The Property Law Thread

[I Know]

Inheritance laws in UAE remain unclear

While the UAE waits for stability in its real estate marketplace, there are a few ambiguities that property investors are still living with. One concern that is yet to be resolved relates to the status of such assets upon an investor's demise.

Can the property ownership rights pass smoothly on to the rightful heirs named in the deceased's will?

"Non-Muslim residents in the UAE are never sure whether they would be subject to Sharia or not on what was likely their biggest asset," said Jesse Hester, chairman of Atlas Corporate Services, which specialises in consultancy related to the setting up and management of offshore companies and trusts.

http://gulfnews.com/business/propert...clear-1.971780

[I Know]

Short term leasing of apartments without licence illegal

Individual apartment owners, offering their units on short-term lease such as on daily or weekly basis, should have a license and must incorporate a company to run such a commercial activity, a senior government official told Emirates 24|7.

Mohammed Shael, Chief Executive Officer, Business Registration and Licensing in Dubai’s Department of Economic Development (DED), said: “Short-term residential rentals is an economic activity. Any individual would like to be involved in this activity but he needs to seek a license to be able to offer such service. This business activity would require the individual to incorporate a company through Department of Tourism and Commerce Marketing,” Shael said.

A number of individuals, mainly those owning luxury apartments, have been using various media channels, offering their units on short-term lease at very discounted prices.

A case to point are adverts by some apartment owners in Burj Khalifa, the tallest tower in the world with one such online advert reading: “A two bedroom fully-furnished apartment in Burj Khalifa for Dh16,000 per week”.

Asked how the department plans to put an end to this “illegal” business activity, Shael said: “The commercial compliance and consumer protection division in DED will take measures to ensure the safety and rights of short-term tenants.

Adam Farani, Burj Khalifa specialist, says people, who bought serviced apartments in Armani Residence side of Burj Khalifa, do lease them on short-term basis with daily rents starting from Dh1,500 per night.

One-bedroom apartments in Armani were bought by these investors during the property boom days for Dh10 million, while two beds were purchased for Dh25 million, he adds.

However, he believes renting on short term in the residential wing of the tower poses a security risk.

"There are many people who rent their apartments in Burj Khalifa on long term basis. However, as far as I know, the rental contracts should not be less than a year, anything rented short term or less than a year is considered "inappropriate" and can be categorized as a security risk due to the nature of the building being the tallest in the world.”.

Emaar Properties, the developer of the tower, did not comment to questions sent by this website.

Asked about the impact on the local economy as tourists take up such low-cost options than staying in hotels or serviced apartments, Shael said: “DTCM enjoys good standards to regulate short-term rentals services, and as long as the business owner fulfills those standards, it becomes part of Dubai’s offering.”

http://www.emirates247.com/property/...02-01-1.440630

[I Know]

Dont be a victim, register with the Land department for your property title deeds in your name to avoid things like this!!

Victim blamed after losing house in fraud


Dubai Land Department says resident to be blamed for losing his Dh690,000 house due to failure to register property on time

By Mazhar Farooq, Deputy Editor Published: 00:00 February 16, 2012
DUBAI: The Dubai Land Department has urged investors "not to neglect the legal mechanisms that guarantees and safeguards real estate rights from fraud and misconduct".

The warning comes after a January 12 XPRESS report on the plight of a Dubai resident who returned from a business trip to find that his Dh690,000 apartment had been sold to someone else.

Indian businessman Mohammad Waliullah Sameer, 30, bought the one-bedroom apartment in International City's England Cluster from Kyrgyz national Emil Ryskulov in May 2008. He got it furnished and moved in with his wife and children in April 2009, but did not register the property. Following a "comprehensive investigation" into the case, the Land Department has blamed the victim himself.

"Mohammad [Sameer] committed a mistake by not registering the property with the Land Department but kept the documents and title deed with himself. As a result, the property remained registered under the name of the first owner [Emil Ryskulov]…. The first owner took advantage of this mistake and issued a replacement of the title deed," the Land Department said in a statement to XPRESS.

It said a notice about the new title deed was published in local Arabic and English newspapers.

http://gulfnews.com/news/gulf/uae/ge...fraud-1.981642

[elisonduncan]

The property law as different countries to different low but in WHO are easy to investment other country that applied as property law. That law follow as member of WHO but other country applied own law.

[True Blue]

Maybe it makes more sense to the sound of gangster rap music