Dubai Properties, one of the members of Dubai Holding, announced today that its developments are classified as free hold under the terms of the new Property Law.
The announcement comes following the issuance of the much-awaited law by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, Ruler of Dubai.
According to Article (4) non-GCC citizens are now able to purchase free hold property in areas especially designated by the Ruler of Dubai, which includes projects by Dubai Properties.
Hashim Al Dabal, CEO of Dubai Properties stated: “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.”
Al Dabal emphasized 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.
According to Al Dabal, 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.
He concluded that 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.
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Linda Abdulhay, JiWin
The Public Relations Subsidiary of Dubai Press Club Dubai Media City
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