Welcome to our section on buying a home in Dubai. Dubai has become a popular location for many people looking to buy a home abroad. The strength of the GBP to the UAE Dirham make the country a desirable location for a holiday home and investment property. Mortgages can be difficult to obtain, however we make the Dubai property Mortgage process easy.

Dubai gives property ownership rights to foreigners

DUBAI 15/03/2006— The Dubai government on Tuesday issued a long awaited property law which partly legalises foreign ownership of properties in the emirate. The booming Gulf city state of Dubai has passed a law to legitimise property ownership by foreigners, who previously bought indirectly through contracts with developers, newspaper reports said yesterday.

“Foreigners can become freehold property owners in areas designated by the ruler,” said script of the law, the statment printed in natioanl newspapers.

“They can also derive benefit from their property or rent it out for a period not exceeding 99 years.”

Foreigners make up more than 80% of Dubai’s estimated 1.2 million population.

Until now, property ownership has been limited to residents of the United Arab Emirates (UAE) and other nationals of the Arab Gulf Cooperation Council, which also includes Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.

Previously, foreigners who bought property in Dubai’s bustling real estate market, such as British football star David Beckham, received a deed from the major developing companies.

These are effectively owned and controlled by Dubai’s government and its ruler, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and his family.

The law comes nearly four years after the government first announced freehold ownership to expatriates, grouped under three Dubai-government owned entities Emaar Properties, Nakheel and Dubai Properties, the local daily Gulf News reports.

When thinking of buying a property in Dubai, you must take into consideration the fact that there are limited; non-status/self-certification mortgages available for loan under 70% of the property value. Status mortgage applications must be backed up with the bare minimum of; your proof of income over 2yrs, i.e. if employed - copies of your last three month's pay slips and copies of your last 2yrs P60/Employers Reference combined with copies of your last 3 months Personal Bank Statements are necessary. Alternatively if you are self-employed; copies of your last 2 years Audited Accounts, copies of both your last 3 month's Business and last 3 months Personal Bank Statements will be required on application. To contact us click here.

It is important to note that, in Dubai the Lenders may NOT take into consideration any proposed Rental Income from the property for mortgage purposes/repayments...

The amount you can borrow is based on your net (not gross) income, i.e. the amount you 'take home' each month. In Dubai your mortgage repayments, combined with any of your other monthly pay outs (such as; bank loans, maintenance, etc.), must not exceed 50% of your monthly income, therefore the amount you can borrow is calculated on an affordability basis AND 5x iNCOME

Lending Guide

If you require finance to purchase a property in Dubai, then we can help, we are giving you the opportunity to take expert advice from an experienced team of licensed credit brokers, who have over 20 years experience.

Based upon the valuation or purchase price of your property (whichever is lower), you can borrow up to 70% of the value for purchase (or re-mortgage of an existing property for the purpose of home under construction). A loan for any other reason will be dealt with case by case. You can borrow for a term of up to 15 years, these loans are available to individuals up to the age of 70 at the end date of the loan.

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