A consultation paper was released on Sunday by the Dubai International Financial Centre Authority (DIFCA) on the topic of freehold land ownership in the DIFC.
Stakeholders were asked to review proposed legislation on the DIFC Real Property Law 2006 and the Strata Title Law 2006 and submit their comments by September 6, 2006, according to Khaleej Times.
Under the Real Property Law, ownership is guaranteed for freehold land and interest in land within the DIFC, while foreign companies and individuals will be able to hold freehold ownership of real estate within the Dubai International Financial Centre (DIFC). The Real Property law is based on English common law, and incorporates the Torrens system of land registration, used in Australia, New Zealand, Canada and Singapore.
Under the Strata Title Law, a system is established of guaranteed freehold title to units in buildings in the DIFC. The law is based on the system originally developed in Australia, but now in use in many countries around the world, including Singapore.
Opening of consultation for the DIFC Real Property Law 2006 and the Strata Title Law 2006 fulfils the assurances made by DIFCA to developers, investors and client concerning real property rights within the DIFC jurisdiction. In addition, the laws comply with an internationally proven legal system in line with its role as an international financial center.
