The Property Law Thread - Page 3

smussuw · March 16th, 2006, 11:41 AM

lol, why do I have to repeat my self.

It says that there are two options

1) 99 years ownership
2) ownership without specific timing

the thing is that who will decide whether it is option (1) or (2)

dubaiflo · March 16th, 2006, 01:16 PM

i think the developers ,similar to the current offerings.

Salty · March 16th, 2006, 03:20 PM

Honestly Docc. It's quite clear and was very plainly put in all yesterday's papers. The Nakheel and Emaar developments that said they were freehold are indeed to be freehold. They will transfer the freehold title to the purchaser at the Land Department office.

Other developers and developments may only be 99 year leases.

Even today you can see all this clearly stated in the papers. Go to:

http://213.132.44.184/emiratestoday/

then access page 37 and read the article entitled, "Land department ready for rush of registrations".

docc · March 16th, 2006, 03:39 PM

Thanks for clearing it up guys.

dubaiflo · March 16th, 2006, 07:03 PM

salty forgot DP project which are also freehold

docc · March 16th, 2006, 07:29 PM

Can we make a list of properties that will be freehold?

1) Emirates Hill
2) Meadows
3) Springs
4) Burj Dubai
5) Jumeirah Islands
6) Jumeirah beach residences
7) All Palm Islands

By Dubaiflo:

8) Arabian Ranches
9) Dubailand (CoA, The City, The Villa)
10) Lakes
11) Dubai Waterfront
12) DIFC
12) WTC Residence
13) Dubai Marina
14) Jumeirah Lake Towers
15) Tecom (Media/Internet City)
16) Silicon Oasis
17) Healthcare City
18) Aid City
19) International City
20) The Gardens
21) The Lost City
22) The Views
23) Jumeirah Village
24) Dubai Pearl
25) IMPZ

99Years
Green Community

dubaiflo · March 16th, 2006, 10:00 PM

Arabian Ranches

Dubailand (CoA, The City, The Villa)

Lakes

Dubai Waterfront

DIFC

WTC Residence

Dubai Marina

Jumeirah Lake Towers

Tecom (Media/Internet City)

Silicon Oasis

Healthcare City

Aid City

International City

The Gardens

The Lost City

The Views

Jumeirah Village

Dubai Pearl

IMPZ

99Years

Green Community

just what comes to my mind now..

docc · March 18th, 2006, 11:19 AM

Can someone explain something to me...

According to the new law, freehold property owners also own the land on which their villa's are built which means they can pass the property to the subsequent generations which is super!

What about apartment owners? Most new laws don't allow a building to last more than 75 years. Suppose the building is torn down after 75 years, what happens to the owners of these apartments? They obviously won't be entitled to apartments in the new building which will be constructed there for obvious reasons.

If that is the case, then isn't it better to invest in villa's rather an apartments?

dubaiflo · March 18th, 2006, 02:27 PM

i was wondering about that point as well.
BUT what i assume is, that the owners associaton (e.g the owners themselves) own the land the tower was built on, and can sell this plot to another developer for example, which would also bring a bunch of money for a marina plot.

of course it will not be as much as the tower/apts were worth, but there is no difference to houses, if your villa is destroyed you also have to build a new one or sell the plot for less than you originall bought villa+plot. (not taking market situation etc into consideration)

docc · March 18th, 2006, 03:01 PM

Guess that makes sense. I guess within the next few months, it will become a little more clear.

Naz UK · March 21st, 2006, 12:24 AM

If i was naive, i'd say "sell your apartment in its 74th year!!!"

THE DUBAI GUYS · April 11th, 2006, 04:55 PM

heres a little something from emirates today...

Dh14.78bn new investment after property law

Emirates Today Staff

Dubai developers have announced new projects worth more than Dh14.78 billion since the announcement of the new Dubai Property Law last month, according to an Ameinfo.com report.The business information portal said it had recorded 14 new project announcements in Dubai since the law came into effect on March 12.
“The developers range from local stalwarts Emaar Properties and Damac Properties through local secondary developers, to big international names from Korea and India with three projects worth $775 million (Dh2.8bn),” the report said.

