Introduction to real estate property law in the Emirates
The Real Estate Property Law in the Emirates refers to the new law issued in 2020 AD, with the aim of improving and developing the real estate sector, in addition to protecting the rights of real estate owners, in addition to tenants who rent real estate and create rental contracts related to real estate. The Real Estate Property Law also regulates many issues related to real estate. , lands, rents, real estate registration transactions, and any matters related to real estate investment in the Emirates.
Ownership regulations contained in the Real Estate Property Law
In the Emirates, the real estate property law contains ownership regulations that allow foreigners to own real estate in the Emirates. These regulations are as follows:
The Real Estate Ownership Law allows foreigners to own residential units and real estate but not land for a period of approximately 99 years. The law also grants them the full right to dispose of the residential apartments and real estate that they purchase, with the exception of the land on which the real estate or residential apartment is built.
Through the real estate ownership law in the Emirates, foreigners can own residential units within specific investment areas under the Musataha contract, which means an agreement between two parties to own a specific property for a period of 50 years, renewable by agreement of both parties, so that construction on the unexploited land can be exploited, and the property owner can also use The property and its change within a specific period of years.
Under the Real Estate Property Law, foreigners own residential units and real estate within specific investment areas under usufruct rights whose duration does not exceed 99 years. The property owner can also benefit from the property, use its facilities, and even change them.
Long term rental system
This system allows foreigners to rent real estate and residential units for an initial period of no less than 25 years, agreed upon by both parties to the lease contract.
Joint real estate ownership law in the Emirate of Dubai
The Joint Real Estate Ownership Law appeared in the Emirate of Dubai in 2019, where the provisions of the law were applied to all real estate development projects and major properties in the emirate, including special development zones and free zones.
The Joint Real Estate Ownership Law aims to enhance the capabilities of the real estate sector and protect all rights related to parties to transactions in the real estate sector, including owners, tenants, investors, real estate developers and others. Thus, this law works to enhance and encourage competition in purchasing real estate in Dubai.
Real estate property law in the Emirate of Abu Dhabi
The real estate ownership law in the Emirate of Abu Dhabi contains the conditions that investors must adhere to when purchasing real estate in the emirate. Among these conditions are the following:
Joint stock companies may own real estate if foreigners’ participation in it does not exceed 49%. Foreigners have the right to own property, with them enjoying all the rights and freedom to dispose of real estate.