Banks and financial institutions offer different types of loans in the country, ranging from start-up to Islamic finance lending
life and living2 weeks ago
Are you looking to rent property for over a couple of decades? Or do you want to buy a house to settle in for the rest of your life in the UAE? According to Law No. 19 of 2005, expatriates can own property in the form of floors and apartments. After a 2019 amendment to the real estate law, foreigners can also own land and real-estate property in investment areas on a freehold basis.
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Foreign residents can own and trade property, through four main systems, which are:
1. Ownership
Expats can fully use and dispose of the apartments and villas they buy (excluding land) for a period of 99 years
2. Musataha
Expats can own residential units for a period of 50 years. This period is renewable by the agreement of the parties. Under these contracts, for the specified period, the owner can use, construct on or alter the property
3. Usufruct
Expats can own and use residential units for 99 years. However, under this contract, the owner can not change the property.
4. Long-term lease
Expats can lease units for a long duration of 25 years or more.
According to the TAMM portal, expats can own residential properties in these nine areas in the emirate:
To purchase a property in either of these places, you must register its sale on TAMM. To do so, you can go to services, and click on 'units' under housing and properties. The owner can then choose 'register for first sale' if the property is being sold for the first time.
If the property is being bought not directly from the developer, you can apply through the 'Register sale and purchase of plots or real estate units outside development areas.'
When purchasing a residential unit that has not yet been completed, customers can navigate to TAMM, and apply through the 'register the sale of an off-plan plot or unit.'
According to the TAMM portal, in case of a dispute, purchasers must:
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