Dubai can foreigners own property? Article Published: 20:47 04/02/2006 Article Classification: Park Towers Dubai
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No one could fail to notice the property boom that is happening in Dubai, and the massive amount of foreign investors in the market, but the word on the street is that foreigners can't own property there, so how is this happening?

Changed property laws in Dubai and the growth in tourism has led to huge investment in the property market in United Arab Emirates. With impressive new buildings, the biggest theme park in the world, a friendly city with virtually no crime, all year sunshine and outstanding levels of service, it's no wonder that it's the fastest growing city in the world today.

In 2001, the Dubai government agreed to allow expats to take a 99-year lease on property in Dubai. However, in May 2002, the crown prince of Dubai, Sheikh Mohammed bin Rashid Al Maktoom, issued a decree allowing foreigners to buy Dubai property on freehold ownership. This sparked the real estate boom in Dubai residential property. However the decree has not yet been made law (at the time of writing), but this is expected before the end of 2006 and is expected to push prices and interest higher still.

Property owners and their immediate family, can obtain renewable Dubai residence visas, costing approximately Dhs. 5,000 per person. Freehold property in Dubai is limited to the Sheikh Zayed Road and Jumeirah areas.

As with all foreign property purchases, Olive Tree recommends that you seek your own independent legal advice to help you with the legalities and associated risks.