Resources - Property Law
In early 2001, the Dubai Property Market changed. The Government of Dubai allowed foreign investors and buyers to take 99-year leases on apartments and villas in Dubai. When this decree was issued in 2001, the population of Dubai was close to a million.
In May 2002, the current Ruler of Dubai, His Highness Sheikh Mohammad bin Rashid Al Maktoum ruled that the emirate would permit foreign nationals to invest in Dubai properties on freehold ownership. The properties were initially grouped under 3 government-owned entities - ‘Emaar Properties PJSC', ‘Nakheel' and ‘Dubai Holding'.
The statement just jumpstarted the market and it has been thriving ever since. Drafted as Law No. 7 in 2006, the ‘Land Registration Law of the Emirate of Dubai' legalizes freehold ownership of land and property for the UAE and GCC citizens, while awarding the same rights to non-GCC expatriates in pre-designated areas that are approved by the Ruler of Dubai.
For more information please follow the link to the website of the Real Estate Regulatory Authority (RERA): http://www.rpdubai.ae/rpdubai/welcome