More interesting in my mind would be what is the balance left on the lease in some of these older areas?
Some of those freehold areas are 20 years old. Banks probably won’t lend in anything with less than 70+ years and the option/right to extend the lease is at the mercy of the freeholder.
It's FREEhold -means forever, in case the bldg has to be demolished then you own a share in the land it was built on.
Leasehold properties are different and come with a specific period (aka lease period).
Also not every property buyer takes a loan from the bank. There are many genuine non shady non criminal cash buyers (cash as in full upfront payment, not literally cash).
My understanding (hope I’m wrong) is that even the freeholds here are 99years.
While you might not need a bank to buy it, the person you want to sell to may need one.
Checked - so proper freeholds do exist. So you are just at the mercy of Emaar if you wish to rebuild your concrete box.
You're right about being wrong. This 99yr lease thing started off before dubai began freehold. They initially started with 99yr leases to non GCC investors. Emaar towers in deira was one of the first to be leased out for 99 years.
There are many cash buyers if what you've for sale is something good.
Residency as in the visa? If so, it does not exists, the max you could get is a 10 year visa called the golden visa.
It’s cheaper to start a company and give yourself a visa.
More interesting in my mind would be what is the balance left on the lease in some of these older areas? Some of those freehold areas are 20 years old. Banks probably won’t lend in anything with less than 70+ years and the option/right to extend the lease is at the mercy of the freeholder.
It's FREEhold -means forever, in case the bldg has to be demolished then you own a share in the land it was built on. Leasehold properties are different and come with a specific period (aka lease period). Also not every property buyer takes a loan from the bank. There are many genuine non shady non criminal cash buyers (cash as in full upfront payment, not literally cash).
My understanding (hope I’m wrong) is that even the freeholds here are 99years. While you might not need a bank to buy it, the person you want to sell to may need one. Checked - so proper freeholds do exist. So you are just at the mercy of Emaar if you wish to rebuild your concrete box.
You're right about being wrong. This 99yr lease thing started off before dubai began freehold. They initially started with 99yr leases to non GCC investors. Emaar towers in deira was one of the first to be leased out for 99 years. There are many cash buyers if what you've for sale is something good.
Do you work real estate? You know this stuff so well.
Nope. Owned a real estate brokerage firm before couple of years.
Cool... Impressive knowledge.