Thursday, April 06, 2006

Dubai Property Law fuels investor interest in Real Estate projects :: Gowealthy.com

Dubai Property Law fuels investor interest in Real Estate projects :: Gowealthy.com: "Dubai Property Law fuels investor interest in Real Estate projects
4-Apr-2006
The new property law, issued by the Government of Dubai has generated further investments in the emirate’s already surging property sector. In the weeks following the issuance of the law, the market has witnessed a flurry of investment activity. Real estate investments in Dubai now hover around Dh165 billion, up from Dh11 billion in 2000 and are expected to hit Dh184 billion by 2010; this unprecedented growth could be attributed to the property law that was launched in March, 2006. Property experts opine that the sector’s contribution to the country’s GDP per annum will be 35 percent for the next five years. The law is expected to go some way to resolving the problem of foreign nationals assuming ownership of land out the pre-designated areas with the help of UAE or GCC nationals. The few grey areas in the law should be sorted out within the next few weeks, according to several Dubai-based legal firms.

Legal Experts are waiting for the strata law that will help resolve the issues of co-ownership. They are describing the new law as an ‘enabler’ that creates a framework within which a complete property ownership law for Dubai can be built."

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