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Emaar freehold properties to be registered

- September 11, 2006, 7:39 pm

Close to 15,000 freehold properties developed by real estate company Emaar will be registered in the next 100 days, said a leading official at Dubai Land Department.

The process will see thousands of villas in Emaar projects such as The Springs, The Meadows and Arabian Ranches officially registered in owners’ names.

The news signals the start of a major period of title deed registration, following the announcement in July of areas in Dubai where freehold ownership by non-UAE residents is permitted.

“The initial registration of individual plots is a very simple procedure. We will be able to process around 150 per day,” said Mohammad Sultan Thani, director of development and marketing administration at the Land Department.

“The workload will become much heavier when the registration of apartments starts, but we are ready for it.”

Sultan Thani explained that initial plot registration is handled by property developers such as Emaar and Nakheel and takes no more than five minutes to process.

Fact-finding mission

The system becomes lengthier when a property is re-sold as both buyer and seller must be present at the Land Department.

Officials at the Land Department will soon head to Brisbane, Australia, for a week-long fact-finding mission. They will investigate methods of title deed registration used in Australia, as well as timeshare arrangements and escrow accounts (independently-managed accounts in which property down-payments are held).

“They use many complex systems in Australia and we hope to learn from them,” said Sultan Thani.

“We are not limiting ourselves to their model, but we feel it is appropriate as many developers operating in Dubai take advice from Australian and South African companies.

“There are a lot of different systems relating to the property sector systems which are used all over the world. Dubai’s real estate sector is unique because of the high turnover of property sales, so we want to take the bits which we can adapt to our system.”

Source - Gulf News

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