Dubai Offers New Lands For Foreign OwnershipMonday, June 25, 2012
According to news, Sheikh Mohammed Bin Rashid Al Maktoum, has expanded the areas where foreigners can get property ownership. A decree posted on his official website reveals the two new plots of land are available for the foreigners for leasing.
The two plots of land are in Dubai Investment Park and can be leased for up to 85 years. According to the website, the ruler of Dubai has issued new Regulation No. (2), regarding new lands offered to foreign ownership for 2012.
Sheikh Mohammed Bin Rashid Al Maktoum is not only the ruler of Dubai but also the Vice President and Prime Minister of the UAE. The decree is expected to publish in the Official Gazette but is effective immediately. Sources also claim that the decision of expansion of areas for foreign ownership is backed by the increase recorded in the property sales in Dubai during Q1 2012.
Though official data from Dubai Land Department records Dubai prices to rise 53% year on year in volume during Q1 yet the total value rose to $1.43 bn, recording a rise of 32%. During the first three months of 2012, 654 land transactions were recorded whereas 426 land transactions were recorded during the same period in 2011.
Over the past six months, better stability and growth has been recorded in particular areas of Dubai. Cluttons highlights in its Q1 report that residential sale transactions, especially in the villa market, showed a natural growth during first two months of 2012. With respect to the optimistic gains, villa stock performed best in Emirates Living, The Springs and The Greens.