Foreigners Now Allowed to Own Freehold Property in Dubai Article Published: 13:44 17/03/2006 Article Classification: Park Towers Dubai
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Foreigners Now Allow to Own Freehold Property in Dubai
Following months of speculation about the UAE property law, and whether it will allow full ownership for foreign nationals, it has finally been issued by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE.

However, while freehold property is now available, it is limited and at the discretion of the Ruler. Specifically, the new law stipulates that ’freehold is limited to UAE and GCC citizens and companies wholly owned by them, as well as public shareholding companies’. The law will take affect from its publication in the official gazette.

Upon approval of Dubai’s Ruler, non-UAE nationals may be given the right to own properties in some parts of Dubai and, under these designated areas, foreign individuals may be given the right to acquire a freehold property or a 99-year lease property.

This means that government-backed developers should now be able to guarantee full freehold, which they offer either directly or through appointed UK agents.

Olive Tree’s Richard Brady said “This has now formalised the speculation around foreign property ownership in Dubai. Whilst there has been a lot of talk about this law being passed, it is much more reassuring to see it in statute. As with many other pieces of legislation, the devil is in the detail, however it appears that in designated areas, freehold will be available for foreign owners. This could well create a further boost to property prices on certain developments.”

With more than 13,000 expatriate families already living in Dubai homes without securing title deeds in their names, there is likely to be a surge in new registrations.