Dubai Real estate
Distinguishing property free hold and
leasehold
Know the requirement, implication of specific property types before choosing one over the other
With the recent success of the city escape Global exhibition held from October 8-10 people from across the globe have their eyes focused on the Dubai real estate market. People are not a shopping spree for the best of properties available to suite their requirements. But before we buy or rent a property we all will all the concern regarding whether a property is free hold or lease hold. Lets find out what this terms actually means
What is free hold property? In simple word it is property that's owned for life. By owning free hold property, you have the supreme right to make use of it a way you want a subject to certain laws set by the government. Free hold properties are more popular for residential units than for commercial units. In free hold terms the property itself is an asset and may appreciate with ' time; however buying freehold property would make you see you a pinch in the pocket as compared to lease hold.
And while free hold property means ownership for life lease hold property involves ownership for a temporary period in which a tenant holds right to a property in some form of a title from the landlord it refers to simply acquiring ownership of an property for a given length of time (99 years being common). Thus the form of title or contractual agreement is used in lease hold transaction lease hold properties are more popular with commercial units than residential. The advantage is that they' re relatively cheaper to buy as compared to free hold though far more restrictive.
If you are interested in lease hold property before or buying or deciding it would be advisable to hire a property consultant who specializes in lease negotiation to help you acquire one on lease hold at the right price you also avoid the hassle of dealing with paperwork and unfamiliar legalities by letting a qualified solicitor take care of all formalities required.
More importantly leta qualified assessor check the actual property value and any other maintenance expenses cost etc involved before buying
Dubai Real Estate
Know the requirement, implication of specific property types before choosing one over the other
With the recent success of the city escape Global exhibition held from October 8-10 people from across the globe have their eyes focused on the Dubai real estate market. People are not a shopping spree for the best of properties available to suite their requirements. But before we buy or rent a property we all will all the concern regarding whether a property is free hold or lease hold. Lets find out what this terms actually means
What is free hold property? In simple word it is property that's owned for life. By owning free hold property, you have the supreme right to make use of it a way you want a subject to certain laws set by the government. Free hold properties are more popular for residential units than for commercial units. In free hold terms the property itself is an asset and may appreciate with ' time; however buying freehold property would make you see you a pinch in the pocket as compared to lease hold.
And while free hold property means ownership for life lease hold property involves ownership for a temporary period in which a tenant holds right to a property in some form of a title from the landlord it refers to simply acquiring ownership of an property for a given length of time (99 years being common). Thus the form of title or contractual agreement is used in lease hold transaction lease hold properties are more popular with commercial units than residential. The advantage is that they' re relatively cheaper to buy as compared to free hold though far more restrictive.
If you are interested in lease hold property before or buying or deciding it would be advisable to hire a property consultant who specializes in lease negotiation to help you acquire one on lease hold at the right price you also avoid the hassle of dealing with paperwork and unfamiliar legalities by letting a qualified solicitor take care of all formalities required.
More importantly leta qualified assessor check the actual property value and any other maintenance expenses cost etc involved before buying
