In recent years, the government has reformed the property laws in Dubai. Through this reformation process, more and more people have found that buying residential real estate and investment real estate in the country is ever more attractive.
Formless evidence suggests that the promulgation of the new Dubai Property Law has caused a surge in demand for local real estate at a time when available property is in short supply. The result is an up-tick in prices that could turn into a new leg for the Dubai real estate boom.
Since then, in early 2001, the Dubai Property Market changed. The Government of Dubai allowed foreign investors and buyers to take 99-year leases on apartments and villas in Dubai. When this decree was issued in 2001, the population of Dubai was close to a million.
In May 2002, the current Ruler of Dubai, His Highness Sheikh Mohammad bin Rashid Al Maktoum ruled that the emirate would permit foreign nationals to invest in Dubai properties on freehold ownership. The properties were initially grouped under 3 government-owned entities – ‘Emaar Properties PJSC’, ‘Nakheel’ and ‘Dubai Holding’.
The statement just jumpstarted the market and it has been thriving ever since.