More land available for expats to buy
The Dubai government has opened up more areas for expats to buy land. HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, yesterday issued a decree allowing the purchase of land in the Dubai World Central area. A statement issued by the Dubai Media Office, stated the “decision grants non-UAE nationals the rights to absolute ownership of lands and properties, without a specific time frame located in land plots number (205), (206) and (207) in the Dubai World Central area (521). “The decision also gives owners the right to lease lands and properties for a period not exceeding 99 years.”
A scheme to allow expats and foreign investors to buy land and housing in Dubai is to be expanded to include a sprawling area of desert close to the Expo 2020 site.
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the move for non-UAE nationals yesterday.
There are three plots in the Dubai World Central district, now known as Dubai South, located close to Al Maktoum International Airport, that will have land available for purchase.
According to a statement issued by the Dubai Media Office, the decision grants ‘rights to absolute ownership of lands and properties, without a specific time frame located in land plots number (205), (206) and (207) in the Dubai World Central area (521)’.
A masterplan for the area includes a series of huge impressive pavilions to host the six-month long expot. Expo 2020 also includes an extension of the Dubai Metro, which Andrew Cleator, Luxury Sales Director at real estate firm Luxhabitat, said would help to attract residents to the area.
He said: “At the moment, these areas are desert landscapes. The plan is to transform these areas to developed plots. The Dubai Metro will be connected shortly.”
Nearby desert communities are also popular for their affordable rents, which Cleator said would help to attract interest.
He said: “I expect the area to residential and property units will be cheaper than other areas.”
Freehold areas were established by law in 2006, which gave expats the right to acquire real estate rights in certain areas and to have their rights registered with the Dubai Land Department (DLD).
Freehold means that the property will be in the name of the owner until his or her death. It also means they can sell, lease, or mortgage it at their discretion.
Dubai South is expected to be a hub of development in the coming years and is set to become an ‘aviation city’.
According to current plans, Al Maktoum International, which has more room to expand than Dubai International, will grow from handling one million tonnes of cargo to 16 million tonnes per year and 220 million passengers eventually.
TAKING OFF: Land at Dubai South will now be available for expats to purchase