Dubai Property Law Information

admin — Mon, 07 Dec 2009 14:20:29 +0000

The basic norms and rules followed in almost parts of the world may be the same while buying property. However, there are several place specific laws of property.

The same is applicable to property in Dubai. If you are from a foreign country you will realize that the property laws there are quite different from the Dubai property laws.

Status

All types of laws including property law may undergo small or big transformations over a time span. This may happen even if the property market is extremely developed. It is the same in Dubai too.

The property law in Dubai is relatively new, as it has taken shape only recently. Hence in order to come to a concrete form it will take some time. Nevertheless, the present laws that have been laid down are quite simple.

The prevalent laws

The present Dubai property law entails several simple rules. You can own freehold land only if you are a UAE or GCC citizen. Companies owned by such citizens or with public shareholding may own freehold too. Again the ruler of Dubai may permit you to own freehold property or to have it on lease for 99 years.

You must leave all relevant documents of property registry with the Lands and Properties Departments and judicial bodies or experts can avail of attested copies. This department is meant specifically for the registration of property rights and contracts of long term leasing. The value of the electronically preserved documents is equivalent to the original document.

Property transactions are invalid unless properly registered. Cases of inheritance should also be registered similarly. The Lands department can look after the unregistered land settlement or rectify financial mistakes, on application. The Chairman of the Lands department is responsible for issuing the laws that are then printed in the official journal.

Advice

It is true that you can know the Dubai property laws through the official journals but it is always advisable to opt for professional help before you actually go ahead with your investment on Dubai property.

When you are buying a property in Dubai you need to rely on a good legal concern or individual and also an efficient financial advisor who is well aware of the pros and cons of property law in Dubai so as to help you to make the best moves.

Dubai Property

admin — Mon, 07 Dec 2009 14:14:11 +0000

Dubai Property – Advantages

The increasing demand of Dubai property can be explained to some extent by the advantages that you are likely to enjoy as an owner. You can get a Residence Visa if you buy property in Dubai. The cost of the property is relatively low here.

You will only be required to pay the registry fee and are no legal fee or stamp duty otherwise. If you are a foreigner you can get mortgages to buy real estate. The quality of the completed properties in Dubai is very good.

If you buy property or rent it you will not be expected to pay any capital gains tax or income tax. An ownership of property in Dubai can be further desirable, as it is a nice city where there is hardly any crime. Despite being an Islamic city it practices tolerance.

Dubai Property – Future Prospects

Owning property in Dubai can be quite fruitful for you in the long run as the future prospects in the market looks bright. The expectation of its capital growth is estimated to be more than 15% p.a.

With upcoming features like the World, the largest shopping mall, the first underground hotel, the tallest building and various other attractions it is inevitable that the cost of property will be sky high in future. This is lucrative enough for you invest in the property in Dubai.