Buying propety in Dubai

[Sher]

Hello,
As I see there are many people on this forum interested in coming to dubai seeking a future over here. Just to bried everyone about Dubai, it is a very safe place to reside. Rumours might be many, but I live in dubai and have never faced any problems here. The government here is also very supportive and are welcoming all expats.

In 2001, the dubai government announced freehold property and 99years ownership on property for everyone. Since then dubai has seen major growth in terms of Jobs availabiltiy, as many multinational companies are shifting their headquarters in dubai. Recent example: Halliburton. The Infrastructure of dubai is also getting a major lift with the introduction of the metro railway system by 2010-2011

Property market has also seen a boom in dubai as people now prefer to own a home in dubai rather than keep paying rent. Recently major banks have also come to dubai or shown interest in coming to dubai to finance home buying etc.

If anyone needs any more info on dubai or any other emirates of UAE do let me know. I would be more than happy to help.

Regards,
Sher

[australia]

Cher,

See my message under Buying in Ajman.

[keziah_sandiego]

Originally Posted by Sher

Hello,
As I see there are many people on this forum interested in coming to dubai seeking a future over here. Just to bried everyone about Dubai, it is a very safe place to reside. Rumours might be many, but I live in dubai and have never faced any problems here. The government here is also very supportive and are welcoming all expats.

In 2001, the dubai government announced freehold property and 99years ownership on property for everyone. Since then dubai has seen major growth in terms of Jobs availabiltiy, as many multinational companies are shifting their headquarters in dubai. Recent example: Halliburton. The Infrastructure of dubai is also getting a major lift with the introduction of the metro railway system by 2010-2011

Property market has also seen a boom in dubai as people now prefer to own a home in dubai rather than keep paying rent. Recently major banks have also come to dubai or shown interest in coming to dubai to finance home buying etc.

If anyone needs any more info on dubai or any other emirates of UAE do let me know. I would be more than happy to help.

Regards,
Sher

Hi Sher.
Glad I saw your post.
I am a bit confused. My husband and I are to be relocated in Dubai very soon.
We are planning to buy a property there.
For the meantime, the company where my husband works will shoulder our lodging expenses.
anyways, what freehold areas are considered high-end areas?
We are interested in buying an apartment within good residential areas. I only have Dubai Marina in mind (it's a freehold area, right?).
Anyways, information regarding the freehold areas will be very much appreciated.
Thank you in advance!

Keziah

[dubaiguy]

Originally Posted by Sher

In 2001, the dubai government announced freehold property and 99years ownership on property for everyone.

What does that mean?

What is 99 years ownership? What is freehold property?

[Sher]

Originally Posted by keziah_sandiego

Hi Sher.
Glad I saw your post.
I am a bit confused. My husband and I are to be relocated in Dubai very soon.
We are planning to buy a property there.
For the meantime, the company where my husband works will shoulder our lodging expenses.
anyways, what freehold areas are considered high-end areas?
We are interested in buying an apartment within good residential areas. I only have Dubai Marina in mind (it's a freehold area, right?).
Anyways, information regarding the freehold areas will be very much appreciated.
Thank you in advance!

Keziah

Hi, Its good to hear you guys shifting to dubai. I am sure you will love it here. There are a lot of High end freehold areas like dubai marina, the palm(jumeirah) etc... But if you want an apartment the best place would be Dubai marina since there are a lot of buildings there which are completed and the area is also considered high end.

If u need any more information pls feel free to contact me.

[Sher]

Originally Posted by dubaiguy

What does that mean?

What is 99 years ownership? What is freehold property?

99years is leasehold which means you own the property for 99years only. but this is there in very few areas.

Freehold is your ownership forever. There are a lot of properties of this type for obvious reasons

[roamer]

I think they have arrangements like that in Hawaii, where only a few families pretty much own all of the land, and everyone else just owns a 99-year lease.

[Sher]

Originally Posted by roamer

I think they have arrangements like that in Hawaii, where only a few families pretty much own all of the land, and everyone else just owns a 99-year lease.

Well nothing like that over here. Everyone can buy freehold or leasehold depending on what they need or want. Lots of freehold properties popping up here.

[Kilani]

Originally Posted by keziah_sandiego
Hello. My husband and I are to be relocated in Dubai very soon. We are planning to buy an apartment but I am confused of the freehold law.
What freehold areas are considered high-end residential areas?


There are three major developers in the city, which are Emaar, Nakheel and Dubai Properties, any development constructed on any of the three is a Free Hold.

The montioned above are Govermental Sector, Damac Properties on the other hand is the largest privet developer which operates on Free Hold areas too.

Mostly every kind of property in Dubai is high end, its just about preferences and motives, whether you want have a sea view apartment or live in a community of villas, ofcourse all depending on the loacation of your/ your husbands work.

Kindly find info below about the law of Free Hold and Lease Hold:

Details of the new Dubai property law
Staff Report
Gulf News


Dubai: The long-awaited Dubai property law was issued yesterday by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The law says expatriates are now among those who can own properties in Dubai.

