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Know Your Rights Know Your Rights... For Real Estate Investors in Dubai Know Your Rights For Real Estate Investors in Dubai 1 Know Your Rights For Real Estate Investors in Dubai Know Your Rights For Real Estate Investors in Dubai Published by Dubai Land Department & Contents Al Tamimi & Company Dubai Land Department Al Tamimi & Company Know Your Rights for Real Estate Investors in Dubai 7 Deira 6th Floor, Building 4 East About Dubai Land Department 8 Ban Yas Road Dubai International Financial Centre PO Box 1166 PO Box 9275 Dubai, UAE Dubai, UAE About Al Tamimi & Company 9 T: +971 4 800 4488 T: +971 4 364 1641 F: +971 4 222 2251 F: +971 4 364 1777 Foreword by Dubai Land Department 10 E: [email protected] E: [email protected] Foreword by Al Tamimi & Company 11 Key Contacts: Key Real Estate Laws and Regulations in the Emirate of Dubai 12 Real Estate Government Departments and Agencies 16 Ishtar Jasem Al Yasiri Husam Hourani Senior Manager -Media Ofce Managing Partner [email protected] [email protected] Rules on Real Estate Ownership for the United Arab Emirates and 18 other Gulf Cooperation Council (GCC) nationals Saed Ahmed Al Khouli Tara Marlow Senior Specialist- Legal Head of Real Estate & Hospitality Rules on Real Estate Ownership for Foreign Nationals 18 [email protected] [email protected] Designated Areas for Foreign Ownership 19 Mohammed Kawasmi Maryam Ali Al Ketbi Partner, Real Estate Senior Corporate Communication Ofcer [email protected] Key Issues Investors Need to Know when Buying Real Estate Of- 19 [email protected] Plan Mariam Hashim Al Elayawi Steps to Transfer Real Estate in accordance with the Dubai Land 20 Communication Executive Department Procedures [email protected] Jointly-Owned Property 22 Fees on Transfer of Ownership and Other Real Estate Disposals 26 Design: Noura Haggag Commonly Used Entities for Investment in Real Estate 28 © Al Tamimi & Company. All rights reserved 2017. The content of this book are not intended to be a substitute for specifc legal advice on any individual matters. No part Financing Real Estate Investments in Dubai 28 of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except for individual use and other non-commercial uses permitted by copyright law. The permission to recopy by an individual does Licensing Real Estate Development Projects in Dubai 29 not allow for incorporation of the material in part or in whole of any work or publication, whether in hard copy, electronic or any other form, unless specifc mention is made to the source, “Doing Business in Dubai, published by Al Tamimi & Company,” and written permission is granted by the frm. For more information, please contact us. Real Estate Disputes 30 www.tamimi.com Published by Dubai Land Department & Contents Al Tamimi & Company Dubai Land Department Al Tamimi & Company Know Your Rights for Real Estate Investors in Dubai 7 Deira 6th Floor, Building 4 East About Dubai Land Department 8 Ban Yas Road Dubai International Financial Centre PO Box 1166 PO Box 9275 Dubai, UAE Dubai, UAE About Al Tamimi & Company 9 T: +971 4 800 4488 T: +971 4 364 1641 F: +971 4 222 2251 F: +971 4 364 1777 Foreword by Dubai Land Department 10 E: [email protected] E: [email protected] Foreword by Al Tamimi & Company 11 Key Contacts: Key Real Estate Laws and Regulations in the Emirate of Dubai 12 Real Estate Government Departments and Agencies 16 Ishtar Jasem Al Yasiri Husam Hourani Senior Manager -Media Ofce Managing Partner [email protected] [email protected] Rules on Real Estate Ownership for the United Arab Emirates and 18 other Gulf Cooperation Council (GCC) nationals Saed Ahmed Al Khouli Tara Marlow Senior Specialist- Legal Head of Real Estate & Hospitality Rules on Real Estate Ownership for Foreign Nationals 18 [email protected] [email protected] Designated Areas for Foreign Ownership 19 Mohammed Kawasmi Maryam Ali Al Ketbi Partner, Real Estate Senior Corporate Communication Ofcer [email protected] Key Issues Investors Need to Know when Buying Real Estate Of- 19 [email protected] Plan Mariam Hashim Al Elayawi Steps to Transfer Real Estate in accordance with the Dubai Land 20 Communication Executive Department Procedures [email protected] Jointly-Owned Property 22 Fees on Transfer of Ownership and Other Real Estate Disposals 26 Design: Noura Haggag Commonly Used Entities for Investment in Real Estate 28 © Al Tamimi & Company. All rights reserved 2017. The content of this book are not intended to be a substitute for specifc legal advice on any individual matters. No part Financing Real Estate Investments in Dubai 28 of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except for individual use and other