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The Dubai property market exploded in 2002, when the
Government of Dubai issued a law legalizing foreign
ownership of Dubai properties in selected areas of the city.
It was anticipated that the UAE would have to create a set
of laws to address foreign investor and consumer issues
about the security of their investments, especially in real
estate.
In 2006, in property Registry Law was announced allowing
freehold ownership of land and real estate by UAE and Gulf
Cooperation Council (CGO) nationals, and granting an
equivalent set of rights to expatriates in a new group of
residential and commercial free zones.
The law allows for the registration of such properties with
the Dubai Land Department under the names of expatriate
individuals and the government allowed foreigners to own
majority stake in properties set up in pre-designated areas
and free-zones.
Earlier the documentation was only in arabic, but now
bi-lingual forms have been introduced so that even non-arabic
can do the registration without help. Now the law applicable
to the condominiums, incorporating the principles of common
hold, is under preparation and that will complete the legal
frame work governing the freehold property sector.
The freehold laws adopted by Dubai incorporate the global
best practices and have been prepared with the help of
number of committees in trusted with a task of studying
rulesand regulation followed in different parts of the
world. Where required, these practices have been modified to
suit the local conditioins as it was felt that straight
transplants would not work. In some cases the regulations
have many things in common with the UAE civil laws. Another
area where there is a lot of speculation relates to the
entitlement of residential visa tied to property ownership.
Moreover, we recommend you to receive our expert advice in
details of legal topics when investing in property.
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