Dubai-based Fortune Group has shelled out a $1.1bn (Dh4.04bn) commitment to building the 108-storey Burj Al Alam in the Business Bay district, with 27 floors of serviced apartments, commercial offices and the world’s highest hotel. Rising 480 metres, the Burj Al Alam is designed to resemble a dazzling crystal flower.

The I&M Galadari Group launched its Wadi Residences, a total of 1,600 apartments in fivestorey buildings as part of its Dh7.2bn City of Arabia development. Dubai-based Al Manal also unveiled its $816m (Dh2.9bn) Crown City residential project with 8,000 apartments in 52 buildings, in the Dubai Investment Park, according to the report.

Industry heavyweight Emaar Properties unveiled the last batch of its Alvorado villas at the Arabian Ranches, and has also reported rapid sales of its first offering within The Old Town Island at the Burj Dubai Downtown,The Tajer Residences comprising 252 waterfront apartments.

Business Bay has also seen brisk business with Tulip that has announced the Peninsula Tower, while Al Attar Properties launched The Skyscraper,Tameer rolled out The Regal Tower, and leading Korean firm Bando Housing Corporation bought land for a $350m (Dh1.28bn) development.

In addition, ETA Star launched a $323m (Dh1.18bn) Taj Exotica Resort and Spa and The Grandeur Residences on The Palm Jumeirah, Zabeel Investments and TUI Hotels and Resorts launched the $191m (Dh701m) Palm Island hotels and India’s Sheth Group unveiled Iris Blue, a 29-storey residential tower in Dubai Marina, according to Ameinfo.com.

R

***AltinD*** · April 11th, 2006, 05:33 PM

None of them is really related to the issueing of a new property law. The above is just pure propaganda.

The effect of the new law can really be seen only on the number of the end users or small investors who bought a property since then.

Naz UK · April 11th, 2006, 05:56 PM

Exactly Altin. The true test of the new laws will be the effect it has on the number of people buying property, not number of developers announcing projects. But i still think it will have a positive effect. For one, more banks will start lending for mortgages, which in turn will push the lending interest rates down due to competition, which should increase the take-up....but we all know this is just a small part of the story. The real issue for Dubai property investors is whether the huge increase in new apartments coming into the market will be sustainable by the current growth in tourism/expats. Early indications suggest to the positive...but it could go either way.

luv2bebrown · April 12th, 2006, 12:26 AM

could you guys please clarify one aspect of the law for me?
I am planning to purchase some property to actually reside in within the next 5 years.

what is the difference between freehold and leasehold again?
also, once i purchase the proprety, what of issues of inheritance? does my ownership of the property only last for 99 years? or can i pass it down through my family indefinitely?

DUBAI · April 12th, 2006, 12:33 AM

They call it freehold.
it is all infact leasehold.

the buildings wont last 99 years anyway.
but after 99 years you lose the land as well.

About the property law....

If we look at all we got last year it aint that dramatic.
and if you consider end values are declining...

the article is full of something.

Krazy · April 12th, 2006, 12:36 AM

the property law is indeed very confusing and doesn't do much for the investors... for example dubailand will have official freehold projects now... but will they be allowed to provide residential visa for buyers like emaar and nakheel?

dubaiflo · April 13th, 2006, 07:28 PM

yes they will.

i bought my apt today, DSO, it is 99Y leasehold and i gave a fuck ...

Dubai_Steve · April 13th, 2006, 07:32 PM

You got an apartment for a f*ck - you must charge a lot flo !

I thought you were buying a studio in MarinaScape ? What is DSO ?

THE DUBAI GUYS · April 13th, 2006, 07:34 PM

dubai silicon oasis?

