New Dubai property law on way

New Dubai property law on way

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Dubai: The Dubai government is expected to announce its new property law this month. The law awaits the Ruler’s approval, a report said. The new law is expected to allow a combination of 99-year renewable lease and freehold rights in limited locations in Dubai.

The law will be followed by a decree that will regulate the freehold market for expatriates and limit it to certain projects being developed by a handful of developers. “The proposed law is in final shape and is awaiting the signature of Dubai Ruler and UAE Vice-President and Prime Minister Shaikh Mohammad bin Rashid Al Maktoum, to become a law,”

Mohammad Sultan Thani, director development and marketing administration in the Dubai Lands Department, was quoted as saying by the report. “We expect the new law to be approved any time following the mourning period that ends in the second week of February. Once the new law is issued, Dubai Land Department will facilitate the registration of freehold properties in the name of respective owners.”

He said, the Land Department will publish booklets on the fee structure on transactions and step-by-step guide on registering properties, inheritance, mortgage and change of ownership of properties for the expatriates once the new law is issued. Currently, Emaar Properties, Nakheel and Dubai Properties are the only three mandated master developers allowed to offer freehold properties.

Source: Gulf Daily News Vol XXVIII NO. 321 Saturday 4 February 2006