Dubai has become a popular destination for foreign buyers, who are drawn to its thriving economy, world-class amenities, and excellent quality of life. If you are a foreigner who is considering buying real estate here, you may have several questions about the process. Whether you want housing to live with a large family or seeking 1 bedroom apartments in Harbour Lights and other developments of the emirate, this article will provide you with everything you need to know to land a property deal in the metropolis.
Freehold vs. Leasehold Zones in Dubai, UAE
In this thriving urban centre, there exist two distinct categories of property ownership: freehold and leasehold. Owning a freehold property grants an individual the complete authority to purchase, lease, or invest in either the unit or the land on which it is situated. Expats and non-citizens can purchase freehold properties in specific neighborhoods designated by the Dubai Land Department (DLD). These areas are updated annually and include well-known locations such as Dubai Marina, Downtown Dubai, Emirates Hills, Barsha Heights, Business Bay, Blue Water Island, and The Palm Jumeirah.
Leasehold properties, on the other hand, provide the owner with the right to utilize their apartment for a lengthy period, often 99 years, akin to a long-term lease. However, the owner is not permitted to alter or remodel the property without the permission of the freehold owner.
Buying a Property in Dubai: How to Get a Mortgage
Foreigners can apply for a mortgage through national and private banks in order to purchase real estate. Each bank has its own distinct set of rules and terms, which are determined by factors such as monthly income and country of residence. After meeting the requirements and submitting the necessary documents, foreigners can obtain a loan.
Here are the steps you should take to get a mortgage:
- Choose a reputable bank or mortgage lender.
- Check your credit score to determine your eligibility.
- Gather all the necessary documents, including proof of income, employment verification, bank statements, and passport copy.
- Apply for pre-approval to determine how much you can afford to borrow.
- Once you have pre-approval, start your search and make an offer on a residential unit that fits your budget.
- Work with your bank or mortgage lender to finalize the loan, sign the mortgage agreement, and transfer the funds to the seller.
Lucrative off-plan projects in Dubai
The emirate has long been known as a hotbed for real estate investment opportunities. With its booming economy and luxurious lifestyle, the city attracts investors from all over the world. One of the latest and most exciting projects on offer is the Harbour Lights development in Maritime City. This premier residential complex is a perfect example of the high-class real estate that makes the metropolis famous.
The luxurious 52-story building project comprises one to three-bedroom apartments and is designed to provide tenants with an unparalleled urban lifestyle. The development offers a wide range of amenities catering to sports, wellness, leisure, and entertainment. The complex is currently being constructed by the well-known developer Damac Properties, renowned for its high-quality projects.
The development is located in Maritime City, which has 14 high-rise plots and an abundance of shopping, dining, and entertainment options. The apartments are designed with marine aesthetics in mind, reflecting the interiors, lobby decor, and the building’s wave-like architecture. The project includes a unique floating pool on a platform in the waters of the Persian Gulf.
The complex’s main advantage is the high-class service and amenities, with De Grisogono designing all common areas. The 51st floor includes a state-of-the-art fitness center, and the 24th floor features a luxurious pool with comfortable loungers and decorative plants. The project includes round-the-clock security to provide residents with peace of mind. To learn more about the project, contact specialists at the https://www.axcapital.ae/ real estate agency.
Purchasing a unit in this off-plan building at the developer’s price point presents a prime investment opportunity. As the construction nears completion, the value is expected to grow, allowing early investors to resell their residences at a profit. In addition, the luxurious apartments in Harbour Lights can be rented out, generating a stable passive income due to their stylish design and prime location with easy access to developed infrastructure, which will attract high-end renters.
