Changes in Dubai law make investment easier for Brits
Changes in Dubai law make investment easier for Brits
14th August 2007
The recent changes to the property laws in Dubai have made it easier
for foreign investors to buy a property there, local experts have
concluded.
The
Real Property Law is based largely on English common law and guarantees
buyers ownership of freehold land within the DIFC district of Dubai.
In
addition, the Strata Title Law which was also implemented earlier this
year adds an administrative basis for the management of buildings.
Such
legislation means that Britons now have greater confidence in investing
in the Dubai market and taking advantage of its continued growth,
according to the investment services provider Investors Provident.
Shahid
Iqbal, a partner at the firm, said: "Three or four years ago people
were very wary in terms of where to buy and if to buy.
"But at
this moment in time, because the laws have come in they feel a little
bit more confident and a little bit more stable. They feel secure in
what they’re buying
Mr Iqbal added that media hype surrounding
Dubai has also been a factor in the increased interest in property
there amongst Britons.
The comments come after UK investors were
advised not to wait to see whether Turkey joins the EU before investing
in the country’s property market.
Cheap flights and increased
immigration mean that the market will remain buoyant, according to the
Turkish-based firm Falcon Estates.
© 7BestInvest Ltd 2007.