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Non-resident’s Guide to Buying A Property in the UAE

By: Admin May 12 , 2022

Non-resident’s Guide to Buying A Property in the UAE

Every year, thousands of non-residents from around the world purchase villas and apartments in the UAE. Some look for world leaders in duty-free rent, some seeking lifestyle investment and others seeking tax-free capital gains, which can reach 10 per cent in small apartments.

The UAE market is the most controlled and open property market in the country, though it's experienced ups and downs. New reforms in UAE legislation have made UAE properties available to foreign investors and have enhanced the UAE real estate market and non resident home loan Dubai.

Where can non-residents buy property in the UAE?


If you are a non-UAE foreign national at the moment, Dubai Law says you can purchase:

●  A leasehold property
● Freehold property at the Al Barsha South, Emirates Hills, Jebel Ali, Sheikh Zayed, Dubai Marina and Palm Jebel Ali. Freehold property in one of the 23 freehold areas of Al Barsha South

Abu Dhabi

All Expat nationalities can purchase in freehold and leasehold areas or major projects been launched in different emirates.

The Northern Emirates
Now, people who do not live in Ras Al Khaimah, Sharjah, Ajman or Umm al-Qwan can make freehold and leases. Most of the property available appears to be rented.

Introduction to Mortgages for non-UAE Residents

Non-citizens and UAE residents are provided with mortgages. Many banks offer non-UAE resident mortgages as long as they are on the Bank's list of approved countries in one region. The mortgages are provided with a variety of interesting features ranging from high loans to reasonable interest rates and favorable payment tenures. Some banks would enable borrowers, subject to affordability, to take loans for multiple assets. One can take help from non resident loan consultant regarding loan related assistance.       

Mortgage features for residents not from the UAE

These are some of the most common characteristics of non-UAE mortgages.

● Mortgage value: The exact amount of which a bank would be prepared to offer depends on your revenue, with some banks offering to buy residential properties up to AED 20 million.

● Interest rates: The rates of interest also depend on the bank you approach for a mortgage, but on the basis of a declining balance, you should expect an interest rate ranging from 4.5% to 6.5% per annum.

● Tenure: mortgage tenure can be up to the age of 65 years for a period of 25 years.

● Value Ratio Loan: In contrast to the mortgages available to locals, most banks are able to provide between 50 and 75% financing while you are not resident in the UAE.

● Banks provide loans under conventional loans and Islamic financing arrangements for those who are particular about the financial services they use.

Non-UAE Resident Home Lending Benefits

The obvious advantage of these loans is that you receive assistance in financing your new home, but also some other advantages like:

● No evidence of income in the UAE must be given.
● Many banks would not charge a fee for pre-payments for the loans.
● Banks can offer varying or fixed interest rates depending on the policy of the bank.

Eligibility Criteria and Documents Required

Applicants must meet certain eligibility requirements and send the following documents in order to qualify for a non-resident mortgage.

Criteria for eligibility

For certain banks, before you can apply for this loan, you must be a resident of a country on the Bank list.

● You must either be paid or self-employed.
● A minimum monthly income specified by the bank will be required. After-tax deductions, this income must meet the minimum requirements.

Required documents

● Evidence of identity as a valid passport.
● For the past 6 months, bank statements. Individuals and businesses alike will need this.
● You would still have to include these returns if you pay taxes.
● If you have a credit rating system in your country of origin, you need credit reports.
● Wage and payment certificates
● Audited accounts, incorporation certificates, commercial licenses and company profiles for self-employed persons.