Dubai was the first emirate of the United Arab Emirates (UAE) to get involved in freehold real estate, at a time when UAE and GCC nationals were only permitted to own property in the United Arab Emirates. Buying real estate in the Emirates is slowly changing and becoming more available to expats.

History of Freehold Real Estate in DubaiIn 2001, the Dubai government agreed to allow expats to have a 99-year lease of particular Dubai property, but in May 2002, the crown prince of Dubai, Sheikh Mohammed bin Rashid Al Maktoom, issued a decree allowing foreigners to buy property on freehold ownership. After Sheikh Maktoum's decree, this sparked the real estate boom in Dubai's residential property.

The purchase of property on freehold basis means that the property is put in the owner's name for life, and the owner has the right to sell, lease or rent his/her property at their own discretion. Property owners and their immediate family, will obtain renewable Dubai residence visas for life, which can cost Dhs. 5,000 per person. Freehold property in Dubai is currently limited to areas of Bur Dubai closest to the end of Dubai, where Dubai connects with Abu Dhabi. Some of these areas include Sheikh Zayed Road, Jumeirah, Jebel Ali, and Dubailand.

Damac PropertiesPopular freehold company that has property in the Dubai Marina, The Palm Jumeirah, and The Palm Jebel Ali. Below is a list of their sale freehold projects.

Marina Terrace - This waterfront tower is Damac's first luxury project located in the Dubai Marina with apartments starting at Dhs. 550,000 (US$ 150,690).

The Waves - Also located in Dubai Marina consists of two freehold residential towers. Tower A is 27-floors and Tower B is 10-floors with a total of 230 apartments.

Lake Terrace - Designed by the award winning architects responsible for Burj Al Arab, Jumeirah Lake Terrace comprises of waterfront apartments, which will be located inside of the Jumeirah Lake Towers.

Palm Terrace - Situated on oceanside of the trunk of The Palm Jumeirah, consisting of 1, 2, and 3 bedroom apartments and penthouses.

Palm Springs - Situated between two world-class hotels on the crescent island of The Palm Jebel Ali, consisting of 1, 2, and 3 bedroom apartments.

Other Damac Properties Projects - Lake View, and Park Towers.

Source: TheEmiratesNetwork