Dubai announces new land laws

 

The Dubai property market has moved closer to better regulation which is set to inspire more confidence from overseas property buyers seeking to buy land. The  Dubai Land Department announced a new bylaw that will ban uncertified brokers from registering transactions. The Department will no longer register transactions carried out by real estate brokers who have not been certified under its new scheme. The Department has acted quickly in the initiative to certify all local real estate brokers in its bid to control a fully professional framework for transactions involving Dubai property.

 

 

The Dubai government is seeing a multi billion pound housing market expanding before them and the new regulation is a step towards making the markets safer. The new brokerage registration system was the outcome of extensive studies and research carried out by the Land Evaluation and Studies Centre and followed an extended period of consultation with real estate agencies in Dubai.

 

Mr. Khamis Mohammed Al Muhairi, Head of the Department’s Land Evaluation and Studies Centre, said: “This latest initiative signals our commitment to ensuring that land transactions in Dubai are foolproof, secure, and transparent and supported by competent, professional people.

 

“The processes involved in broking real estate transactions and perceptions within the industry and from investors will benefit hugely from the changes that are taking place. We are setting the benchmark for professional services around real estate transactions in the region. The new bylaw on broker registration is a massive step forward.”

The new bye law takes effect from the beginning of next week - February 4, 2007.


Dubai Developers continue to do well

 

Emaar Properties and Damac Properties all report that the property markets for them are buzzing with activity as a result Emaar posted a record annual net profit of AED 6.371 billion (US$ 1.735 billion) compared to AED 4.731 billion (US$ 1.288 billion) in 2005. Annual revenue increased by 68 per cent from AED 8.361 billion (US$ 2.276 billion) to AED 14.006 billion (US$ 3.813 billion).

 

Mr Mohamed Ali Alabbar, Chairman, Emaar Properties said: “2006 has been another defining year for Emaar with our international expansion and diversification strategies coming to fruition. We aligned our fundamentals to achieve our Vision 2010 of becoming one of the most valuable companies in the world

 

 

Damac Properties are also set to be impressive with the news that it has sold 75% of La Residence at the Lotus, the company's first residential tower in Dubai's Business

Bay in less than two months since it was launched. The 58 storey tower will contain one, two and three bedroom apartments