A lot needs to be researched when buying property, especially when it comes to your entitlements. Before deciding to invest in a property, it is important to understand the difference between freehold and leasehold property and the rights and responsibilities owning a freehold property gives you, before you take the step to buy it.
Owning freehold is usually much better than leasing for one main reason: control. As the owner, you can generally do what you want with your home provided you keep within the rules and the law. Freehold areas in Dubai include plots in Jebel Ali, the Palm Island projects, The World islands, Dubai Marina, Emirates Hills and Al Barsha, among others.
Registration of your property with the Land Department is important to claim full ownership. Once a property is completed and handed over to the purchaser, the developer must register the title to the property in the name of the purchaser in the Real Property Register at the Land Department.
Land will be registered in the name of a foreigner only after the developers submit a no-objection letter, stating that all the payments for the transaction have been made. There is no way for a foreigner to own property in non-designated areas. If a foreigner wishes to own property in the non-designated areas, a long lease agreement is the best bet.
Good luck with your decision!
Kabir Mulchandani
www.skaiholdings.com
Dubai