Free zones in UAE

Emaar, a property developer, has decided to partner with Dubai Multi Commodities Centre to launch around 200 units in an under-construction building in Dubai Hills Estate. The best part about the partnership is the offer that comes along with buying a house here. A free three-year renewable business licence (estimated to be worth Dh130,000), a free three-year renewable family residency visa and complete business ownership, is what you get once you pay 20 per cent of the apartment price at Executive Residences.

You no longer have to show your office tenancy contract to get a trade license, if you are planning to buy a house under this project. House Ejari certificate will do the job. The building that is estimated to be ready by 2021 will have one and two room apartments. The one room apartments are priced below Dh1 million while two-beds range from Dh1.2 million to Dh1.6 million.

“People are already waiting in queue to buy with credit card authorisation. This kind of freedom has never existed in the market before. It is a master stroke by the developer,” said Kunal Puri, founder and managing director of La Capitale Real Estate.

You are also provided with the opportunity to run a home-based business legally, upon buying a house here. “It will give buyers the freedom to work flexible hours and perhaps set up a business they can run from home. The offer is exceedingly attractive to families with young children as it will give parents the option to spend more time at home and be flexible with child care,” said Lewis Allsopp, CEO of Allsopp & Allsopp.

This is the first time Dubai or any other city has announced an offer like this and it is undoubtedly captivating.


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