Dubai 'announces new real estate regulations'

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Dubai 'announces new real estate regulations'

08 Mar 2010

The land department of Dubai has halted offshore investments in the emirate's real estate freehold market while new regulations are brought in aimed at improving transparency.

Resolving a lack of clarity has been cited as the main reason behind the month-long investment ban and proposed new measures, reports Gulf News.

"There are currently guidelines that exist which offshore companies have to adhere to. A new set of regulations is currently awaiting approval and is due to be introduced by the end of the week," Mohammad Sultan Thani, director general of Dubai's land department, told the publication.

Mr Thani said from the beginning of March offshore companies have still been able to register with the land department, but not as developers.

New regulations will be primarily aimed at establishing the identity of the owner of any investing firm in order to improve accountability and resolve potential conflicts that may pass through the courts.

Much of Dubai's property success has been down to the relaxation of property laws which, as of 2002, allowed non-UAE residents to purchase freehold properties in certain designated areas of the emirate.
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