Dubai
News and research on the property market in Dubai. Read our latest news articles on what is happening in the real estate market in Dubai including information on properties, statistics and trends. Catch up on the latest data affecting those looking to buy a property or holiday home in Dubai.

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DUBAI, United Arab Emirates There is no stronger belief in the saying, “If you build it, they will come” than in Dubai.

Because it has the smallest oil holdings of the seven United Arab Emirates, Dubai has chosen to diversify by building itself into a tourist and trading mecca. In the past decade, development has exploded, from the ultra-luxury Burj Al Arab hotel to business zones like Dubai Media City and attractions bordering on the surreal, like Ski Dubai, an indoor ski slope 400 meters, or 1,300 feet, long.

Now, on the emirate’s last remaining undeveloped land fronting the Gulf, the government is building a city called Dubai Waterfront. At the moment, it is a vacant beachfront dotted with cranes. When it is finished, it will be a self-contained community larger than Manhattan, with housing for 700,000 people.

“People think it is a dream, but people are wrong,” said Khaled Issa Al Huraimel, general manager of the project for the developer Nakheel. “What we start here, we finish.”

Dubai’s population of 1.2 million is projected to grow to 4 million by 2020, and tourist arrivals are expected to grow to 22 million a year from 8 million. “At the moment, we don’t have the capacity to handle that,” Huraimel said.

Planning for the new city began in 2002, and a master plan was developed last year with the New York architectural firm Gruzen Samton. Development of the infrastructure has begun, and the entire city is expected to rise from the sand – and the water, on a series of artificial islands – over the next 10 years.

When it is finished, the city will form a giant crescent arching around The Palm, a palm- tree-shaped island resort and residential project so big it is visible from space. The city will comprise five major sections, with the centerpiece being the Madinat Al Arab, a city center with businesses, shopping and one of the world’s tallest buildings, Al Burj.

Huraimel said Al Burj might end up being the tallest building in the world – it will be competing with the Burj Dubai, a mixed-use building already under construction.

The planned heights of both buildings have not been disclosed.

“We won’t know until they are finished which one will be taller, but we do know that the two tallest buildings in the world will be in Dubai,” Huraimel said. (The world’s tallest building now is Taipei 101 on Taiwan, at 509 meters.)

Dubai Waterfront will have 12 kilometers, or 7.5 miles, of natural beachfront, 10 kilometers of canals and a harbor two kilometers wide. There will be 10 mixed-use zones, ranging from residential areas to commercial and retail space, resorts and areas for schools and recreation. As many as 200 hotels are planned.

“It’s a blending of a city into communities,”‘ said Jordan Gruzen, a partner at Gruzen Samton.

The residential zones will include housing aimed at middle-income brackets as well as luxury homes, Huraimel said. “We do have to protect the lower-income levels,” he said.

Luxury sales in the emirate have declined in recent months, with some real estate specialists saying prices had reached unsustainable levels.

In the first phase of the project, Dubai Waterfront Co., a division of Nakheel, is spending about $4 billion on the infrastructure of the new city, including roads, a sewer system, desalination plants to ensure the water supply, electricity and a light rail system. Huraimel said the value of the land alone, before any improvements, was $30 billion.

Once that work is done, private developers will be sold individual plots in the city, of which 70 percent will be residential and 30 percent commercial. The first sites, prime areas along the downtown beachfront zoned for residential and resort purposes, sold for $13 million in 48 hours in December. More will be sold this year.

The new city will be an equidistant 35 kilometers from the existing Dubai city center and Abu Dhabi, and just a few kilometers from the new Jebel Ali airport, which, with six runways, will be the largest in the world.

Huraimel was confident that Dubai would attract the business and residents to make the city work. “In 15 years, the perception of the Middle East will change,” he said. “We are a modern, diverse society in Dubai. The city is safe, there are no taxes, the weather is perfect for at least nine months out of the year.”

