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Sunday, July 21, 2024

UAE new rules add areas where expats can own property

UAE new rules add areas where expats can own property(Dubai) – His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has issued regulation No. 2 of 2012 to add some lands to the areas where non-UAE nationals may own real properties in the emirate of Dubai.
According to the regulation issued by Sheikh Mohammed in his capacity as the Ruler of the Emirate of Dubai and, after perusal of Law No. 7 of 2006 regarding real estate registration in the Emirate and Regulation No. 3 of 2006 specifying the areas where non-UAE nationals may own real properties in Dubai and its amendments, Non-citizen is allowed to acquire the usufruct right (life interest) for a period not exceeding 85 years for property located on a piece of land No. 1 in the Dubai Investments Park 1 and the piece of land No. 1 in the Dubai Investments Park 2 whose borders and area are set in the maps attached to this regulation.
This regulation shall come into force as of the date of issuance and shall be published in the Official Gazette.

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