Changes in Dubai law make investment easier for Brits

Changes in Dubai law make investment easier for Brits

14th August 2007
The recent changes to the property laws in Dubai have made it easier for foreign investors to buy a property there, local experts have concluded.

The Real Property Law is based largely on English common law and guarantees buyers ownership of freehold land within the DIFC district of Dubai.

In addition, the Strata Title Law which was also implemented earlier this year adds an administrative basis for the management of buildings.

Such legislation means that Britons now have greater confidence in investing in the Dubai market and taking advantage of its continued growth, according to the investment services provider Investors Provident.

Shahid Iqbal, a partner at the firm, said: "Three or four years ago people were very wary in terms of where to buy and if to buy.

"But at this moment in time, because the laws have come in they feel a little bit more confident and a little bit more stable. They feel secure in what they’re buying

Mr Iqbal added that media hype surrounding Dubai has also been a factor in the increased interest in property there amongst Britons.

The comments come after UK investors were advised not to wait to see whether Turkey joins the EU before investing in the country’s property market.

Cheap flights and increased immigration mean that the market will remain buoyant, according to the Turkish-based firm Falcon Estates.

© 7BestInvest Ltd 2007.

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