Can Saudis own real estate in Dubai?

Can Saudis own real estate in Dubai?

Yes, Saudis can own property in Dubai as previously explained in earlier articles. In this article, we will continue discussing details related to Saudis owning property in Dubai. In 2020, Saudi investors ranked first among Arab investors, second in the Gulf, and fourth globally in the list of top investors in Dubai real estate.

It is noteworthy that the majority of Saudi ownership in Dubai has focused on residential apartments, as most Saudis invest in buying apartments, while those interested in investing in villas accounted for only 20%.

Freehold Law in Dubai for Foreigners

The legal regulations governing foreign investment in Dubai are based on laws specific to the emirate itself, issued by the Government of Dubai, in addition to other general laws issued by the federal government of the United Arab Emirates.

Regarding the conditions for foreigners buying real estate in Dubai, the emirate is described as having flexible and acceptable conditions for foreigners wishing to obtain freehold rights in the UAE. The main points related to the freehold law in Dubai for foreigners can be summarized as follows:

• Foreigners are allowed to own property in Dubai according to Federal Decree Law No. 26 of 2020, which amended certain articles of Federal Law No. 2 of 2015 regarding commercial companies.
• Full ownership (100%) for foreign investors in Dubai covers more than 1,000 commercial and industrial activities, except for economic activities related to the country’s strategic sectors, which include seven different sectors.
• Before starting any commercial activity in Dubai, a foreign investor must obtain a commercial license, which requires several procedures to be completed step by step until the legal license is received, after which the investor can start their business without any issues.
• Absolute ownership is allowed in designated freehold zones specified by the Government of Dubai.
• The property must be registered with the Dubai Land Department.
• Financial dues related to purchasing an apartment in Dubai must be paid, such as Land Department fees, property registration fees, property valuation fees, mortgage loan fees, and mortgage registration fees.
  
  

Read more: Freehold Law in Dubai for Foreigners

What types of properties can Saudis own in Dubai?

Saudis can own various types of properties in Dubai and purchase real estate in Dubai, according to the freehold zones designated for ownership. They can acquire absolute freehold ownership with no time restrictions, usufruct rights, or leasehold rights for up to 99 years in areas specified by the Dubai Land Department.

Saudi investments have mainly focused on residential apartments in several areas, most notably: Dubai Marina, Downtown Dubai, JLT, and Dubai Sports City. As for villas, Saudi investments have focused on Dubai Land, Jumeirah, Arabian Ranches Springs, Palm Jumeirah, Al Furjan, and Jumeirah Island.

Areas in Dubai where Saudis can own real estate

According to Article 3 of Regulation No. 3 of 2006 regarding areas where non-citizens can own real estate in the Emirate of Dubai, freehold areas are listed on pages (115-117). Here are some of the most prominent freehold areas in Dubai where Saudi citizens can purchase real estate:

• Emirates Hills.
• Palm Jumeirah.
• The Meadows.
• The Lakes.
• The Springs.
• Dubai Marina.
• Jumeirah Lakes Towers.
• Downtown Dubai.
• The Old Town.
• Burj Khalifa.
• Dubai Investment Park.
• Jumeirah Beach Residence (JBR).
• Al Rawda.
• Arabian Ranches.
• Dubai Sports City.
• Motor City.
• International City.
• Jebel Ali.
• Palm Jebel Ali.

Advantages of owning real estate in Dubai for Saudis

Saudi citizens in Dubai find several important advantages that serve as encouraging factors for owning real estate in Dubai. These advantages include:

• Geographical proximity, shared language, customs, and traditions that make Saudis feel at home, encouraging them to own property in Dubai for permanent and comfortable residence if they wish to invest, work, and settle in Dubai. Alternatively, they can rent out their property or resell it at a higher price, especially since investing in Dubai real estate is considered profitable and rewarding.
• Investment-friendly and facilitating laws.
• Dubai’s strong and modern infrastructure.
• Consistently high returns from renting or reselling property in a constantly evolving real estate market with ever-increasing demand.
• The opportunity to live and settle in the UAE within a high-quality living environment that offers luxury, comfort, and modernity.
• One of the main advantages of investing in Dubai for Saudis and others is what Financial Times "FDI Markets" data has shown: Dubai has achieved global leadership in many sub-sectors of foreign direct investment, ranking first globally in the number of creative industry projects, as well as in business services, financial services, transport and storage, industrial equipment, sales, marketing, and support sectors.
• Another incentive for Saudis to invest in Dubai is that the emirate ranked first globally among cities attracting new foreign direct investment projects during the first six months of 2022, according to "FDI Markets," the most comprehensive database on new foreign investments worldwide. New projects accounted for 56% of the total foreign direct investment projects attracted by Dubai during this period, according to the "Dubai Investment Monitor" report issued by the Dubai Investment Development Agency, part of the Dubai Department of Economy and Tourism.

All of the above once again proves Dubai’s strong investment reputation, which is a key factor encouraging Saudi investors to own real estate in Dubai, especially given their deep and strong fraternal ties with the emirate.

Best freehold options in Dubai by Imtilak Global

Ambitious investors seeking safe and successful investments always turn to trusted and experienced companies in the investment market. In this context, Imtilak Global in Dubai strives to provide its diverse and integrated services to Saudis wishing to own and invest in real estate in Dubai, covering all stages of ownership in Dubai, from real estate consultations and assistance in finding the right property, to providing everything needed to complete the ownership process, and finally various after-sales and property management services. This comprehensive package includes everything a Saudi real estate investor needs in the UAE. For more information, you can contact Imtilak Global through its official channels.

Edited by: Imtilak Global Real Estate©

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