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


    Survivor stories from Super Typhoon Haiyan

    Survivor stories from Super Typhoon Haiyan

    The Philippines’ Typhoon Haiyan was the strongest storm ever to make landfall. Five years on, we revisit this story.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    We Are Still Here: A Story from Native Alaska

    We Are Still Here: A Story from Native Alaska

    From Qatar to Alaska, a personal journey exploring what it means to belong when your culture is endangered.