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Non-Tech : SLJB - Sulja Brothers Building Supply, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Star the Wonder Pup who wrote (849)	11/29/2006 12:50:47 PM
From: scion	Read Replies (1) \| Respond to of 1681

Over the past ten years , the emirates of Dubai has develop a real estate market and has become a home of choice and not only a transit land for many foreigners. Until March 2006, foreigners (with the exception of other GCC Nationals) may, as a general rule, not acquire real estate property in the United Arab Emirates. Acquisition of real estate property is governed by the Federal Code of Civil Transactions of the UAE, which stipulates that real estate property is legally acquired as of registration in the appropriate register. The law does not distinguish by nationality. By coordinated practice of the individual Emirates and on the basis of respective Decrees the acquisition and registration of title deeds relating to real estate property in the UAE was till recently, legally restricted to UAE Nationals and GCC Nationals, only. The foundations of an open real estate market in Dubai were laid in 1997/1998 with the development of the prestigious projects Dubai Marina and Emirates Hills . Emaar Properties, having identified the vast buying potential of affluent foreign residents as well the demands of the ever increasing numbers of foreign tourists, started marketing those projects on the basis of 99-year leasehold contracts, receiving immediate overwhelming response from buyers. The real boost of property market came in 2002 with the official announcement of the development of Palm Island Jumeirah and the official public confirmation by H.H. Sheikh Mohammed Bin Rashid Al Maktoum, declaring that all buyers on Palm Island would acquire freehold property without any restriction as to resale and inheritance. This official declaration of the Ruler of Dubai formed the basis for all further freehold projects, launched in the Emirate of Dubai. The permission for foreign nationals to acquire full and unrestricted property was soon extended to other projects of Emaar Properties, Al Nakheel and others. In a matter of weeks, buyers and investors eagerly snapped up the properties of Palm Island Jumeirah and other developments. However, until recently, there was no written regulation to prevent the Emirate of Dubai from allowing foreign nationals to acquire real estate property. There was yet no law, stipulating the terms and conditions for the many technicalities, required to successfully develop a sustained property market. By confirming the freehold ownership and 99 years lease hold of Land and property for non GCC expatriates to pre-designated areas approved by the Ruler, the promulgation of Law No.7 on property Registration issued on March 13, 2006 has given a legal status to buyers : Once the list of designated areas is published, title deeds should be registered by Dubai Lands and Property department which will also have authority to issue regulations on property related matters. Implemantation of Law No.7 of March 2006 has partially started but despite this first step who was welcomed by the Real Estate market and investors , the Law still remain silent on issues considered as major by foreign buyers, such as : procedures for mortgage of property, execution of mortgages, condominium ownership, time share ownership and the very sensitive question of succession. As per various sources, further regulations on the above legal drawbacks should be promulgated by the legislator . On one hand, it will give most foreign investors the secure procedures they are used to in other legislation. On the other hand, it should benefit even more to the development of Dubai’s vivid property market." Download presentation: fbcdubai.com fbcdubai.com