Expats living in the United Arab Emirates (UAE) and in other countries of the Gulf (Saudi Arabia, Qatar, Kuwait, Bahrain, Oman) were previously only permitted to rent property. Then Dubai, one of the seven emirates of the UAE, opened its arms to freehold property in 2002, which has changed the real estate industry in the region.
In the United Arab Emirates, the emirates of Dubai, Ras Al Khaimah and Ajman have opened their doors to allowing expats to buy and own property. Below are details of what each of the emirates are doing.
Ras Al Khaimah (RAK) Freehold
Ras Al Khaimah is the second Emirate to get into
the freehold property scene in the United Arab Emirates.
The free-hold property, Al
Hamra Village, is located near Al Hamra Island
and comprises of around 1,300 residential units, scheduled for completion by 2007. Other Ras Al Khaimah freehold properties include the 50 acre five-star beachfront resort entitled The Cove.
Ajman Freehold Property
It is permitted to purchase land in Ajman and Ajman
has also joined the freehold property scene in the
UAE. The Al
Naeemiya Towers project will comprise of 15
residential apartment buildings with around 470
units located on at the borders of Ajman. A few of these towers have been renamed Pearl Residence Ajman, and the complete project is expected to be completed by the end of 2006. Other Ajman freehold properties include Al Khor Towers, Al Rashidiya Towers, Al Corniche Tower and Al Ameera Village (the Princess Village).