The revolutionary law paves way for non-UAE nationals to own properties in designated areas of Dubai Emirate and register their ownership with the Dubai Lands and Properties Department. The new Dubai law announced by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, re-confirms the visionary approach of Dubai government.The law is of substantial nature and said to be followed by a number of new procedural bylaws that will identify the freehold areas the non-nationals could own, determine the registration fees and related procedures. The law has appointed Dubai Lands and Properties Department as a regulatory authority for all properties in the Emirate.
Once the procedurals are set in place, the law will bring the needed stability to real estate industry and help in its organized growth. The legalization of the private property ownership rights will be an enormous boost to trust and credibility of Dubai as an investment destination. The new property law is a welcome delight and marks the dawn of a new era to the thriving Dubai property Market. It is a boon to international buyers considering property purchases in Dubai as a safe and viable investment.
The author is a real estate news editor and works for many websites related to real estate properties sand developers.
Subscribe to our free weekly newsletter
Back to Expat Daily News
Subscribe in a reader
1 comments:
Anyone considering purchasing property in Dubai should be aware that owning property does not automatically confer the right to live there. The law on visas changed earlier this year and is now much more restrictive than it was when freehold property was first offered to foreigners. The new law has been criticized by many, including the real estate sector, and I would not be surprised if it were amended in the the future. However, purchasers need to be aware that in such a new legal environment, rules can and do change with little notice.
Post a Comment