Also, in March the emirate said it would allow foreigners limited freehold ownership and formal 99-year leases, just one of the property law changes being made across the UAE to attract investment.

But Huraimel conceded that Dubai had a big job to do in overcoming the West’s negative image of Arab countries. “Some have said that Islam and the West is a clash of civilizations,” he said. “Dubai is like a city of dreams. This is not a clash of civilizations. This is the opposite.”

Gruzen and his team are already convinced.

“Dubai has absolutely amazed us,” said Joe Navarro, another senior associate at the New York firm. “Each time we go there’s a higher degree of confidence. This isn’t just a flash in the pan.”

Huraimel said that the new city would mesh with existing projects; the city’s own light rail, for example, will link to the Dubai metro trains now being built.

While the Gruzen architects have been involved with other large-scale projects, including building a smaller city from the ground up in Iran, the Dubai project is unique.

“They’re building their own factories to make products,” Navarro said. “Anything you need is provided for. This is more than hype. It’s got real money behind it.”

Source: IHT

Related links: Detailed Master Plan of Dubai Waterfront

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Sheffield Real Estate (SRE), one of the leading Dubai-based property developers, yesterday announced Marina 101, a landmark 1.4 billion dirham project at the exclusive Dubai Marina. The project is being developed in association with Rustar Real Estate (RRE), marking notable direct participation by a Russian firm for the first time in the UAE.

Marina 101 will be a residential tower operated on the model of fully serviced hotel apartments. On completion, the project is set to be the tallest hotel apartment tower in the world. Rising 101 floors at 412 metres, the development will comprise an area of 1.55 million square feet.

Marina 101 is part of SRE’s plans to widen its investor base by designing projects ensuring significantly higher returns. A global real-estate and freehold firm, Sheffield has so far conceived and implemented projects worth over Dh 1 billion in the UAE. SRE will develop Marina 101 in collaboration with RRE, Russia’s most respected property firm. The project will tap into the ever-expanding number of buyers who preferably consider property in Dubai as a second home and/or one that will also double as a very attractive investment.

Jamal Akram, SRE chairman, said: “At SRE, we believe a huge volume of demand is emerging from a new segment of the market: a segment wanting to be assured of consistent returns while simultaneously owning property.”

Source: MENAFN.com

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Sama Dubai, the international real estate investment and development arm of recently announced the start of construction work on ‘The Lagoons’ project, situated on theDubai Holding, Dubai Creek.

The Lagoons’ project is the first of its kind and is expected to catalyze Dubai’s position as an international destination, with seven independent island projects designed according to a comprehensive study of environmental effects.

Farhan Faraidooni, CEO of Sama Dubai, said:

‘We are keen to implement all project phases by 2010 as previously announced.’

The project has attracted a number of local and Gulf investors since its launch and more than 20% of the allotted lands for sale were sold out within the first two weeks, Faraidooni noted.

Faraidooni pointed out that consultation with different international and local organizations and stakeholders such as Dubai Municipality, World Wide Fund for Nature (WWF) – UAE office, as well as the Wildlife Protection Office (WPO) – Dubai, has been ongoing and that the project’s environmental excellence is a cornerstone of the development.

It is worth mentioning that ‘The Lagoons’ is set to be a signature development within the booming property sector that has developed in Dubai over the past four years. The project will help enhance the city’s diversity and multicultural character and add to the development of its residential and tourist population.

‘The Lagoons’ ‘ many attractions will provide tourists staying in one of the many five star hotels with a plethora of entertainment venues including over 50 shopping malls, retail arcades, health spas and parks. Residents as well as visitors will also be able to enjoy a number of cultural attractions such as the theater, museum, arts center and opera house. ‘The Lagoons’ offers luxury villas and apartments overlooking the creek with scenic yacht marinas and waterways, not to mention commercial towers and state of the art facilities catering to the local and regional business community.

