Dubai property law change could kickstart real estate market

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Dubai property law change could kickstart real estate market

16 Mar 2010

Dubai's ruler has issued a new decree designed to aid the emirate's beleaguered property market.

Those who have benefited from land grants will be able to log their property at the Dubai Land Register and will then be regarded as the official owner, according to an announcement on Sheik Mohammed bin Rashid Al Maktoum's official website.

Once this stage has been completed and registration fees have been paid, the property will be available for purchase at 30 per cent of the market value.

Any citizen in possession of restricted land grants will be allowed free use of the site, without previous constraints, if they are able to pay 50 per cent of the property's value.

The Wall Street Journal (WSJ) predicts the measure will raise billions of dollars for the Dubai treasury as it struggles to cope with estimated debts in excess of $100 billion.

Yesterday, the WSJ also suggested rumours were mounting that Dubai may pass over control of its airline and other key assets to neighbouring Abu Dhabi in exchange for help with the national debt.
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