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The new legal framework of residential apartment
- February 15, 2007, 9:26 pm
The first registration of a residential apartment under the new legal framework introduced last year was announced today by the Government of Dubai Land Department.
The landmark announcement signals a major step forward on the road to widespread ownership registration in the emirate, a process that could escalate into many thousands in coming weeks.
The knock-on effect for Dubai’s real estate market is expected to be immense, with the new framework underpinning ownership by previously excluded groups and establishing definitive rights. The registration - of an apartment in a Dubai residential tower - was approved by Jumaa bin Humaidan. Assistant Director of the Land Department, and witnessed by Majid ujail, Head of Customer Service Department.
Registration was made in accordance with article 23 of the Real Estate Registration Law, issued in March last year. This covered registration of residential apartments, multi- storey buildings and residential complexes.
Jumaa bin Humaidan said: ‘This is just the beginning and signals the Department’s commitment to preserving landlord rights under the new law. The first residential apartment registration system was a collective effort that has seen the involvement of IT, technical and customer service departments. These worked closely together to create an electronic platform to handle the registration of large numbers of residential apartments and the changing of ownership entities due to daily trading.’
Mr. Bin Humaidan added that this platform had been designed in collaboration with real estate companies and property developers. The IT team within the Dubai Land Department had put extensive time and effort to shape up the new electronic registration system that conforms to international standards.
Majid Al ujail, Head of Customer Service Department, said: ‘This type of registration platform, which authenticates property ownership, reflects the boom of Dubai real estate market. The Land Department is expected to issue thousands of ownership certificates for residential flats and complexes during the coming few months.’
Majid commented that following the first ‘Ijarah’ transaction, today Dubai Land Department has made another step forward through the registration of residential properties. This will transform the way real estate ownership occurs in Dubai.’
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