Dubai
Buy house or flat in Dubai
Recent changes to the law regarding ownership of property by non UAE nationals, aimed at stimulating real estate and tourism growth, mean that it is now possible for expatriates to purchase property in Dubai, either on a 99-year lease or on a freehold basis. The areas in which freehold properties are made available to foreign nationals is determined by Dubai's rulers and includes many of the developments popular with expatriates, such as Dubai Marina, Emirates Hills, Arabian Ranches, Palm Islands, The World and Jumeirah Beach Residence.
Mortgages are available at a competitive rate of interest from the major local and international banks. You can borrow 60 times your monthly salary to fund the purchase of a property. It is advisable to have a mortgage agreed before viewing properties as sales tend to move rapidly and you may lose the chance to buy the property of your choice if you need time to put finance in place after making your offer.
There are no property taxes in Dubai, so the costs of purchasing in Dubai are low in comparison with many other countries. You should, however, check the ongoing maintenance charges for the property; if it is on a luxury development with a range of top-quality facilities, you may be faced with a significant annual outlay.
Update 11/09/2006
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