How to buy property in Dubai if you are not a resident

Dubai’s investor-friendly environment is attractive to non-resident investors

By Noa Wardman/Realty Bytes

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Top Stories

Published: Thu 13 Apr 2023, 4:41 PM

Last updated: Fri 14 Apr 2023, 1:55 PM

Question: I am a businessman with interests in the US and UAE. I want to move funds to purchase a property worth Dh1.5 million in Dubai. I am not a resident of the UAE but visit often on business, and don’t intend to move here full-time.

Answer: Dubai’s investor-friendly environment is attractive to non-resident investors, and the city is always open to welcoming more. If you are a non-resident investor, you can buy and sell properties in Dubai.

However, if you plan to buy a property without residency, you will need to open a savings account with a local bank to transfer the funds required for the purchase. The process is straightforward, but you will have to meet the bank’s criteria for the latest laws on proof of funds and AML regulations.

Opening a local bank account can facilitate the purchase of your desired property, as all related fees can be paid from that account. Another option is to buy off the plan with a reputable developer who has a project escrow account facilitated by the Land Department. Both options are safe and secure, providing you with peace of mind while investing in Dubai’s vibrant property market.

Noa Wardman, Associate Director at Betterhomes. - Supplied photo
Noa Wardman, Associate Director at Betterhomes. - Supplied photo

Question: I bought a villa last month for Dh2 million but now want to sell. I wanted the property as a home, but I am making a profit of Dh500,000 or more if I sell now. Is flipping legal after making a few changes to the property? I have three prospective buyers lined up.

Answer: It sounds like the owner made a smart investment decision by purchasing your property at a favourable price or through an auction. Dubai’s property market is renowned for its tax-free return on investment, making it an attractive option for many people, particularly for upgraded properties.

Upgraded properties are particularly appealing because not everyone has the time and energy to undertake upgrades themselves. It can be a hassle to obtain the necessary permits from developers and the municipality to make changes such as extensions or upgrades. As a result, upgraded properties tend to command a premium.

Assuming you have paid the required transfer fees to the Dubai Land Department and possess all the necessary documentation, there should be no issue with selling your property.

- The author is Associate Director at Betterhomes. Views expressed are her own and do not necessarily reflect those of Khaleej Times.


More news from Business