Source: AME Info

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Dubai land deals worth close to $50m were concluded in Dubai on Tuesday, according to the Lands and Property Department. Mortgages worth $37.33m and sales valued at $11.44m were registered. The highest turnover was in Emirates Hills-1, where sales worth $4.5m took place.

Source: AME Info

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Long term Dubai resident Robert Lyndhurst offers his advice on where to stay in the burgeoning emirate

1. Madinat Jumeirah

Assuming you’re not rich or important enough to stay in Burj Al Arab, this 867-room resort is arguably the best place to stay in Dubai right now, targetting everyone from recharging executives to holidaying families. Corporates can cocoon themselves in the luxury beachfront Dar Al Masyaf Villas, while Mina A Salam and Al Qasr hotels combine luxury and Arabian touches enough to make you feel you’re away from home. There are more than 20 restaurants to cater for every taste, a meandering souk for shopping and on site theatre, and it’s close to the emerging “new Dubai” district.
Overall rating: 9/10
Madinat Jumeirah, double room Dhs 2900 (£444) plus 20 per cent tax, www.madinatjumeirah.com, tel. 971 4 3668888

2. Park Hyatt Dubai

Less than a year old, the Hyatt’s first premium branded property in the Middle East doesn’t disappoint. Although it’s only five minutes from the airport in the heart of the city, you can hear a pin drop. The panoramic Arabian-meets-African design is a refreshing change in skyscraper-ridden Dubai and it overlooks the Creek on one side and 18-hole Creek Golf Club on the other. The rooms are spacious and there are eight “spa rooms” if it’s too much effort to walk to the spa. A smattering of quality eateries cement the upmarket feel.
Overall rating: 9/10
Park Hyatt Dubai, single room Dhs 1250 (£191) plus 20 per cent tax, doubles Dhs 1400 (£214) plus 20 per cent, www.hyatt.com, tel. 971 4 6021234

3. Emirates Towers Hotel

This hotel still manages to retain its classy feel even though it’s no longer the new kid on the tower block. The Sheikh Zayed Road icon is perennially popular with business travellers who warm to its consistently good service, restaurants and design. Despite the city’s increasing traffic problems, you’re only a short drive from the airport and a half-hour from Jumeirah, making journeys east and west bearable.
Overall rating: 8/10
Emirates Towers Hotel Dubai, Deluxe double Dhs 1800 (£276) plus 20 per cent, www.jumeirah.com, tel. 971 4 3300000

4. The Ritz-Carlton Dubai

The Ritz would probably be at the top of the hotel tree in Dubai were it not for the encroaching Jumeirah Beach Residence development which has played havoc with its access and changed its previously idyllic character. Once inside though, you’re a world away from the cranes this is tranquil European stylish dining and reclining at its best. The Sheraton and Marriott are currently investing millions in their beds, but they still have a way to go before they beat the Ritz. If you find it hard to leave the kingsize bed behind, you can take one with you for Dhs6,775 (£1,026).
Overall rating: 8/10
The Ritz Carlton Dubai, AED 3,300 (incl taxes) (£505), www.ritzcarlton.com, tel. 971 4 3994000

5. Grosvenor House Dubai

This 45-storey upscale newcomer in Dubai Marina is chic even by the city’s extravagant standards. Nip to the top (Bar 44) for a cocktail and check out the grandiose Buddha Bar on the ground floor, which isn’t so much a bar as a glassy cathedral to consumerism. You won’t see any shellsuits checking in here; perfect for discerning singles or couples.
Overall rating: 8/10
Grosvenor House, Deluxe standard from Dhs 1150 (£176) plus 20 per cent, www.lemeredien.com, tel. 971 4 3998888

