The revolutionary law paves way for non-UAE nationals to own properties in designated areas of Dubai Emirate and register their ownership with the Dubai Lands and Properties Department. The new Dubai law announced by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, re-confirms the visionary approach of Dubai government.
The law is of substantial nature and said to be followed by a number of new procedural bylaws that will identify the freehold areas the non-nationals could own, determine the registration fees and related procedures. The law has appointed Dubai Lands and Properties Department as a regulatory authority for all properties in the Emirate.
Once the procedurals are set in place, the law will bring the needed stability to real estate industry and help in its organized growth. The legalization of the private property ownership rights will be an enormous boost to trust and credibility of Dubai as an investment destination.
The new property law is a welcome delight and marks the dawn of a new era to the thriving Dubai property Market. It is a boon to international buyers considering property purchases in Dubai as a safe and viable investment.
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Now looking forward to the clarification of the Inheritance Laws which have recently been mooted.
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