non-commercial uses permitted by copyright law. The permission to recopy by an individual does Licensing Real Estate Development Projects in Dubai 29 not allow for incorporation of the material in part or in whole of any work or publication, whether in hard copy, electronic or any other form, unless specifc mention is made to the source, “Doing Business in Dubai, published by Al Tamimi & Company,” and written permission is granted by the frm. For more information, please contact us. Real Estate Disputes 30 www.tamimi.com Know Your Rights for Real Estate Investors in Dubai Dubai Land Department is pleased to partner with Al Tamimi & Company to issue this guide - ‘Know Your Rights - for Real Estate Investors in Dubai’. Such guides are commendable and worthy of support, as they are comprehensive in their content, answer all of the questions that may be asked by investors in Dubai, and help them to make the right investment decisions in Dubai’s real estate market. This guide is an important information tool and forms part of our comprehensive system of laws and legislations, which aim to regulate the real estate and investment environment. To increase the value of the guide, DLD has covered numerous topics, including the roles played by its institutions and touching on the real estate ownership regulations that are specifc to Emiratis, GCC citizens, and foreigners. Among the many sections in the guide, a special section has been devoted to the areas designated for foreign real estate ownership in Dubai, as well as how to fnance acquisitions of real estate properties and real estate disputes. 6 7 This guide puts a special focus on all the key aspects that investors must be aware of when considering buying of-plan real estate properties, and also details what developers are obliged to do to preserve the rights of all parties while also sustaining a dynamic and orderly real estate environment. It is also a comprehensive reference that sheds light on the healthy status of Dubai’s real estate market, which provides an appealing environment that attracts investments based on best practices and contributes to positioning Dubai as the happiest city in the world. Dubai Land Department Al Tamimi & Company Know Your Rights for Real Estate Investors in Dubai Dubai Land Department is pleased to partner with Al Tamimi & Company to issue this guide - ‘Know Your Rights - for Real Estate Investors in Dubai’. Such guides are commendable and worthy of support, as they are comprehensive in their content, answer all of the questions that may be asked by investors in Dubai, and help them to make the right investment decisions in Dubai’s real estate market. This guide is an important information tool and forms part of our comprehensive system of laws and legislations, which aim to regulate the real estate and investment environment. To increase the value of the guide, DLD has covered numerous topics, including the roles played by its institutions and touching on the real estate ownership regulations that are specifc to Emiratis, GCC citizens, and foreigners. Among the many sections in the guide, a special section has been devoted to the areas designated for foreign real estate ownership in Dubai, as well as how to fnance acquisitions of real estate properties and real estate disputes. 6 7 This guide puts a special focus on all the key aspects that investors must be aware of when considering buying of-plan real estate properties, and also details what developers are obliged to do to preserve the rights of all parties while also sustaining a dynamic and orderly real estate environment. It is also a comprehensive reference that sheds light on the healthy status of Dubai’s real estate market, which provides an appealing environment that attracts investments based on best practices and contributes to positioning Dubai as the happiest city in the world. Dubai Land Department Al Tamimi & Company About Dubai Land Department About Al Tamimi & Company Dubai Land Department (DLD) was founded in May 1960 to establish the most Al Tamimi & Company is one of the leading law frms in the Middle East and the prominent real estate sector in the Middle East and in the world. largest law frm in the region, with presence in all of the six GCC countries. DLD provides outstanding services to all its customers whilst developing the necessary Established in 1989, the frm has 56 partners, 670 employees, and 17 ofces in nine legislation to propel the real estate sector in Dubai, organizing and promoting real countries throughout the UAE , Bahrain, Qatar, Iraq, Saudi Arabia, Jordan, Kuwait, estate investment, and spreading industry knowledge.
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