6. Le Meridien Mina Seyahi

Not perhaps the most striking of all Dubai hotels, but for all-round affordability and family fun it still takes some beating. The hotel backs right out onto a stunning lawn/pool area, with the sea behind, and the two outside outlets – established Barasti and newcomer Bussola – are ideal for drinks and dinner. Whether by choice or accident, it now finds itself in the heart of ‘new Dubai’ and will continue to do well with overseas visitors. The sister Meridien hotel by the airport is good for those on in-and-out business and has a 15-strong restaurant scene which takes some beating.
Overall rating: 7/10
Le Meredien Mina Seyahi, Deluxe sea view Dhs 1600 (£245) plus 20 per cent, landview Dhs1500 (£230) plus 20 per cent, www.lemeredien-minaseyahi.com, tel. 971 4 3993333

7. Dubai Marine Beach Resort

Much like the Park Hyatt, the Dubai Marine Beach Resort scores well on location. A peaceful oasis in the heart of the city, opposite the Jumeirah Mosque, this low-level resort is the perfect place to unwind and it’s one of the few resorts where you can see a gentle tide lap the beach. Plenty of eating options line the hotel’s exterior at the back, although the quiet image can turn 360 degrees later on, when the popular Boudoir and Alamo Mexican bar/restaurant draw in the thirsty expats.
Overall rating: 7/10
Dubai Marine Beach Resort, from Dhs 1116 (£171) single (incl tax), www.dxbmarine.com, tel. 971 4 3461111

8. Shangri-La Dubai

Among the towering newcomers on Sheikh Zayed Road, the Shangri-La is strong on Asian restaurants, as you’d expect, and the cosey pool area is among the best in the city. Again, one for business travellers more than families.
Overall rating: 7/10
Shangri-La Dubai Dhs 1600 (£245) plus 20 per cent double room, www.shangri-la.com, tel. 971 4 3438888

9. Sheraton Dubai Creek

This refurbished hotel boasts an attractive water-side location, but it is let down by the surrounding Deira traffic. Manages to cater for corporates and holidaymakers alike. Book a table on the Vivaldi restaurant terrace during winter and soak up the view.
Overall rating: 6/10
Sheraton Dubai Creek, double occupancy from Dhs 785 (£120) plus 20 per cent, www.sheraton.com, tel. 971 4 2281111

10. JW Marriott Dubai

Definitely one for ‘foodies’, this 351-room hotel has a plethora of quality venues. The JW Steakhouse and the Asian Bamboo Lagoon, with its bridge over a trickling water feature, are among the favourites. The hotel recently opened seven executive business suites on its Executive Floor. Although close to the airport, its congested location is the main drawback.
Overall rating: 6/10
JW Marriott Dubai, from Dhs 1000 (£153) plus 20 per cent single occupancy, for doubles add Dhs 100 (£15), www.marriott.com, tel. 971 4 2622600

Source: Times Online

0 2008

The UAE will introduce a rent restriction law that will eventually prevent property owners from demanding excessive rent increases. The move, a welcome relief for the country’s expatriates, comes as property owners have been taking advantage of strong demand for additional middle-income housing by increasing rents by up to 80 per cent in a market where supplies have been short due to the emphasis in investment in the luxury and freehold segment.

Shaikha Lubna Al Qasimi, UAE Minister of Economy, has also pledged to introduce a Competition Law, reported in Gulf News last week, as part of the government’s plan to make the national economy more attractive to foreign investment.

“The UAE, in its initial GATT offer, proposed to allow foreign companies authorised to operate in the UAE to own land and real estate to the extent necessary to conduct their activities in accordance with laws and regulations,” she said. Shaikha Lubna, who last week led a delegation to the World Trade Organisation that reviewed the country’s trade policies, pointed out that the UAE is experiencing major growth.

She blamed foreign factors for the rising inflation in the UAE. The weakness of the US dollar over the last few years has also aggravated inflation. “The major causes behind inflation over the last few years were exogenously determined,” she said. “The international increase in the price of construction materials led to an increase in rental prices. Higher domestic demand generated by regional infrastructure projects was another factor leading to inflation.” She said the UAE government was currently considering several actions to tackle the issue.

