UAE plans unified property law

by Reuters Thursday, 05 April 2007

The United Arab Emirates, in the midst of a building boom, is working to frame a national property law that will apply in all seven emirates, a newspaper quoted the Dubai Land Department as saying on Thursday.

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Emirates Today said that the land departments in each emirate were working on regulations that would eventually be used to create a unified UAE property law.
"Before releasing any law, a copy is sent to all emirates. This is because we need to have similar regulations," the daily quoted Mohammed Sultan Thani, Director of Development and Marketing Administration, as saying.

The UAE, particularly the Gulf Arab trade hub of Dubai, has seen rapid development that has driven up property prices in recent years, but property regulations still vary from emirate to emirate.

Emirates Today said land prices were expected to continue their upward trend.

"Land prices in Dubai shot up by 10 to 20 percent in 2006. We expect the same trend to continue this year," it quoted Aftab Hemani, Managing director of Cobalt Construction and Development Group, as saying.



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