Property is a vital sector of Dubai’s economy that has been performing well. The emirate’s real estate industry is worth billions of dollars and continues to grow at a fast pace. In order to ensure that the sector grows sustainably, the Dubai government has enacted a new law that will help boost property investments.
A new law that allows foreign investors to own property in Dubai is set to boost investment in the city’s real estate sector. The law, which was introduced last month, offers 100% ownership for foreigners in designated areas, with the aim of attracting more investment and increasing the city’s attractiveness as a global business hub.
The move comes as the Dubai real estate market is experiencing rapid growth, with prices rising by 20% in the last year alone. The new law is expected to provide a further boost to the sector, as it will make it easier for foreign investors to purchase property in Dubai.
The key provisions of the new law include:
The benefits of the new law include:
The new law is a positive development for Dubai’s real estate sector. It will help boost property investments, as well as protect the rights of buyers and sellers.
The new law stipulates that all properties in Dubai must be registered with the Dubai Land Department. This will create a database of all properties in the emirate, which will help the government to keep track of the sector’s performance.
In addition, the law requires developers to disclose information about their projects, such as the prices of units and the completion date.
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