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20 May, 2005

House of cards

Expats and foreign investors cannot currently buy freehold property in Dubai.

There is a continued misconception among home buyers that a law has been passed to allow this, but it is not so. Lawyers have pointed this out a multitude of times, but still the confusion continues. For the record:

"There is a federal law in force now forbidding registration of freehold property to foreigners, and this law is binding on all the emirates.

"However, Dubai is granting leasehold property as is the case in most countries. There may be an intention to amend the federal law, but no amendment has been enacted so far."

Gulf News is also warning of a softening in the market, with new developments selling less quickly and resale margins falling:

"Dubai's property market has begun to soften much earlier than expected, after a strong growth in demand over the last few years, developers said."

7Days reports that Gulf News had to spike a previous column that questioned the property market:

"Entitled “Dubai: are you a fantasy or a miracle?” The piece questioned whether or not planners are turning the city into an entertainment park, and called for some real debate on the future of the city, a pretty reasonable request, you may think, considering the rapid pace at which Dubai is evolving.

"One wonders whether it was a desire not to upset the decision-makers in Dubai, or whether it has something to do with the fact that its parent company Al Nisr Media recently launched a magazine called “Property Weekly” that relies on advertising revenue, partly from those city planners."

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Anonymous Anonymous said...

Interesting how they've built around the whole concept of freehold when there is no freehold at all! I guess it customary here to use terms such as "freehold", "state-of-the-art" and "luxurious living" wihtout really under the meaning behind any of them.

21 May, 2005 08:27  
Anonymous Anonymous said...

if you want to make money buying selling "air" then get in and out while the "getting" is good. Soon the bottom will drop, all will return to sand, and who ever is left holding the bag will loose everything.

24 May, 2005 13:03  
Anonymous Anonymous said...

It quite annoys me, actually, that they insist on calling the properties freehold when they are patently not freehold. Moreover, the 99-year leasehold is only for the bricks and mortar, not for the land - I checked this with Emaar - so it's unclear whether you'd have the right to pull down a villa and build a new one on the same spot.

14 July, 2005 19:47  
Anonymous Anonymous said...

New innovative service aimed at filling a gap in the market that will help investors and tourists get a first-hand look at a variety of

developments in Dubai, by the major developers.
Dubai 29/01/06: In keeping with the broad vision of UAE Vice President and Prime Minister and Ruler of Dubai His Highness

Sheikh Mohammed bin Rashid Al Maktoum to spur investment and spending in Dubai by boosting the properties and tourism

sectors – Dubai’s premier property marketing company, announced recently the launch of its new Property Tours

Dubai service that will bring added-value to the property and tourism sectors in Dubai, by giving both investors and tourists alike a

unique guided-tour and walk-about, around the most iconic landmarks and property developments in Dubai, by all the major

“With property mushrooming so much in Dubai over the last few years, home buyers, investors and even tourists are finding it

increasingly more difficult to keep up with all the latest offerings, let alone those being planned for future construction. It is because of

this need that decided to introduce Property Tours Dubai to the market. Home buyers, investors and tourists alike

can feel confident that they will be guided around a broad selection of projects in a completely impartial manner, as

maintains good relations with most major developers,” said Rohit Bhalla, Head of Property Tours Dubai on behalf of Gowealthy.

25 September, 2007 17:41  

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