Latest rules and regulations in Dubai Real Estate

With a flurry of activity going on in the name of real estate in Dubai, there has to be absolute clarity in regulations. The opening of freehold land has changed the rules and relegations. Many new users are vying for a piece of land in the tropical Arab sun. As expatriates are buying real estate in Dubai, it is advisable to know the latest rules and regulations which govern them. Some good real estate in Dubai is in short supply to foreign investors. The developers and brokers have hiked prices of some properties of real estate in Dubai. By monitoring new directives laid down by the government, one cannot make mistakes while buying real estate in Dubai. Some foreigners are expecting change of rules to suit them, as high rentals are now forcing them to buy real estate for long term living in the country.

Some land deals of real estate in Dubai are expensive. These properties come with luxury trappings and a safety net for families’ wishing to invest in homes. The ones affording real estate in Dubai are high net worth individuals. They choose seaside properties, villas and luxury apartments in Dubai Marina. Some spacious properties of real estate in Dubai are booked in advance during the construction phase. The growing credit facilities, increase in population and visitors are making the government more open to expatriates. The change in the rules and regulations for real estate in Dubai is inevitable. In 2006, one of the Dubai property laws concerning registration underwent changes. The Lands Development will be the only recognized authority to register real estate in Dubai. The property rights will include right of freehold ownership, rights of usufruct and lease up to 99 years, rights of Musataha, collateral rights, restrictions and mortgages against real estate in Dubai. The right of Musataha is the right to use and exploit the property of another person.

For better understanding, consult an experienced broker on real estate in Dubai. Consulting is essential before buying any real estate in Dubai. Regarding the ownership of commercial real estate in Dubai, Article 4 of the Dubai property law mentions UAE citizens and their companies can own property rights in Dubai. A company formed in UAE having foreign shareholders will not have rights over that real estate in Dubai. There is an exception to public joint stock companies. Emaar and Union Properties developers of real estate in Dubai fall under this bracket as both are registered in the Dubai financial market.

Foreigners can have freehold property in select lands area and not any other real estate in Dubai approved by the regulation No.3. These are called ‘designated’ areas. The maps of ‘designated’ areas are available before buying any real estate in Dubai. Foreign companies can have freehold properties up to 99 years. Long leases of real estate in Dubai in undesignated areas can be given to non locals but with a caveat. Some of this real estate in Dubai is not included in the Law.