Dubai property law to limit foreign ownership of property
The Dubai property law will likely provide citizens of the GCC and UAE the right to purchase property throughout the emirate, while foreign nationals will only be allowed to own property in select areas.
The new is expected to be approved by the Dubai government in the near future, will differ from the landmark Abu Dhabi property announced in 2005, law by giving foreign flat owners collective ownership of the land.
"Buyers of apartments will get a proportionate share on the land as in other countries," said a leading law firm about the law.
The Abu Dhabi law, which was announced in 2005, allows foreigners to own property, though not land, in certain areas under a 99-year lease, according to Khaleej Times.
Legal experts explained that implementation of the two laws heralds a federal property law providing a uniform character to land transaction rules across all emirates.
- Dubai's proposed property law to legalize freehold ownership of land
- UAE approves land ownership for foreigners in Dubai World Central
- Dubai: New law will attract foreign investment, extend real estate boom
- Abu Dhabi: Foreigners can own only leasehold property
- Abu Dhabi allows foreign nationals to own land