Dubai’s new property laws are expected to be completed by the end of this year and the “last part of the equation” will be completed, according to officials.
Marwan bin Ghaliti, technical administration director at Dubai’s land department, said that the rights of buyers will be more firmly established, especially those relating to co-ownership.
“By the end of the year we will close the chapter on real estate law, said Mr Ghaliti told the Khaleej Times.
His comments come as the Strata Law, as it is known, is still being drafted but should encourage more people to invest in the emirate.
The law should secure the rights of multi-owned apartments and other ownership problems, making it even easier for foreigners to invest in Dubai.
Walter Hart, director at Better Homes, said that the law will improve the ability of overseas investors to enter Dubai’s property market.
“I think it will make a difference,” he said in the same article.
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