Property Law in the UAE for Buyers and Investors
UAE is a well-known country with numerous tourists and expatriates. The major income in the UAE comes through real estate, tourism and financial services as well. The UAE real estate marketplace has improved with great deals. The pandemic affected worse on the property development. For the buyers, the property price falls down and will get good chances for making deals. An important criterion in the deals is the UAE property law fulfillment. It describes about buying, selling and ownership of properties. The property ownership in the UAE by expatriates are different from one emirate to other and should follow those mentions.
Property Law in Dubai
The main property laws that are followed in Dubai are:
- Real Property Registration – Law No:7 of 2006
- Escrow Accounts for real estate development – Law No: 8 of 2008
- Interim Property Register – Law No: 13 of 2008
- Ownership of Jointly Owned Real Property – Law No: 27 of 2007
- Real Estate Brokers Register – By-Law No: 85 of 2006
- Real Estate Interim Register – Law No: 13 of 2008 amended by Law No: 19 of 2017
Who Can Buy?
To buy a property in the UAE goes through complex processes for foreign investors and buyers. For some years there was not an option for foreigners to buy the property in the UAE. But now the path is opened up by new property law. This law enables the foreigners to freehold leases of property for an unlimited time period. These rights are same to the property ownership, say leases for about 10 to 99 years in some specific areas (may change depending on the emirates). Transfer of rights to other people are also possible by law. Approval from the ruling government is mandatory for the buyers in specific areas.
Buyers and Investors
Both buyers and investors have the same wavelength in buying property in the UAE. For making the process easier, the buyers need to know the property law in the UAE for avoiding legal issues. For the purchase of a residence or commercial property, a residential permit is necessary. Getting residential permit is not a sign of working permit for the foreigners. It is totally different. Buyers need to deposit 10-20% of the total price (may change depending on the emirate). This criterion may change for a newly constructed property.
Property laws are important for every buyer and investor. This helps in making better deals. Capture your aim by knowing all the legal formalities. Many people might not be knowing the property law related legal formalities in the UAE while in need of buying or investing. For further clarifications you can get free legal consultation in Dubai and can find lawyer in the UAE through our best service. You can also get online legal advice in Dubai by opting us through https://iadvise.live.
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