Freehold Ownership In Dubai
Foreign investors can now own a property on a 99-year lease, or in certain areas on a freehold basis. Owning a property freehold means that the property is placed in the buyers name for life, subject to all the payments being satisfied. The buyer will also have the right to rent, lease or sell the property to a third party. A freeholder is considered to be the absolute owner of the land and buildings comprised in the title. Consequently, the buyer has the right to occupy, use and enjoy the property forever (‘in perpetuity’) and the buyer’s heirs are entitled to inherit the title upon his / her death.
Service and maintenance charges for common areas will be about £1-£1.75 per sq ft depending on the development and are payable yearly in advance.
The Dubai Land Department will be the final registration authority for properties. The Land department charge 1.5% for registering new properties. To register a transfer of an existing property, 2% is payable to the developer.