Law No.7 of 2006 stipulates that freehold is limited to UAE and GCC citizens and companies wholly owned by them, as well as public shareholding companies.

The law also stipulates that upon approval of Dubai's Ruler, non-UAE nationals may be given the right to own properties in some parts of Dubai.

They may be given the right to acquire a freehold property, or a 99-year lease property, in areas designated by the Ruler.

The law includes 11 chapters comprising 29 articles covering the issues of definitions, general rules, the implementation system of property hold, and the jurisdictions of the Dubai lands and properties Department.

It also stipulates the setting up of a property registration office at the Dubai Lands and Properties Department. This office will be responsible for documenting property rights and their amendments. Its records hold the ultimate evidence against all - without exceptions. Its records cannot be challenged except in the case of forgery.

The law says that a multi-storey property is considered a single property unit that shall be given one entry in the property record. All apartments of a single property unit will have supplementary records that include names of the owners of its apartments, storeys and any common facilities.

Following are the excerpts of the new Property Registration Law:

Article No.3

Provisions of this law are applied to properties located in Dubai.

Article No.4

Freehold is limited to UAE and GCC citizens and companies wholly owned by them, as well as public shareholding companies.

The law also stipulates that, upon approval of Dubai's Ruler, non-UAE nationals may be given the right to own properties in some parts of Dubai, designated by the Ruler, on a freehold basis, or a 99-year lease.

Article No.5

The original documents and judicial rulings upon which properties are registered are to be kept at the Lands and Properties Department.

It bans the removal of documents from the department. Judicial bodies or any expert or committees assigned are authorised to review the documents and get attested copies.

Article No.6

The Lands Department is solely assigned to register property rights and long-term leasing contracts as stipulated in Article No.4 of this law.

Under the law, the department will carry out the following duties:

1-Specifying survey areas or re-conducting surveys and attesting location maps.

2-Specifying rules related survey and releasing maps related to property units.

3- Preparing model property contracts.

4-Setting rules related to regulating, keeping and destroying documents.

5-Setting rules related to the use of Computer in data entry and saving.

6- Setting rules related to the regulation and keeping the records of property brokers.

7-Setting rules related to the assessment of properties.

8-Setting rules related to the sale of properties in auctions, and supervising the auctions.

9-Fixing fees for services offered by the department.

10- Setting up branches of the department upon the director's discretion.

Article No.7

A property register at the Dubai Lands and Properties Department shall be set up for documenting property rights and their amendments. Its records hold the ultimate evidence against all without exceptions. Its records cannot be challenged except in the case of forgery.

Article No.8

Documents of the property register which are electronically saved, have the same evidential value of the original documents.

Article No.9

All property transactions and deals that result in giving, moving, changing or removing property rights, must be registered with the property register. And so must all the final rulings that prove such dealings, which are not considered valid until they are registered.

Article No.10

To undertake transferring any property rights is limited to the contractor's commitment to the guarantee if he defaulted on his contractual duties whether a compensation was stipulated in the undertaking or not.

Article No.11

The inheritance notification must be registered with the property register, in case heirs have property rights within their inheritance. And, no dealings will be admitted unless registered.

Article No.12

The department has the authority to look into applications submitted by owners of unregistered lands seeking to settle their legal status.

Article No.13

The department can correct purely financial errors in the property register upon a request by applicants or on its own, with informing concerned parties.

Article No.14

The department coordinates updating property data with parties concerned.

Article No.15

The registration of property areas and units at the property register must be based on typographic, property unit and property area maps. It also reads that each property area must have an independent map, manifesting all property units in the area and their numbers.

Each property unit must also have a separate map, showing its location, boundaries, length, area and buildings, and the numbers of neighbouring units.

The law also stipulates that any amendment to the property unit, whether by dividing or merging units must be registered with the property register.

The department issues ownership certificates regarding property rights, which are considered ultimate evidence to prove property rights.

The above-mentioned certificates must include any terms, conditions, undertakings or any other commitments.

The provisions of federal civil transactions law No.5 of 1985 and its amendments are still valid in the cases not stipulated by this law.

Any agreement or deal concluded in violation of this law is invalid. Any person, department or public prosecution has the right to contest such a deal.

This law abrogates the provisions of the decree concerning legal and penal suites related to land transactions in Dubai, dated November 6, 1997

The Chairman of the department issues the necessary regulations and rules to put this law into effect.

The law shall be published in the official gazette, and is to be taken into force from the date of its issuance.

- Compiled by Khitam Al Amir and Dina Abu Al Hosn/Staff Reporter

Hope you found all info above useful.....

[Elavarasi]

Hi Sher,

We read all your replies to FAQs about Dubai/Ajman. Since you also deal with properties, we would like you to suggest us a freehold small villa type property (AED 300K to 500K)

In addition, what are the college educational facilities for Indians, since we have a daughter who will enter college in a couple of years.

Best Regards,

Raj