R

March 16th, 2006, 01:16 PM	#42
dubaiflo visit my homepage Join Date: Jan 2005 Location: Munich \| Dubai \| London Posts: 15,864 Likes (Received): 3	i think the developers ,similar to the current offerings. __________________ DJ Flore - Producer and DJ My Photoblog - Urban \| Event \| Nature \| Portrait Grapevine Grooves - Independent House Music Label Dubai - The Megaprojects - The Video (Version 3 cancelled due to credit crunch)

March 16th, 2006, 07:03 PM	#45
dubaiflo visit my homepage Join Date: Jan 2005 Location: Munich \| Dubai \| London Posts: 15,864 Likes (Received): 3	salty forgot DP project which are also freehold __________________ DJ Flore - Producer and DJ My Photoblog - Urban \| Event \| Nature \| Portrait Grapevine Grooves - Independent House Music Label Dubai - The Megaprojects - The Video (Version 3 cancelled due to credit crunch)

March 16th, 2006, 07:29 PM	#46
docc Registered User Join Date: Jun 2004 Location: Dubai Posts: 2,825 Likes (Received): 0	Can we make a list of properties that will be freehold? 1) Emirates Hill 2) Meadows 3) Springs 4) Burj Dubai 5) Jumeirah Islands 6) Jumeirah beach residences 7) All Palm Islands By Dubaiflo: 8) Arabian Ranches 9) Dubailand (CoA, The City, The Villa) 10) Lakes 11) Dubai Waterfront 12) DIFC 12) WTC Residence 13) Dubai Marina 14) Jumeirah Lake Towers 15) Tecom (Media/Internet City) 16) Silicon Oasis 17) Healthcare City 18) Aid City 19) International City 20) The Gardens 21) The Lost City 22) The Views 23) Jumeirah Village 24) Dubai Pearl 25) IMPZ 99Years Green Community Last edited by docc; March 18th, 2006 at 11:25 AM.

March 16th, 2006, 10:00 PM	#47
dubaiflo visit my homepage Join Date: Jan 2005 Location: Munich \| Dubai \| London Posts: 15,864 Likes (Received): 3	Arabian Ranches Dubailand (CoA, The City, The Villa) Lakes Dubai Waterfront DIFC WTC Residence Dubai Marina Jumeirah Lake Towers Tecom (Media/Internet City) Silicon Oasis Healthcare City Aid City International City The Gardens The Lost City The Views Jumeirah Village Dubai Pearl IMPZ 99Years Green Community just what comes to my mind now.. __________________ DJ Flore - Producer and DJ My Photoblog - Urban \| Event \| Nature \| Portrait Grapevine Grooves - Independent House Music Label Dubai - The Megaprojects - The Video (Version 3 cancelled due to credit crunch)

March 18th, 2006, 02:27 PM	#49
dubaiflo visit my homepage Join Date: Jan 2005 Location: Munich \| Dubai \| London Posts: 15,864 Likes (Received): 3	i was wondering about that point as well. BUT what i assume is, that the owners associaton (e.g the owners themselves) own the land the tower was built on, and can sell this plot to another developer for example, which would also bring a bunch of money for a marina plot. of course it will not be as much as the tower/apts were worth, but there is no difference to houses, if your villa is destroyed you also have to build a new one or sell the plot for less than you originall bought villa+plot. (not taking market situation etc into consideration) __________________ DJ Flore - Producer and DJ My Photoblog - Urban \| Event \| Nature \| Portrait Grapevine Grooves - Independent House Music Label Dubai - The Megaprojects - The Video (Version 3 cancelled due to credit crunch)

March 16th, 2006, 11:41 AM	#41
smussuw Patriotic Emirati Join Date: Feb 2004 Location: Dubai Posts: 7,332 Likes (Received): 3	lol, why do I have to repeat my self. It says that there are two options 1) 99 years ownership 2) ownership without specific timing the thing is that who will decide whether it is option (1) or (2)

March 16th, 2006, 03:20 PM	#43
Salty Registered User Join Date: May 2005 Location: Cardiff Posts: 429 Likes (Received): 0	Honestly Docc. It's quite clear and was very plainly put in all yesterday's papers. The Nakheel and Emaar developments that said they were freehold are indeed to be freehold. They will transfer the freehold title to the purchaser at the Land Department office. Other developers and developments may only be 99 year leases. Even today you can see all this clearly stated in the papers. Go to: http://213.132.44.184/emiratestoday/ then access page 37 and read the article entitled, "Land department ready for rush of registrations".

