New law is win-win for Dubai
The focus for property in Dubai in recent years has been in the development of the residential sector, but the granting of a new law by Dubai’s ruler Sheikh Mohammad Bin Rashid Al Maktoum is about change all that.
The vast majority of property for sale in Dubai is residential and as supply in this market is saturated, the emirate needs to find a new incentive to boost its real estate and jump start a flagging economy.
The new law will allow UAE nationals to own outright commercial and industrial properties, now being made available as freehold, will see them register the property with the Dubai Land Department and receive title deeds for their investment. The move is being welcomed by many as a means to introduce more investment capital and into a market sector which has to some extent been overlooked in favour of residential development.
The further benefit of the investment, aside from any construction it generates, is that more new businesses will see Dubai as a global commercial hub, thereby increasing employment. but is yet another shot in the arm for real estate in the UAE.