Apartments

Back

Buy an apartment in a Ground + 2 complex

UPDATE 20 DECEMBER 2016
The Non-Citizens (Property Restriction) Act has been amended on 20 December 2016 to allow foreigners to purchase apartments in condominium developments of at least two levels above ground (G+2) with the prior approval of the Board of Investment. The amount payable for the acquisition of an apartment must not be less than Rs 6 million or its equivalent in any other freely convertible foreign currency.
Any non-citizen, with or without an occupation permit, residence permit, permanent residence permit, may acquire apartments.
The previous legislation for the acquisition of apartments outside of the IRS, RES and PDS schemes only allowed non-citizens holders of an occupational permit to buy ONE apartment, in a Ground + 2 building, and for his own use, not for rental.
The new amendment allows non citizens with or without Occupational Permit in hand to acquire more than one unit and allows for the renting out of the apartments for rental return.

Thus, non-citizens can now acquire residential properties as follows ::

- a residential unit developed under the IRS, RES and PDS (granting a Permanent Residence Permit if the property bought is over US$ 500,000)
- a residential unit developed in a smart city (also granting a Permanent Residence for any purchase above US$ 500,000)
- an apartment located in a building of at least two floors above ground floor, above Rs 6,000,000 (does however NOT grant the buyer with a Permanent Residence).

An international affiliate member of:

  • http://www.leadingre.com/
  • Luxury Portfolio/