Dubai Freehold Property

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Until 2002, the UAE property laws allowed the expatriates from the non GCC countries only to rent property or own one on the federal law approved 99-year leasehold basis. The Dubai Government in the year 2002, by permitting the ownership of Dubai freehold properties to the expats, set a new trend which revolutionized the region’s real estate sector and was subsequently followed by the other emirates. 

Dubai’s rulers have been wise enough to realize that the petrodollars on which their economy stood and thrived were not there to last long. Geologists had warned that the emirate’s oil reserves might perish well by the year 2012. So Dubai’s leadership left no stone unturned to gradually lessen and ultimately end the emirate’s dependability on oil. The focus was then shifted to the services industry in which Dubai leads the world today. As a crucial part of this strategy, the local real estate industry was one of the major industries to get a boost. As the face of Dubai slowly changed and the emirate had more and more attractions for holidaymakers and better prospects for businesses and thus jobseekers, demand for both commercial and residential properties in Dubai soared paving way for a feverish real estate development. 

To add to Dubai’s attractions, expatriates from the non-GCC countries were allowed to buy freehold properties in Dubai. This was regarded as a huge leap on Dubai’s part as before Dubai, no other emirate in the UAE granted freehold property ownership rights to the expats. Dubai soon compounded this offer with complementary residence visas for the property owners and their families. Dubai freehold property soon became a catch word in the property investment circle globally. Foreign investors, especially from the UK, came running to invest in Dubai foreseeing their investment come to fruition. This revolution also made its way to the internet with real estate companies and developers appearing and competing online offering property listings and Dubai freehold property guide to provide convenience of the potential buyers. 

Seeing the wonders that freehold property rights worked for Dubai, Ajman became the next emirate of the UAE to allow freehold property ownership rights to the expatriates. Ajman freehold property became the next big thing in the world of property investment. Bboth foreign and local investors, witnessing saturation in Dubai’s property market, shifted their focus on Ajman making it the best preferred alternative for Dubai freehold property. Ajman freehold properties offered the investors greater opportunities at lesser costs compared to Dubai. As this emirate’s real estate industry is still in its infancy and is following Dubai’s footsteps, investors are all eyes at the emirate and are getting the best of every new investment opportunity that Ajman offers. Real estate development in the city is going on full swing and many projects to offer freehold property for sale in Ajman are underway and nearing completion. Putting it in a nutshell, Ajman offers the most lucrative property investment opportunities today.

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