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Buying real estate in the Emirates is slowly changing

There was a time in U.A.E when only GCC nationals and U.A.E nationals are permitted to own a property. For the expatriates rented apartments was the only option for a living during that time. Now that becomes history. With the new property law comes into action, the systems are changing. Expatriates in U.A.E are able to buy properties in their own name. At first this facility or the freehold buying facility was available in Dubai only. But now it is possible for expatriates to buy properties in any emirate.

Attractions

One of the major attractions of buying property on freehold basis is that each of the buyers will be granted a valid residence visa for 99 years and the owner has the right to sell, lease or rent the property on his/her own discretion. This facility allows the expatriates to go for freehold properties as a good investment. Till now the house rent was a major loss for expatriates in Dubai. But now with the same or a little more amount they used to pay monthly for rented flats they can own a freehold property. The money they had earned with hard work is not going to the property owners but it is being used for the future prosperity of them selves.

Reasons

The population explosion and scarcity of apartments indifferent emirates and the resulting hike in rent has contributed the boom of freehold properties to a large extent. As they have to pay a huge amount for a one or two bedroom flat, people began to think about ways to get the money back. This has prompted expatriate from Asian countries to invest in freehold .For expatriates from western countries, the hike in rent was not the reason for investing in freehold. They took it as an investment for the quality of life. For westerners, if they want to get the quality of life similar to that they get in Dubai at their country, they have to pay three times of money than they are paying in Dubai. So owning a home in Dubai is convenient and comfortable luxury for those westerners who cannot afford luxury in their country.