Dubai is a very easy country to buy property in, though there are some restrictions placed on buyers.
In 2001, the UAE Government decided to allow foreigners to take a 99 year lease on property in Dubai. However, in May 2002, the crown prince of Dubai, Sheikh Mohammed bin Rashid Al Maktoom issued a decree allowing foreigners to purchase Dubai property on freehold terms, sparking a boom in Dubai property ownership and investment.
The Dubai Government want to increase tourism to the country, in preparation for its oil reserves running out. In order to encourage this growth, the process of buying property is simple and red-tape free. The process is simple – once you find an apartment or property you like, sign a contract with the developer agreeing to purchase and it is yours after a 10% deposit is paid. No solicitors fees, no stamp duty and no tax. The contract with the developer is binding. Developers are trustworthy, as they are all sponsored by a Sheikh, and are ultimately overseen by the government, who want to encourage development and investment.
Once your contract is signed, you can apply for a residency visa of approximately Dhs.5000 per person, allowing you to live, work and run a business from Dubai. You may wish to take out a mortgage. A mortgage can be take out once you have a 30% equity in your property. Several local companies offer mortgages, as do several multi-nationals. Mortgages are usually of a fixed 6-7% rate, and are normally non-status.