How can I buy or rent a property as a foreigner in the United Arab Emirates?
Foreigners can buy or rent properties in the United Arab Emirates (UAE) under certain conditions. Here’s what you need to know:
Buying property:
- Free zone property: Foreigners can buy 100% freehold properties in the UAE’s free zones.
- Property outside of free zones: Foreigners cannot own 100% freehold properties outside of free zones. However, they can buy properties with a maximum ownership of 49% and national ownership of 51%. It is also possible for foreigners to set up a limited liability company (LLC) with an Emirati partner to buy a property.
Renting property:
- Residence visa: Foreigners must have a valid residence visa to rent a property for the long term in the UAE.
- Lease agreement: Foreigners must sign a lease agreement with the landlord or real estate agent. The lease agreement must be registered with the Rental Dispute Settlement Center of the Dubai Land Department.
- Security deposit: Landlords may require a security deposit that corresponds to a predetermined amount, typically equal to one or two months of rent.
It is important to note that laws and regulations on buying and renting property may vary depending on the region and type of property. It is therefore recommended to consult a real estate agent or specialized lawyer for advice on the specific procedures for your case.