March 16th, 2006, 03:39 PM	#44
docc Registered User Join Date: Jun 2004 Location: Dubai Posts: 2,825 Likes (Received): 0	Thanks for clearing it up guys.

March 18th, 2006, 11:19 AM	#48
docc Registered User Join Date: Jun 2004 Location: Dubai Posts: 2,825 Likes (Received): 0	Can someone explain something to me... According to the new law, freehold property owners also own the land on which their villa's are built which means they can pass the property to the subsequent generations which is super! What about apartment owners? Most new laws don't allow a building to last more than 75 years. Suppose the building is torn down after 75 years, what happens to the owners of these apartments? They obviously won't be entitled to apartments in the new building which will be constructed there for obvious reasons. If that is the case, then isn't it better to invest in villa's rather an apartments?

March 18th, 2006, 03:01 PM	#50
docc Registered User Join Date: Jun 2004 Location: Dubai Posts: 2,825 Likes (Received): 0	Guess that makes sense. I guess within the next few months, it will become a little more clear.

March 21st, 2006, 12:24 AM	#51
Naz UK Back in Blighty Join Date: Jan 2006 Location: Roswell, Area 51, Classified, United States of Americanisms. Posts: 4,201 Likes (Received): 0	If i was naive, i'd say "sell your apartment in its 74th year!!!" __________________ If you only watch one online video this year, let it be this one: http://video.google.co.uk/videoplay?...+century&hl=en

April 11th, 2006, 04:55 PM	#52
THE DUBAI GUYS Ruff 'n' Ready Join Date: Aug 2004 Location: Dubai City, Dubai Posts: 3,597 Likes (Received): 2	The Property Law Worked (Dh14.78bn new investment)!!!! heres a little something from emirates today... Dh14.78bn new investment after property law Emirates Today Staff Dubai developers have announced new projects worth more than Dh14.78 billion since the announcement of the new Dubai Property Law last month, according to an Ameinfo.com report.The business information portal said it had recorded 14 new project announcements in Dubai since the law came into effect on March 12. “The developers range from local stalwarts Emaar Properties and Damac Properties through local secondary developers, to big international names from Korea and India with three projects worth $775 million (Dh2.8bn),” the report said. Dubai-based Fortune Group has shelled out a $1.1bn (Dh4.04bn) commitment to building the 108-storey Burj Al Alam in the Business Bay district, with 27 floors of serviced apartments, commercial offices and the world’s highest hotel. Rising 480 metres, the Burj Al Alam is designed to resemble a dazzling crystal flower. The I&M Galadari Group launched its Wadi Residences, a total of 1,600 apartments in fivestorey buildings as part of its Dh7.2bn City of Arabia development. Dubai-based Al Manal also unveiled its $816m (Dh2.9bn) Crown City residential project with 8,000 apartments in 52 buildings, in the Dubai Investment Park, according to the report. Industry heavyweight Emaar Properties unveiled the last batch of its Alvorado villas at the Arabian Ranches, and has also reported rapid sales of its first offering within The Old Town Island at the Burj Dubai Downtown,The Tajer Residences comprising 252 waterfront apartments. Business Bay has also seen brisk business with Tulip that has announced the Peninsula Tower, while Al Attar Properties launched The Skyscraper,Tameer rolled out The Regal Tower, and leading Korean firm Bando Housing Corporation bought land for a $350m (Dh1.28bn) development. In addition, ETA Star launched a $323m (Dh1.18bn) Taj Exotica Resort and Spa and The Grandeur Residences on The Palm Jumeirah, Zabeel Investments and TUI Hotels and Resorts launched the $191m (Dh701m) Palm Island hotels and India’s Sheth Group unveiled Iris Blue, a 29-storey residential tower in Dubai Marina, according to Ameinfo.com. R

