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Housing

The accelerated and highly ambitious iconic development of the UAE property market has transformed the country to a main commercial hub in the Middle East Region. Dubai's stature as one of the world's top vacation spots, the fast recent economic expansion and the very attractive cosmopolitan lifestyle have all contributed to the greater than ever demand for UAE property, both commercial and residential.

History

Dubai has at all times concentrated on marketing its real estate growth, whether by positioning itself as an international holiday destination or as a major trading midpoint between the east and the west. All expatriates living and working in the UAE were not permitted to own property, until May 2002 when a decree allowing foreign nationals to own and sell property was issued by Sheikh Mohammad bin Rashed al Maktoom! That was explosion time for real estate in the UAE and properties were mainly grouped under 3 government-owned entities: Emaar Properties, Nakheel and Dubai Holding.

In March 2006, The Land Registration Law of the Emirate of Dubai (No.7/2006) (the “Dubai Property Law”) was enacted which sanctioned the freehold ownership of land by UAE and GCC nationals, as well as by non-GCC citizens in certain areas. It also established a system of registration at the Department of Lands and Properties in order to support ownership rights