The government is also moving towards privatisation of state-owned utilities, specifically those dealing with water and electricity. Shaikha Lubna said the UAE is in the process of amending the Federal Companies Law. “The main amendments relate to removal of the equity capital restriction which is presently 51 per cent of national equity. They will also streamline the authentication procedures by giving investors options to attest through public notaries or registered law firms,” she said.

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Barclays Bank today (April 30, 2006) announced the launch of mortgages in Dubai that have been specifically designed to meet the requirements of buyers in the Emirate’s booming property market. The new mortgage range will be available in four different currencies (UAE dirhams, pounds sterling, Euro and US dollars) and will be approved within 24 hours. Barclays will be the first mortgage provider in Dubai to offer customers an extensive number of currency options and quick mortgage approval.

David Roberts, board member of Barclays PLC and chief executive of the bank’s International Retail and Commercial Banking operations, said; ‘Barclays has clearly stated its international ambitions and Dubai is an attractive, fast growing market in which Barclays wishes to grow. Today’s launch of new mortgage products in Dubai is a tangible example of how we are using our proven global expertise and competitive advantage to develop innovative product propositions that benefit our existing and new clients.’ In February 2006, Barclays announced its intention to increase the proportion of profits it generates from outside the UK to 50 per cent within three years, from 40 per cent in 2005.

The new mortgages will be offered by the banks international retail arm, International Retail and Commercial Banking, which is focused on growing Barclays presence in attractive markets, including Dubai. International Retail and Commercial banking operates in 21 countries with over 10 million customers and 46,000 employees Barclays is offering the following mortgage products to UAE residents and non residents: “Owner-occupiers wishing to buy a completed home ready to move in Off Plan Buyers looking at homes that are planned or under construction ‘Buy-to-Let’ mortgages for prospective landlords Philip Ward, Barclays’ Head of Mortgages in Dubai says,

‘Dubai is maturing into a home-owning environment, and Barclays expects to shake up the market with its strong product range and customer-focused service levels. By bringing our experience, multi currency and service driven approach that has been developed over many years, we are confident that our mortgages will be very attractive to Dubai home buyers, whether home owners or investors.’

Barclays is one of the world’s leading banks and Barclays has the largest presence of any UK bank in the European non resident mortgage market, serving mortgage customers through its operations in Spain, France, Portugal and Italy. Barclays is also one of the UK leading mortgage providers with a mortgage book of GBP 59.6 billion (AED 387.4 billion) and the leading mortgage provider in South Africa following its acquisition of a majority state in Absa.

Building on this experience, today’s announcement further strengthens Barclays international mortgage credentials, with the addition of Dubai in its portfolio. Barclays mortgages in Dubai will be available from a minimum of AED 500,000 up to a maximum of AED 7.5 million, in areas where all nationalities are allowed to own residential property.

All mortgages will be available in four different currencies – UAE dirhams, pounds sterling, Euro and US dollars. For sterling, dollar and euro loans, customers are expected to have an income source in the same currency. Thereafter, the principle will be sanctioned and drawn down in AED and then converted to the foreign currency. In another benefit, a team of expert mobile Barclays mortgage advisors will meet customers to discuss the best mortgage for their requirements.

The Advisors will travel around Dubai in Barclays-branded Minis. Loan approvals will be made within 24 hours, at competitive interest rates (all rates indicated below are variable rates). Mr Wards adds; ‘With the recently announced changes in the property law ownership in Dubai, specifically with regards to non resident ownership, and the ongoing highly positive economic climate in Dubai, we believe that now is exactly the right time to bring our breadth of international mortgage experience to this market’. ‘We have examined the marketplace in great detail, and we believe that our products will hit the right note with prospective buyers.’ Source: AME Info Related Links: Official Website for Barclays Dubai

Barclays is one of the world’s leading banks and Barclays has the largest presence of any UK bank in the European non resident mortgage market, serving mortgage customers through its operations in Spain, France, Portugal and Italy. Barclays is also one of the UK leading mortgage providers with a mortgage book of GBP 59.6 billion (AED 387.4 billion) and the leading mortgage provider in South Africa following its acquisition of a majority state in Absa.

