DUBAI 15/03/2006— The Dubai government on Tuesday issued a long awaited property law which partly legalises foreign ownership of properties in the emirate. The booming Gulf city state of Dubai has passed a law to legitimise property ownership by foreigners, who previously bought indirectly through contracts with developers, newspaper reports said yesterday.
“Foreigners can become freehold property owners in areas designated by the ruler,” said script of the law, the statment printed in natioanl newspapers.
“They can also derive benefit from their property or rent it out for a period not exceeding 99 years.”
Foreigners make up more than 80% of Dubai’s estimated 1.2 million population.
Until now, property ownership has been limited to residents of the United Arab Emirates (UAE) and other nationals of the Arab Gulf Cooperation Council, which also includes Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.
Previously, foreigners who bought property in Dubai’s bustling real estate market, such as British football star David Beckham, received a deed from the major developing companies.
These are effectively owned and controlled by Dubai’s government and its ruler, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and his family.
The law comes nearly four years after the government first announced freehold ownership to expatriates, grouped under three Dubai-government owned entities Emaar Properties, Nakheel and Dubai Properties, the local daily Gulf News reports.
You can find the law at http://dubailand.gov.ae/ld_website/LAW/Eng.pdf
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