Non-Citizens can now buy apartments above Rs 6 m
Non-Citizens can now buy apartments in Ground + 2 buildings without necessarily having an occupational permit in hand, which was the requirement previously, and with no limitation on the number of units being bought and with the right to rent them out, which was not the case up to now.
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.
Thus, non-citizens can now acquire :
a residential unit developed under the IRS, RES and PDS (granting a Permanent Residence if property is above US$500,000)
a residential unit developed in a smart city (also granting a Permanent Residence if property is above US$500,000)
an apartment located in a building of at least two floors above ground floor, above Rs 6 million (not granting a Permanent Residence)