Building on this experience, today’s announcement further strengthens Barclays international mortgage credentials, with the addition of Dubai in its portfolio. Barclays mortgages in Dubai will be available from a minimum of AED 500,000 up to a maximum of AED 7.5 million, in areas where all nationalities are allowed to own residential property.

All mortgages will be available in four different currencies – UAE dirhams, pounds sterling, Euro and US dollars. For sterling, dollar and euro loans, customers are expected to have an income source in the same currency. Thereafter, the principle will be sanctioned and drawn down in AED and then converted to the foreign currency. In another benefit, a team of expert mobile Barclays mortgage advisors will meet customers to discuss the best mortgage for their requirements. The Advisors will travel around Dubai in Barclays-branded Minis.

Loan approvals will be made within 24 hours, at competitive interest rates (all rates indicated below are variable rates). Mr Wards adds; ‘With the recently announced changes in the property law ownership in Dubai, specifically with regards to non resident ownership, and the ongoing highly positive economic climate in Dubai, we believe that now is exactly the right time to bring our breadth of international mortgage experience to this market’. ‘We have examined the marketplace in great detail, and we believe that our products will hit the right note with prospective buyers.’ Source: Related Links:

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The government of Dubai is set to announce several property clusters for expatriate ownership within weeks. Dubai issued Property Registration Law (Law No.7) on March 13, 2006 that offers freehold ownership of land and property to UAE and GCC nationals, while granting the same rights to non-GCC expatriates in pre-designated areas which would be earmarked at a later stage.

However the law comes into effect only when it has been published in the Official Gazette, which will be done in a week. “The decision is expected very soon, within a few weeks’ time, as we are in touch with the three master developers (Emaar, Nakheel and Dubai Holding) almost on a daily basis to iron out the details of registration,” said a senior official at the Dubai Land Department.”Following the publication of the law in the Official Gazette, which should happen in a week’s time, and the announcement of the freehold areas, we expect the three master developers Emaar, Nakheel and Dubai Properties to get permission from the Ruler’s office to begin the registration process,” Essam Al Tamimi, senior partner of Al Tamimi and Company, told Dubai’s property officials at a breakfast meeting organised by the Dubai Property Group (DPG) on Tuesday.

“The new law, which comes into force on the date of its publication in the Official Gazette, has set out the basic legal foundations to match the progressive and increasingly dynamic property market in Dubai,” Al Tamimi added. Law No. 7 provides ample scope for the formulation of bylaws on the Common Hold Registration as the current law specifies that a Single Title Deed will determine the ownership of a building co-owned by a number of apartment owners. The impending announcement would allay doubts and confusion among owners as well as bolster confidence of buyers.

Dubai Courts and Land Department are also initiating an arbitration centre for the real estate sector. The Dubai Property Group comprises 110 members including some high profile real estate firms like Cluttons, Better Homes, Dubai Development Board, Asteco Property Management LLC and Gowealthy that have the mandate of the Government to sell and buy property in the emirates.

Source: GoWealthy.com

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Dubai’s new property law includes provisions that target real estate ventures known as ‘sham arrangements’ where, through UAE or Gulf Cooperation Council (GCC) nationals, foreigners assume ownership of land in areas where they are not permitted under the law.Under the law however, these arrangements are illegal since no foreigner can register property rights in these areas, and the rightful owner in the eyes of the law would be the individual who has a deed registered at the Lands Department, or the UAE national.’The best advice to any foreigner wishing to ‘own’ property in a location which is not approved for foreign ownership is to take a long lease of the property. Whilst the lease cannot be registered, the foreigner would at least have contractual rights pursuant to the lease which can be enforced and a lease arrangement is not illegal or invalid,’ said Lisa Dale, Head of the property division at Al-Tamimi & Company, Advocates and Legal Consultants. ‘Under the new law, UAE and GCC nationals who gain freehold ownership in Dubai also get the right of ‘usufruct’ and the right of ‘musataha’.Very similar to a lease, the ‘right of usufruct’ is a concept that is found in the UAE Federal Civil Code that extends the right to use and enjoy the profits and advantages of something belonging to another, in this case land, as long as the property is not damaged or altered in any way and over a specified period of time up to 99 years.

