Speaking at Dubai Property Group’s (DPG) monthly networking event, this time analyzing the scope and ramifications of the recently issued Dubai Property Law No. (7) of 2006, Essam Al-Tamimi, senior partner of Al-Tamimi & Company Advocates and Legal Consultants, concluded that the new law is an encouraging first step towards a strong, transparent legal structure for the real estate industry.
“The new Law, which comes into force on the date of its publication in the Official Gazette, has set out the basic legal foundations to match the progressive and increasingly dynamic property market in Dubai. For foreign property investors, we now just await the Ruler’s approval of designated areas in Dubai where they are entitled to own property and then they can seek registration of their property titles at the Dubai Land Department. This is expected soon,” commented Al-Tamimi. “As for GCC nationals, the new Law grants them the right to own property in any area of Dubai, giving them equal status to UAE nationals.”
The Law therefore does provide the appropriate legal framework but as this Law itself acknowledges, it is just a starting point and more regulation and legislation is required to meet the needs of a market that is rapidly growing in both size and complexity.
“Even in its current state, the Property Law will act as a stabilizing factor in the booming real estate sector in Dubai and will help investors to make more educated decisions when looking at investment options and methodologies,” said Adel Lootah, Executive Director of Dubai Property Group. “In this respect, DPG will act as a forum for real estate professionals to express their opinions and feedback with regard to the Law, and will raise these issues with the relevant authorities.”
Independent of favor or influence, DPG represents the combined interests of Dubai’s real estate community. The Group’s 110 members include some of the highest profile real estate players in Dubai, such as the Dubai Development Board, Cluttons chartered surveyors and property consultants, Arenco Real Estate, Union Properties PJSC, Better Homes LLC and facilities management firm, Asteco Property Management LLC.
Apart from the ongoing monthly ‘Awareness and Networking’ events – as part of its services to improve and grow member benefits and increase their business potential, DPG provides advertising opportunities through its website, newsletters and exclusive agreements with UAE based media, aimed at helping members reach larger and more diverse audiences – be they business related or the general public. The Group also regularly puts together training and educational packages and seminars.
Subscribe to our monthly newsletter
Keep a pulse on the latest business news in the Middle East. Subscribe now.