Real Estate law saves UAE investors
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued Condominium Law on ownership of joint properties in Dubai, reported Gulf News. The law was based on federal Law No. 5 for 1985 on civil transactions and its amendments, Law No 7 of 2006 regarding property registration and order No 3 of 2006 which gives expatriates the right to own properties in designated areas in the emirate.
United Arab Emirates: Wednesday, January 30 - 2008 at 08:24
While article 33-article stipulates that the blueprint of the property's site, the terms and rules of developing and operating the joint property and the statute of the Landlords' Association constitute part of the joint property ownership's document, and must always be attached with it.
It also states that the tenant who occupies the leased property should comply with the same rules and terms as well.
Amena Bakr, Senior ReporterWednesday, January 30 - 2008 at 08:24 UAE local time (GMT+4)
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This Article was updated on Thursday, February 07 - 2008
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