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Yes, foreigners, both non-residents and expatriate residents, can fully own property within designated freehold areas in Dubai. These areas are designed to facilitate foreign investment, allowing individuals to obtain freehold ownership rights without restrictions. Additionally, options for usufruct rights or leasehold rights up to 99 years are available, making Dubai an attractive destination for international property investment.
Yes, 2024 is a promising year to invest in Dubai's property market. The market continues to demonstrate robustness and resilience, bolstered by strategic initiatives, significant regulatory reforms, economic diversification, and extensive infrastructure developments. These factors create a favorable investment climate, making it an excellent time for buying and selling properties in Dubai.
Residents living abroad are not required to pay property tax. However, if the property is intended for commercial purposes, a 5% VAT is applicable.
With a long-term lease, you can expect an annual income of approximately 8% of the property’s value. Opting for short-term rentals can yield up to 15% of the property’s value annually.
According to UAE legislation, there is no mandatory period of real estate ownership before resale. Owners can sell their property even the day after its acquisition.
Off-plan property refers to real estate that is in the preliminary or initial stage of construction. Essentially, it is property that is still under construction.
Yes. Canadians can buy property in Dubai as a foreigner in several freehold areas, such as Dubai Marina, DAMAC Hills, Jumeirah Lake Towers, and Dubailand.
Using MTFX, you can transfer large sums of money from Canada to Dubai swiftly and conveniently. Signing up for a secure online account takes less than five minutes and provides you with 24/7 access to competitive exchange rates, low transfer fees, and personalized support.
Yes, banks in Dubai offer mortgage loans with various rates and terms for both ready-to-occupy properties and those under construction. Foreign citizens can also obtain international mortgages. To qualify, borrowers must: