Dubai Property Law......Finally
It was all a case of when. The World's [sic] least well kept secret is finally official. Here is what you need to know:
The Law is called Law No. 7 of 2006.
UAE Nationals, GCC Nationals and companies owned by them can purchase property on a freehold or 99 year leasehold basis anywhere in Dubai.
Expats may be given the right to purchase in some parts of Dubai, on a freehold basis or on a 99 year lease (or usufruct as termed by KT). These areas will be specified at a later date but will probably be limited to where the Emaar, Nakheel and Dubai Properties are located.
If you have purchased before, you can register your property.
Inheritance needs to be registered with property register.
So, all good, on the day after the biggest stock market crash in Dubai's history. Now that this legislation has been passed, expect the money flow from the next level of speculator to shoot into Dubai, the mortgage market to go crazy and the Dubai PR machine to start rolling again with the slogan: Property not Ports.
The Law is called Law No. 7 of 2006.
UAE Nationals, GCC Nationals and companies owned by them can purchase property on a freehold or 99 year leasehold basis anywhere in Dubai.
Expats may be given the right to purchase in some parts of Dubai, on a freehold basis or on a 99 year lease (or usufruct as termed by KT). These areas will be specified at a later date but will probably be limited to where the Emaar, Nakheel and Dubai Properties are located.
If you have purchased before, you can register your property.
Inheritance needs to be registered with property register.
So, all good, on the day after the biggest stock market crash in Dubai's history. Now that this legislation has been passed, expect the money flow from the next level of speculator to shoot into Dubai, the mortgage market to go crazy and the Dubai PR machine to start rolling again with the slogan: Property not Ports.
posted by grapeshisha at 10:28 AM
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