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.