FREEHOLD PROPERTY

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. In 2004, Ajman was the second Emirate after Dubai to introduce freehold property.

The purchase of property on freehold basis means that the property is put in the owner's name for life. Property owners and their immediate family are eligible for renewable residence visas. Once Dubai began its offering of freehold properties to citizens of other countries, the other Emirates weren't too far behind to follow in Dubai's footsteps.

Once the freehold property law is in effect, it means that the property purchased by a foreigner will be put his/her name for life, which allows him/her to register the property in the Lands Department. The owner will then have full rights to the property and has the right to sell, lease or rent their property at their own discretion.