New Dubai Land law promises property refunds

25.01.10

ABU DHABI // Property investors in Dubai will be eligible for refunds or replacement property if they fall victim to unscrupulous or failing developers, under laws planned for this year.

And developers will face new financial penalties if the buildings they promise are not delivered on time, or to agreed specifications.


Details of the proposed laws were revealed in a newsletter from the law firm Al Tamimi and Company, which ran a dialogue between Lisa Dale, the head of the firm’s property practice, and Emad Eldin Farouq, a senior legal adviser at the Dubai Land Department.

“There are lessons to be learnt from the crisis and we are emerging with a new legal regime,” said Mr Farouq. “Loopholes in laws are being dealt with and things will become more organised in 2010.”


As more buyers default on their payment plans and developers fail to deliver buildings on time, legal disputes are expected to remain a dominant theme in the UAE this year, lawyers

Source: National

UAE-AFOC.org » UAE Reevaluates Issues of Freehold Property Visas

UAE Reevaluates Issues of Freehold Property Visas

Acumen finally seems to have entered the minds of UAE’s Federal Government officials who recently have started to consider the issuance of freehold property visas. This news was revealed of late by a top Dubai government official who said that introduction of residence visas on foreign property ownership in various emirates of the UAE was under serious consideration. The DG of Dubai Government’s Finance Department added that the proposal regarding issue of property-linked visas, which was put forward by the Advisory Council of Dubai Government, was under a review.

It should be kept in mind that some emirates, acting of their own accord, had already amended their foreign property ownership laws and developed their own freehold visa arrangements. The purpose of the proposed freehold property visas at the federal level is to streamline the process and set a unified guideline for the entire UAE. The Federal Government officials hope that the new law will be introduced soon but no timeline for the regulation’s introduction has yet been announced.

Issuance of residence visas on the purchase of freehold property was earlier in place when big developers like Nakheel and Emaar helped foreign property buyers to get three-year renewable residence visas. But all of a sudden, the developers stopped facilitating the buyers in this regard which brought the issue of freehold visa into focus.

UAE property experts see the proposal as a wise step that could restore buyers’ confidence in this time of crisis and add lure to foreign property investment in the region that presently shows an investment meltdown. Since 2002, major developers in Dubai have successfully used the issuance of residence visas on the purchase of freehold property to attract foreign investment in the emirate’s real estate sector.

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