UAE plans unified property law

Government aims to frame law that will apply in all seven emirates.

    Property value is on the increase in the UAE [GETTY/GALLO]

    Growth boom

     

    The UAE, particularly the Gulf Arab trade hub of Dubai, has seen rapid development that has driven up property prices in recent years, but property regulations still vary from emirate to emirate.

     

    Emirates Today said land prices were expected to continue their upward trend.

       

    "Land prices in Dubai shot up by 10 to 20 per cent in 2006. We expect the same trend to continue this year," the paper quoted Aftab Hemani, managing director of Cobalt Construction and Development Group, as saying. 

     

    By the year 2010, Dubai population is projected to be 1.845 million, an increase of 0.432 million between 2006 and 2010. This gives an annual increase of 0.108 million in four years.

     

    The inflow of population has been encouraged by liberalisation, simplification of immigration and laws governing residence, labour, real estate, tenancy, business and commerce.

    SOURCE: Agencies


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