Dubai Property

Dubai Property

Dubai Property

In early 2001, the Dubai Property Market changed. The Government of Dubai allowed foreign investors and buyers to take 99-year leases on apartments and villas in Dubai. When this decree was issued in 2001, the population of Dubai was close to a million.

In May 2002, the current Ruler of Dubai, His Highness Sheikh Mohammad bin Rashid Al Maktoum ruled that the emirate would permit foreign nationals to invest in Dubai property on freehold ownership. The properties were initially grouped under 3 government-owned entities - Emaar Properties PJSC', Nakheel' and Dubai Holding'.

Soon after its property market was opened to foreign investors in 2002, the UAE emirate of Dubai has witnessed a remarkable growth in its real estate, especially residential sector.

More than 400 Dubai property developments have received the green signal from the Dubai Land Department, majority of the projects that were launched in the early 2000s were completed and most of the properties within them were occupied or handed over to owners.

Drafted as Law No. 7 in 2006, the Land Registration Law of the Emirate of Dubai' legalizes freehold ownership of land and property for the UAE and GCC citizens, while awarding the same rights to non-GCC expatriates in pre-designated areas that are approved by the Ruler of Dubai.

Dubai property market saw a steep rise until the end of 2007, after which it collapsed like a castle of cards. Dubai Property prices almost halved during 2008 and saw further decline during the early 2009.

The condition was no better during 2010. So the Dubai property market expects some improvement in this condition only by 2012.

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