- March 2006
Dubai
Update - New Law grants foreign buyers greater ownership rights
By Laura
McMahon
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| Lawyers
who have seen the latest draft of the Dubai Property Law are impressed.
Dubai residents looking to buy a new home will be granted outright ownership
of both the property and the land. There will be no back-peddling from
freehold to leasehold. -Uited Arab Emirates: Sunday, February 26 - 2006
at 14:07
The new Dubai
Property Law will mean that for the first time foreigners will be allowed
to register properties under own names in the Dubai Land Department. And
if the latter conjures up images of Dickensian title deeds think again,
this department offers the very latest in electronic land and property
title registration.
Previously
buyers held a contract of sale from the developer which allowed transfer
of ownership only through the developer, with an agreement in the contract
that a full and unencumbered freehold title would be granted on the property
as soon as it became available.
The new law
means that this moment has arrived and that foreign owners can expect to
have their title deeds available for collection in due course; not that
their legal entitlement to sell the property has ever been in doubt.
Mortgage
market impact
Indeed, the
biggest practical impact may be felt in the local mortgage market rather
than the re-sale market. Some international banks, notably Standard Chartered
Bank, have not been willing to enter the mortgage market due to the legal
uncertainties surrounding ownership rights, duties and obligations.
Now presumably
Standard Chartered Bank and others will enter the mortgage market and begin
to force down the cost of mortgages with aggressive pricing and new products.
It has to be said that Amlak Finance's 7.5% mortgage rate is already significantly
higher than RAKbank at 6.9% but there is room for lower rates particularly
for introductory discounts.
Generally the
lower the cost of money in a housing market, the higher house prices will
move. Part of the reason for the very high prices seen in many global real
estate markets is the low cost of funds at present. Thus cheaper mortgages
in Dubai should mean higher prices here too.
Leading Dubai
estate agents Asteco are on the record as saying that the new law will
bring forward an avalanche of new buyers, many of whom already have mortgages
arranged but just want the law in place before they go ahead and buy.
40-article
law
The 40-article
draft law covers five broad areas: title and ownership of title; areas
nationals and foreigners can own; granting the right to own units in an
apartment or condominium; long-term leases; and mortgages. The law also
gives UAE and GCC nationals the unhindered right to buy property anywhere
in Dubai.
A sub-clause
allows foreigners to own properties with 'The Ruler's consent' which will
cover properties of the major freehold developers: Emaar, Nakheel and Dubai
Properties. Foreigners may also request special permission from The Ruler
to buy properties outside of the designated areas.
Another article
formalizes long-term leases and stipulates that leases of longer than five
years have to be registered with the Dubai Land Department.
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