Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai and Vice President and Prime Minister of the UAE, has issued a new decree aimed at regulating the sale of lands and property granted in the city.
The new law will provide housing solutions for the beneficiaries of grants, as well as their families, in order to protect households and retain the demography of residential areas for citizens.
The Mohammed bin Rashid Housing Establishment, MRHE, may allow the beneficiary of the grant, or his legal representative, to sell the land or property granted to him if he owns another house or plot of land, or if the house does not satisfy his requirements, according to the decree.
It states that the purpose of selling the land or property should be to buy another house or plot of land, and that the beneficiary must agree in writing to the transaction, which is supervised by the MRHE.
However, once the beneficiary sells the property or land granted to him, for a sale price that is not less than the market value, he will not be able to apply for another house or plot of land. Moreover, the buyer must be a UAE national.
The property should also not be attached to any legal or financial liabilities, the law says.
Once all the conditions are met, the Department of Land and Property in Dubai will issue the title deeds for the buyer.
The law includes terms and conditions for selling inherited property, trading properties, purchasing adjacent government-owned property and renting a house built on granted land.
Beneficiaries can sell the granted land by completing a form, applying to the MRHE or Dubai Municipality and submitting the required documents.
The MRHE's Board or the director general of Dubai Municipality is in charge of approving the sale and can charge any fee for the transaction.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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