, Azizi Venice and many more which can be a real asset worth millions in the future.A mortgage with a 50% down payment is available with this option,hence indians can buy property in dubai on loan.Additionally, eligibility for the Dubai Golden Visa for indian extends to those investing at least AED 10 million in a business or owning an employment contract with a minimum salary of AED 12,000.The visa also allows family members to reside in the UAE, further supporting the country's aim to attract and retain talents that contribute to its economic growth and development. Dubai real estate offers various types of Apartments such as Villas, Townhouses or Short-Term Rentals.
Q. Can I buy property in Dubai from india?
Yes! Indians can Buy properties in Dubai permanently from India as a foreign national. Its process involves several steps, legal considerations, and financial commitments.Here’s a step by step guide to help you understand the process:
1. Property Ownership Rules for Indians
Dubai is part of the United Arab Emirates (UAE) and its laws related to foreign citizens including Indians buying property in Dubai are well defined and framed. The Emirate has permitted the private ownership of real estate by foreigners but only within the freehold zones. These are the areas that are gazetted by the Dubai government where foreign nationals are allowed to invest and reside, sell or rent property.
Freehold vs. Leasehold:
- Freehold Areas: Indians and foreigners have full rights over it and they can own Dubai property for sale in freehold areas. Downtown Dubai, Palm Jumeirah, Dubai Marina and Emirates Hills are among the most popular freehold areas.
- Leasehold Areas: In Leaseholds Areas, you can lease Dubai real estate for a fixed period of time, usually 99 years at most. Ownership returns to the original owner (usually a landlord or government) when the lease period is over.
2. Step-by-Step Guide for Indians Buying Property in Dubai
Location is key when investing in Dubai real estate. It offers a variety of Luxury homes in Dubai in the neighborhoods like Downtown Dubai which is known for the Burj Khalifa and Dubai Mall. Palm Jumeirah is well Known for its luxury villas for sale in Dubai and beachfront properties and Jumeirah Lake Towers (JLT) offers more affordable options with a mix of residential and commercial properties.
a. Legal Requirements
The legal requirements for buy property in Dubai is as follows -
- No Residency Requirement: You don’t need to be a resident of UAE to purchase Dubai property for sale. However, having a residency visa can speed up some of the processes.
- Title Deed: To buy Property in Dubai you must have a valid title deed issued by the Dubai Land Department. This deed is proof of ownership.
- Due Diligence: Conduct thorough due diligence, including verifying the developer's credibility, ensuring there are no legal disputes, and confirming that all necessary permits are in place.
b. Financing Options
Indian investors have several financing options when buying Dubai property for sale:
- Cash Purchase: This is the simplest option, where you pay the entire property value upfront.
- Mortgage: Several banks in Dubai estate offer mortgages to foreign nationals. Typically, banks finance up to 50-80% of the property value for people living outside their country
c. Memorandum of Understanding (MOU)
The next step after finalizing the property is to sign a Memorandum of Understanding (MOU) with the seller. The MOU outlines the terms and conditions of the sale, including the purchase price, payment terms, and transfer date.At this stage 10% of the property price is usually deposited.
d. Finalizing the Purchase
The final step is the transfer of ownership. This process is carried out at the Dubai Land Department or the developer’s office. During this process:
- Payment of Remaining Amount: The buyer pays the remaining balance of the dubai property price.
- Transfer of Ownership: The title deed is transferred from the seller to the buyer, officially making you the owner of the property.
Q. What is the Eligibility to Buy Property in Dubai?
- Nationality: Indians in Dubai, Foreign nationals including non-residents, can buy property in dubai at designated freehold areas like Downtown Dubai and Palm Jumeirah. UAE nationals and GCC citizens can purchase property anywhere.
- Age Requirement: Buyers should be 21 years old or above.
- Property Types: Foreigners can purchase residential, commercial, and land properties in freehold areas.
- Financial Requirements: A 25% down payment is required, with proof of funds or mortgage approval. Non-residents can secure mortgages covering 50-75% of the property value.
- Legal Status: No residency is required to buy, but purchasing property worth AED 750,000 ($204,000) or more can qualify for a 2-year residency visa; AED 2 million ($545,000) qualifies for a 10-year Golden Visa.
- Documentation: A valid passport, purchase agreement, and No Objection Certificate (NOC) (for off-plan properties) are needed.
- Legal Process: Engage a registered real estate agent and legal advisor, and register the property with the Dubai Land Department (DLD).
- Fees: A 4% transfer fee is payable to the DLD. There are no capital gains taxes in Dubai properties making Dubai real estate a great option for buyers.
Q. Why invest in Dubai real estate in 2024 ?
- Tax Advantages
Dubai is well known for its tax free environment.There is no property tax, income tax or capital gain tax making it highly attractive and favorable for all Indian investment in Dubai properties.
- Safest City
Dubai is the safest city globally with the lowest crime rates giving a peace of mind for residents and investors.
- High Rental Yields
For Indians and other foreigners, property in Dubai has very high rental returns based on the area and property type. The amount can be 6% to 10%, this is a considerably higher amount than many major cities around the globe.
- World Class Infrastructure
Dubai properties infrastructure features ultra premium facilities, world class shopping malls, schools, hospitals, and entertainment.
- Complete Property Ownership
Indian investments in UAE will get the buyer full property ownership in designated freehold areas, offering complete control over their investments making buying property in Dubai from India a great option to get high returns.
- Proximity to India
Dubai is short flight travel from key Indian cities like Delhi, Mumbai and Bangalore that make it quite easy for Indian investors to manage and maintain their property.