NRIs welcome proposed Dubai propety law

Dubai, Mar 16 (UNI) Indian expatriate community has welcomed the proposed Dubai property law that allows the right of ownership of property on 99-year leases to non-Nationals.

The law covers the Dubai emirates, which is going through an unprecedented building boom.

A federal law covering the entire UAE is expected to be issued from Abu Dhabi and it is not yet known whether that would provide unrestricted full freehold title to foreigners.

The Dubai property law does not provide immediate title to owners of 'freehold' properties in Dubai, but rather provides for the legal framework for that to happen, news reports said.

''Upon approval of the rule, non-nationals may be given the right to own a property in some parts in the Emirate on a freehold basis, to usufruct or rent for a period not exceeding 99 years,'' according to the official Emirates News Agency.

The law will allow for a real estate register to be set up at the Dubai Lands and Properties Department, giving buyers indisputable legal title for the first time.

UNI XC KD RK1258