Real Estate in Dubai: Freehold OwnershipReal estate in Dubai has become big business in the last 5 years. Before 2001 only nationals of UAE and GCC were allowed to own property in Dubai. This changed when the Dubai government permitted expats to lease real estate for 99 years. In 2002 the crown prince of Dubai allowed foreigners to buy property on freehold ownership meaning that the property could be sold, leased or rented by it's owner. This was the reason the housing market became a booming business.A new phenomenon in Dubai is the mortgage market for freehold property for non-locals. Different banks provide loans to finance the new property.
At the same time the rent of apartments went sky high and with 400.000 new inhabitants yearly the demand for apartments also increased.
Dubai Mortgage
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