April 11th, 2006, 05:33 PM	#53
*AltinD* The Modecator Join Date: Jul 2004 Location: Tiranë / DUBAI / Vienna Posts: 29,854 Likes (Received): 712	None of them is really related to the issueing of a new property law. The above is just pure propaganda. The effect of the new law can really be seen only on the number of the end users or small investors who bought a property since then.

April 11th, 2006, 05:56 PM	#54
Naz UK Back in Blighty Join Date: Jan 2006 Location: Roswell, Area 51, Classified, United States of Americanisms. Posts: 4,201 Likes (Received): 0	Exactly Altin. The true test of the new laws will be the effect it has on the number of people buying property, not number of developers announcing projects. But i still think it will have a positive effect. For one, more banks will start lending for mortgages, which in turn will push the lending interest rates down due to competition, which should increase the take-up....but we all know this is just a small part of the story. The real issue for Dubai property investors is whether the huge increase in new apartments coming into the market will be sustainable by the current growth in tourism/expats. Early indications suggest to the positive...but it could go either way. __________________ If you only watch one online video this year, let it be this one: http://video.google.co.uk/videoplay?...+century&hl=en

April 12th, 2006, 12:26 AM	#55
luv2bebrown Registered User Join Date: Nov 2004 Location: Unknown Posts: 2,393 Likes (Received): 18	could you guys please clarify one aspect of the law for me? I am planning to purchase some property to actually reside in within the next 5 years. what is the difference between freehold and leasehold again? also, once i purchase the proprety, what of issues of inheritance? does my ownership of the property only last for 99 years? or can i pass it down through my family indefinitely?

April 12th, 2006, 12:33 AM	#56
DUBAI Under the Burj Join Date: Aug 2004 Location: Where the sun shines weakley Posts: 4,303 Likes (Received): 0	They call it freehold. it is all infact leasehold. the buildings wont last 99 years anyway. but after 99 years you lose the land as well. About the property law.... If we look at all we got last year it aint that dramatic. and if you consider end values are declining... the article is full of something. __________________ "Don't criticize what you can't understand" -Bob Dylan

April 12th, 2006, 12:36 AM	#57
Krazy Kool Kat Join Date: Apr 2004 Location: Austin, TX Posts: 13,625 Likes (Received): 8	the property law is indeed very confusing and doesn't do much for the investors... for example dubailand will have official freehold projects now... but will they be allowed to provide residential visa for buyers like emaar and nakheel? __________________ Save Dubai's Workers! Click here and sign the petition!

April 13th, 2006, 07:28 PM	#58
dubaiflo visit my homepage Join Date: Jan 2005 Location: Munich \| Dubai \| London Posts: 15,864 Likes (Received): 3	yes they will. i bought my apt today, DSO, it is 99Y leasehold and i gave a fuck ... __________________ DJ Flore - Producer and DJ My Photoblog - Urban \| Event \| Nature \| Portrait Grapevine Grooves - Independent House Music Label Dubai - The Megaprojects - The Video (Version 3 cancelled due to credit crunch)

April 13th, 2006, 07:32 PM	#59
Dubai_Steve Dubai State of Mind Join Date: Jan 2005 Posts: 8,743 Likes (Received): 50	You got an apartment for a f*ck - you must charge a lot flo ! I thought you were buying a studio in MarinaScape ? What is DSO ?

April 13th, 2006, 07:34 PM	#60
THE DUBAI GUYS Ruff 'n' Ready Join Date: Aug 2004 Location: Dubai City, Dubai Posts: 3,597 Likes (Received): 2	dubai silicon oasis? R

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