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Dubai Properties, a unit of Dubai Holding, said yesterday that its developments are classified as freehold under the terms of the new property law.
The announcement comes following the issuance of the much-awaited law by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai. According to Article (4), non-GCC citizens are now able to purchase freehold property in areas designated by the Ruler of Dubai, which includes projects by Dubai Properties.
"The law was issued at the right time for investors who are dealing with real estate, whether in Dubai or outside Dubai. This law clarifies issues about legal framework in real estate investment and also enhances the confidence of investors, especially foreigners," Hashim Al Dabal, chief executive officer of Dubai Properties, said in a statement.
He emphasised that the law will reflect positively on the market, especially in encouraging the investors to consider the property sector as a viable and safe investment tool. It will also contribute to the development and growth of the economy.
The law will add more transparency to the transactions, outlining rules for investors that have already purchased land and for those are entering the market now, Al Dabal said.
He said the Dubai Land Department will be the only legal authority that ensures the registration of the property, not only for UAE and GCC citizens, but also for foreigners investing in Dubai.
Via Gulf News
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