Sunday, March 19, 2006

The New Dubai Property Law


The long awaited Dubai property law has been issued by the Vice-President and Prime Minister of the UAE and Ruler of Dubai His Highness Shaikh Mohammad Bin Rashid Al Maktoum. The law says expatriates are now among those who can own properties in Dubai.
Law No.7 of 2006 stipulates that freehold is limited to UAE and GCC citizens and companies wholly owned by them, as well as public shareholding companies. The law also stipulates that upon approval of Dubai's Ruler, non-UAE nationals may be given the right to own properties in some parts of Dubai.

They may be given the right to acquire a freehold property, or a 99-year lease property, in areas designated by the Ruler. The law includes 11 chapters comprising 29 articles covering the issues of definitions, general rules, the implementation system of property hold, and the jurisdictions of the Dubai lands and properties Department.

It also stipulates the setting up of a property registration office at the Dubai Lands and Properties Department. This office will be responsible for documenting property rights and their amendments. Its records hold the ultimate evidence against all - without exceptions. Its records cannot be challenged except in the case of forgery.

The law says that a multi-storey property is considered a single property unit that shall be given one entry in the property record. All apartments of a single property unit will have supplementary records that include names of the owners of its apartments, storey and any common facilities.
(Source: Gulf News)

7 comments:

Dinara said...

Hi my name is Dinara Baidala. I do work as lawyer at Kashwani Law firm. I kindly ask you to email me new law #7 regarding property. and also i need list of areas where foreigners have a right to buy free hold property.
My email is dinara_lawyer@yahoo.com

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aisha said...

Very interesting and educative article.
As for me, i am happy that today anyone who has money can purchase a property in UAE. This country is a really making a big step in improving relationships between investors, it attracts more businessmen, governments.
Dubai property is a key of such relationships. This summer i have been in this city, and I really was amazed of the constructions and beauty of Dubai.
I wish I had money, I definitely invested in one of these fascinating projects.