About the law on real estate in UAEDocument consists of 11 chapters, which have 29 articles. The precise translation of this law into Russian is “The law about real estate registration”.
Articles contain the definitions of the essential concepts, which are used in the text of the law, and also point out all the rights and restrictions connected with owning land and real estate in Dubai emirate and the rules of their implements with corresponding amendments. A big deal of attention is paid to the process and standing orders of real estate registration in Land department.
The main concept for understanding the law is “housing unit”. Manystoreyed buildings are counted as a housing unit, which needs to be registered in singular. Apartments situated in such building will be included register additionally, also providing the name of its owner.
Talking more precisely about this law, it should be pointed out that the main points of this decree are the following regulations: citizens of UAE and the countries of Persian gulf have the right to buy property in full possession, and also in leasing for 99 years in any point of Dubai emirate; the persons, who are not citizens of the United Arab Emirates or the countries of Persian gulf, have the right to purchase the land and the property in full possession and leasing in territories specially allocated for that.
Also the right officially has been given to all above-stated categories of persons to register purchase and the status of the owner in Land department of Dubai. At present the admission fee makes 2 % from cost of purchase — from them 0,5 % is raised from the seller and 1,5 % from the buyer. It is not excluded, that in the near future the interest rate can be reconsidered. The law has its regulation power from the moment of its official publication (on March, 14th, 2006).
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