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Federal regulatory authority to register property in UAE
- September 18, 2005, 10:36 am
The UAE needs a federal regulatory authority to register land and property, in order to boost confidence among new property buyers, especially the foreign homeowners, said a top lawyer.
“The new property law enacted in Abu Dhabi and the new property law to be issued by Dubai will facilitate land and property registration with separate bodies. What the country needs is a central land and property registration body to register land titles and title deeds, mortgage and inheritance,” Essam Al Tamimi, managing partner of Al Tamimi and Co, a top law firm in the UAE, told delegates at the Cityscape exhibition and conference.
“We also need a federal regulatory authority to regulate the lands and property sector to unify the registration and deeds so that the various contracts fall within the pre-defined format. The country also needs a clear and detailed inheritance and succession law to boost investor confidence.
“Our laws in some cases do not even define the various terms that are often used in the real estate deeds, that the new laws should address.”
He said a new proposed law that is pending government approval is in its final stage and is expected to clear all the ambiguities among individual investors.
“The new law, to be issued by Dubai government, will clear many doubts and legalise freehold ownership in designated areas,” he said.
“However, the new law may not address some detailed issues, like rules of association, common area usage, rent, mortgage, dispute settlement and the secondary market.”
Hailing Abu Dhabi’s new property law, he said this will help the emirate to attract foreign investment in real estate.
Speakers at the Cityscape conference also denied that the property market has overheated.
Elaine Jones, managing director of Asteco, said, “The market is definitely not overheated and will sustain the growth, as other markets are opening up, so investors now have a wider choice. Though we do not hear properties being sold out in hours or days anymore, it is not a slowdown.”
The rental market has seen an explosive increase over the last few months due to lack of adequate supply in the middle-market segment.
John Davis, chief executive of Colliers International Middle East, said, “We will see a correction in the market in the coming years.”
Source - Gulf News
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