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Sat 23 Jun 2012 11:55 AM

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Dubai ruler expands areas for foreign ownership

Two new plots available in Dubai Investment Park on leasehold for up to 85 years

Dubai ruler expands areas for foreign ownership
Dubai’s Ruler Sheikh Mohammed bin Rashid Al Maktoum.

Dubai’s Ruler Sheikh Mohammed bin Rashid Al Maktoum has unveiled two new plots of land available for leasehold by foreign owners, according to a decree posted on his official website.

As part of the decree, foreigners can now lease land on two more plots in Dubai Investment Park for up to 85 years.

“In his capacity as Ruler of Dubai, UAE Vice President and Prime Minister His Highness Sheikh Mohammed bin Rashid Al Maktoum, issued Regulation No. (2) for the year 2012 regarding adding new lands offered for foreign ownership in the Emirate of Dubai,” the posting said.

The decree is enforced immediately and will be published in the Official Gazette.

The move comes as it was reported that the total number of property sales in Dubai in the first quarter of 2012 rose 53 percent year-on-year, according to official data from the Dubai Land Department (DLD).

Figures show 654 land sales, consisting of apartments, villas and townhouses, were registered between January 1 and March 31 this year, compared to 426 during the same period in 2011. While this was a 53 percent rise in volume, the total value only rose 32 percent to $1.43bn.

“The overall trend in the marketplace is positive, with stability and even growth seen in certain locations over the past six months. Residential sale transactions saw a natural increase in January and February particularly in the villa market,” real estate firm Cluttons said in its own Q1 report.

“Villa stock in Dubai has seen optimistic gains, the best performing are the Emirates Living developments of The Lakes, up 7.2 percent from 3Q11, The Meadows, up 6.4 percent from Q3 2011 and The Springs, again up 6.4 percent from 3Q11.

Dubai was one of the hardest hit markets as a result of the global downturn in the property sector, with prices tumbling by nearly 60 percent and half of projects put on hold or cancelled.

While the volume and value of transactions is up year-on-year, the market is still far below the boom era of 2008, when 1,500 transactions worth $5.09bn took place, demonstrating that 2012 is still down 56 percent and 71 percent respectively over the four-year period.

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Andy 8 years ago

Just what happens to the investor's money and property after 85 years?