The idea of ‘musataha’ goes further and allows a third party interest to build or plant on the land in question and can therefore avail more flexibility than the right to usufruct. It is the right that we commonly see granted to the tenant through a ‘Ground Development Lease’. At the end of the agreed period, the property ownership reverts to the landowner registered at the Land Department.

Dale’s comments came at the first in a series of seminars organized by Al-Tamimi & Company aimed at increasing awareness with regard to Dubai’s Law Number (7) of 2006 concerning Real Property Registration in the Emirate of Dubai. Husam Hourani, Partner and Head of the Banking Division at Al-Tamimi & Company along with Fadi Hammadeh, Head of Legal at Dubai Properties and member of the drafting committee of the Law, were also on the panel to answer questions.

This first seminar was targeted at real estate sector organizations where present at the event were ranking executives from Better Homes, Cluttons, Deyaar, Emaar, Nakheel, IFA Hotels and Resorts and Union Properties among others.

The primary focus of the seminars is to answer the main question in the minds of most foreign investors: ‘Does the new Law provide legal confirmation of a foreign investor’s right to own property in freehold projects and secure registration of title at the Dubai Land Department? Will the confidence and patience of these investors be rewarded and will it instill confidence in the many more circumspect investors waiting in the wings for a robust Property Law before they decide to invest?

Dale continued: ‘I believe that this Law does provide the appropriate legal framework that we have been waiting for – there are no surprises and it does what we need it to do for now. But as this Law itself acknowledges, it is just a starting point and more regulation and legislation is required to meet the needs of a market that is rapidly growing in both size and complexity.’

What then of the long leases that have been sold to foreigners by some of the other large developers in areas outside of the zones approved by the Ruler for foreign ownership?

‘Well, in these projects, it would seem initially at least that registration of leases in favour of foreign investors will not be permitted. This does not make these leases illegal in any way. They do not offend this Law or any Federal Law. It just means that they are treated in a different way so that unregistered leases remain personal rights, not property rights, they are still capable of being inherited and disputes arising between a Landlord and a Tenant of an unregistered Lease will still be heard by the Rents Committee,’ she concluded.

Source: AMEInfo

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DAVID Beckham and six other England footballers have each made £1.9million on luxury villas they have never seen.

They splashed out £600,000 on the six – bedroomed, eye-popping properties off Dubai four years ago.

Now, with the site still under construction, their holiday homes are worth £2.5million.

Stars Joe Cole, Ashley Cole, Kieren Dyer, David James, Wayne Bridge and Gary Neville joined England captain Becks in buying retreats on the stunning Palm Jumeirah development.

England goalkeeping coach Ray Clemence and other backroom staff also got in on the act and have now made a killing.

The England squad visited Dubai for a pre-World Cup get-together in 2002.

They were shown detailed plans of the project, a vast man-made reef in the shape of a palm that is being built off the coast, and offered a discount price on properties there.

Aaron Richardson, of project developers Nakheel said: “Many of the players were immediately impressed and bought signatory villas at our discount £600,000 price.

“Now they are laughing because they are worth up to £2.5million before they are even finished.

“I know that those players who did not take advantage of the initial offer are pig sick. The properties are now sold out.”

The villas, only accessible by boat, are patrolled by security staff 24 hours a day.

Other celebrities who have bought a Palm property include Italian striker Francesco Totti, Formula One driver Michael Schumacher and Bollywood actor Shah Ruhk Khan.

Some of them were attracted by Dubai’s strict privacy laws which ban intrusive photography.

Source: TheDailyRecord