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Legal Certainty

 

 

UAE Legal Certainty

 

The regulation of property law is initially subject to each Emirate individually. In June 2002, the Dubai government authorised foreigners to purchase real estate in designated projects (free hold). The transfer of property to the purchaser is recorded in the contract of sale. There are three national property developers: EMAAR, Nakheel and Dubai Properties / Dubai Holding. Each of these property developers keeps a property register, in which the owner of a property is listed or, in the event of a re-sale, the transfer to the new owner is recorded. On MArch 14th 2006 His Highness Sheikh Mohammed Bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, has issued law No. 7 which regulates the property rights with real estates and properties. The property law is regulating the property and real estate rights for UAE and GCC inhabitants and also the rights for foreign real estate buyers who are now allowed to sign up in the Dubai Land and Property Department as the owner of their real estates. For the moment this regulation is only based on the freehold areas. In addition - and this regulation would be new - it should be possible for foreigners in certain cases to acquire real estates also outside the Freehold zones. The law states that UAE citizens then may acquire real estates for a 99 years lease and as freehold in the entire state area. Expats are only allowed to acquire properties for 99 years lease and as freehold only in allocated areas. An unbelievable rush to the Land department is expected. The costs for the ownership registration will approx. take 2% of the purchase price of the property. 

 

 

 

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