First freehold apartment registered in owner's name
Dubai: The first apartment in Dubai was officially registered in an owner’s name yesterday, signalling a major step towards wide-spread ownership registration of freehold properties.
The move follows months of single plot registration by the Dubai Land Department, which saw title deeds and full freehold rights handed over to owners of individual plots, such as villas and tower blocks.
Land Department officials say the start of apartment registration will escalate to thousands of freehold units in coming weeks – starting with apartments in Dubai Marina – giving the city’s property sector greater legitimacy.
“This is just the beginning and signals the department’s commitment to preserving landlord rights under the new law,” said Jumaa bin Humaidan, assistant director of the Land Department. “The knock-on effect for Dubai’s real estate market is expected to be immense, with the new framework underpinning ownership by previously excluded groups and establishing definitive rights.”
Analysts say the move is another step in the right direction, just weeks after a law was passed forcing property brokers to register their details with the land department.
“It’s further evidence that Dubai Land Department wishes to have a transparent and professional real estate environment,” said Craig Johnson, general manager at Dubai-based property consultant Landmark Properties.
The registration of an apartment in an undisclosed Dubai residential tower was made in accordance with the Real Estate Registration Law, issued in March last year, which covers apartments, multi-storey buildings and residential complexes.
Until the law was issued, the land department could only grant legal registration of properties to UAE and GCC citizens. Other owners relied on purchase documents backed by government guarantees, which were extended to Emaar Properties, Nakheel and Dubai Holding.
After Dubai’s freehold property zones were announced in July, the Land Department initially granted title deed only to owners of individual plots.
Granting full freehold rights gave buyers absolute ownership of both their homes and the ground it stands on, a small fraction of the land in the case of apartments, and the ability to make alterations within guidelines established by the developer.
Source:Gulf News