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Many non-residents from across the globe buy apartments and luxury villas in the UAE every year. From lifestyle investments to tax-free rental yields, there are numerous reasons why non-residents are interested in buying properties in the UAE.
Though there have been a few ups and downs, thereal estate market in the UAE has been by far the most transparent and regulated you can find in the region. In addition, the recent changes to UAE laws and regulations have made real estate investment opportunities an even more attractive prospect. If you are thinking of buying a property in the UAE, this guide is here to inform you about the basics of Dubai mortgage for non-residents. Keep reading!
Will Non-Residents Get a Mortgage in the UAE?
Non-UAE residents will be eligible for a mortgage from lenders to buy property, but few restrictions are in place. According to the AUE Mortgage Cap law, non-UAE nationals must offer at least a 25% down payment of the property value in cash and other associated purchase costs. It eventually will increase to 35% with additional expenses for properties valued at AED 5 million and above.
When buying a second or third property, typically for investment, the down payment would be at least 40% of the property value. If you’re keen on buying a property, contact a broker for the best mortgage rates in UAE.
Features of Mortgage for Non-Residents
Some of the features of mortgages you’ll come across as non-residents are discussed below –
Properties Available in the UAE for Purchase to non-Residents
According to the Dubai Law, a foreign national not currently residing in the UAE will be allowed to buy –
People who aren’t residents of the UAE, Qatar, Bahrain, Oman, Kuwait, and Kingdom of Saudi Arabia, will be eligible of buying freehold and leasehold properties in dedicated investment zones in Abu Dhabi, including Reem Island, Raha Beach, Yas Island, El Reef Village, Saadiyat Island, etc.
Non-residents can purchase leasehold and freehold properties in Ajman, Umm al Quwain, and Ras Al Khaimah of the Northern Emirates, but most properties are available for leasehold.
Buying a new home is not a straightforward task, and it gets more complicated when the property isn’t in your home country. However, if you have the best mortgage broker Dubai by your side, the process gets much easier to understand and manage.
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