Dubai allows expats to own property

The booming Gulf city state of Dubai has passed a law to legitimise property ownership by foreigners, who previously bought indirectly through contracts with developers, the press said on Thursday.

    Earlier only UAE and other GCC citizens could own property

    "Foreigners can become freehold property owners in areas designated by the ruler," said the text of the law, reprinted in several newspapers.

     

    "They can also derive benefit from their property or rent it out for a period not exceeding 99 years."

     

    Foreigners make up more than 80% of Dubai's estimated 1.2 million population.

     

    Until now, property ownership was limited to residents of the United Arab Emirates (UAE) and other nationals of the Gulf Cooperation Council, which also includes Bahrain, Kuwait, OmanQatar and Saudi Arabia.

     

    Previously foreigners who bought property in Dubai's bustling real estate market, such as British football star David Beckham, received a deed from the major developing companies. These companies are effectively owned and controlled by Dubai's government and its ruler, Sheikh Mohammed bin Rashid al-Maktoum, and his family.

     

    EMAAR is involved in several
    mega projects  

    "Passing a law that authorises foreigners to buy property is a real gain for the market and investors," said Mohammed Ali al-Abbar, chairman of Dubai-based EMAAR Properties, the world's largest real estate firm in terms of market capitalisation.

     

    "The massive projects that are being built now would have hit serious problems if the issue of freehold ownership had not been resolved."

     

    EMAAR, which lists the Dubai government as its largest shareholder, has built 12,800 homes in the city.

     

    It is involved in several mega projects including the Burj al-Arab Tower, which aims to be the world's tallest building at some 800 metres (2500 feet) high. 

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    Heron Gate mass eviction: 'We never expected this in Canada'

    Hundreds face mass eviction in Canada's capital

    About 150 homes in one of Ottawa's most diverse and affordable communities are expected to be torn down in coming months

    I remember the day … I designed the Nigerian flag

    I remember the day … I designed the Nigerian flag

    In 1959, a year before Nigeria's independence, a 23-year-old student helped colour the country's identity.