In May 2002, HH General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, announced that 100% freehold ownership of property in certain areas of Dubai was now available to all nationalities. This was an ambitious and bold vision, paving the way for a boom in the real estate market in Dubai. This vision, coupled with the influx of investment and tourism into Dubai has proved so far to be a formula for success.
How we will continue with the real estate ‘boom’ in Dubai now rests on what measures are put in place to govern the real estate market in the form of legislation. It is expected Dubai will now follow Abu Dhabi’s recently-announced decree on real estate property ownership and issue its own law in the coming months.
