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Of all the emirates that comprise the United Arab Emirates
(UAE), Dubai was the first to involve itself with freehold
properties. Dubai made this bold move when only UAE and
GCC nationals were the only people who were allowed to
own property anywhere in the UAE. Thanks for recent legislative
changes and the new economic thinking of the government,
purchasing and owning Dubai freehold properties is becoming
easier by the day.
In the year 2001, the Dubai government decided that it
would allow expiates to get a 99 year lease of Dubai freehold
properties. In 2002, the Sheikh Mohammed bin Rashid Al
Maktoom, the crown prince of Dubai, decreed that foreign
nationals be permitted to buy property on freehold ownership.
This decree has resulted in a real estate boom in the
UAE and Dubai freehold properties are one of the most
sought after by investors in property.
When you purchase Dubai freehold properties, what happens
is that the original owner of that property puts it in
your name for life. You then have the legal right to sell,
lease, or rent this property as your own discretion. This
was not possible for non-UAE citizens before 2002 when
property was always leased and never sold. All properties
owners and their immediate families will be provided with
renewable Dubai resident visas for life. These visas typically
cost Dhs 5,000 per person.
Dubai freehold properties are currently limited to certain
area of the city known as Bur Dubai. It is the end of
Dubai where it connects with Abu Dhabi. These areas include
Sheikh Zayed Road, Jumeirah, Jebel Ali, and Dubai land.
One of the biggest real estate companies in Dubai is
Emaar Properties. It was one of the first companies to
be started as a public company, back in 1997. Emaar Properties
was the first real estate developer to get in Dubai freehold
properties.
Listed below are some of their more famous projects.
- Burj Dubai. This is intended to be the world's
tallest tower with its final height being kept a secret
from competitors. It is supposed to have over 160 habitable
floors. The surroundings include residential, commercial,
hotel, entertainment, and leisure outlets.
- Dubai Marina. This is the largest waterfront
and largest man-made development in the world. It consists
of a combination of canals and artificial islands. It
is made up of different zones that will include commercial,
residential, resort, and amenity areas. The Dubai Marina
developer's share the vision of the project as "to
create a world-class destination for residents, visitors
and businesses in the world's fastest growing city".
- Golf Towers. These are two high-rise towers
encompassing residential areas overlooking the Emirates
Golf Club. Scheduled to finish in mid-2007 they will
offer 1, 2, and 3 bedroom apartments.
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