Real Estate World

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Ownership rules and the mortgage market in Dubai - by William King

In 2002 the government of Dubai created freehold property zones in the city. For the first time foreign individuals could own property in the freehold areas of Dubai. This has resulted in an unprecedented boost in the real estate market leading to massive construction projects that are among the best in the world. The new law was established in order to enhance the confidence of property buyers in the legal system. The legislation was intended to attract foreign investment through international developers that always prefer to work in countries where the laws are straightforward and keeps things simple. Before the law was passed foreign nationals could only get a 99 year lease at a maximum but it was only since 2002 that they could actually own property in the freehold areas of Dubai. Another good thing about the legislation is that it helps to support 80 of Dubai's population, made of non citizens, to rent out the property and lead better lives. Freehold property owners in Dubai can rent out their property on 99 year leases of their own.

According to the new laws people looking for buying property in Dubai will now have outright ownership of the construction as well as the land below it. There will no going back between freehold and leasehold...

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