With housing rents and prices in the UAE continuing to increase many expatriates are considering taking the plunge and buying a home, according to The National.
Dubai Land Department statistics revealed that Indian investors spent more than AED10.5 billion during the first half of 2014 while Britons spent another AED5.8bn in the emirate.
Dubai started allowing foreigners to buy property back in 1999 and last month Sharjah became the latest emirate in the UAE to open up its property market to foreign investment as officials again attempt to cash in on rising demand for real estate.
However, the legality of owning property in Dubai is something that many expats still don't fully understand. “In terms of the UAE laws, there is often a misunderstanding of the word ‘freehold’,” says Brent Baldwin, a partner at law firm Hadef & Partners. “Unlike some countries, the word doesn’t necessarily mean ownership of land in perpetuity as you might expect it to in the UK for example. Instead it can mean different things in different emirates so potential buyers really need to be very aware of what ownership rights they are purchasing.”