This news got me worried....are the rentals going to increase in dubai......can anyone tell me what are the present rates in bur dubai????????????
Dubai: Frenetic activity is expected in Dubai's real estate market next week when the city's new property law is published in the Official Gazette, according to a top lawyer.
Any new law passed does not officially come into effect until is has been published in the gazette.
"Following the publication of the law in the Official Gazette, which should happen in a week's time, and the announcement of the freehold areas, we expect the three master developers Emaar, Nakheel and Dubai Properties to get permission from the Ruler's office to begin the registration process," Essam Al Tamimi, senior partner of Al Tamimi and Company, told Dubai's property officials at a breakfast meeting organised by the Dubai Property Group on Tuesday.
Dubai issued Law No 7 on March 13 that legalises freehold ownership of land and property to UAE and GCC nationals, while allowing the same rights to non-GCC expatriates to designated areas that will be announced by at a later stage.
"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," Al Tamimi added.
He said the law is very brief in some areas and is not clear on some vital issues, such as mortgage registration, as well as common-hold use, which is very important for those who are buying apartments.
"The current law is not clear on the the responsibility of the land in the 99-year leased properties, in case the building collapses, or comes up for demolition before the expiry of 99-year lease, who retains the ownership of the land," he said.
It has left room for further enactment of bylaws on the Common Hold Registration as the current law specifies that a Single Title Deed will determine the ownership of a building co-owned by a number of apartment owners.
"Single Title Deed treats it as a 'Real Property Unit' with its own folio in the Property Register. Each individual apartment in the building is registered in its own sub-folio," he said.