Dubai Real Estate laws and terms

Monday, November 16, 2015

 

Since 2002 when expats were allowed to buy property with freehold rights, Dubai has come a long way. As one of the UAE’s most comprehensive real estate websites focussed on empowering people with the resources they need to make informed property decisions, we at Better Homes Dubai, help consumers find their next home. We do this by offering the latest property listings in the market alongside relevant and accurate data, local information and search tools. When Better Homes started in 1986, our service only included residential leasing. Since then, our service portfolio has expanded significantly to include residential sales, commercial sales, commercial leasing, property management and short-term rentals.

 

Search for new houses, flats and developments across the UAE at Better Homes Dubai. At Better Homes, everything we do is aimed at making the market more efficient for consumers and advertisers alike. This has made us one of the fastest growing companies and websites in the Region, now attracting millions of visits per month. Better Homes Dubai mission is very simple– to be the most valuable online resource for consumers and online partner for real estate professionals.

 

Since the 2008 global downturn, Dubai’s property market has transformed significantly. More regulation has kicked in, both in the regular and off-plan sales model, with the market experiencing growth in terms of prices, transaction volumes, equity and rental yields. Dubai Land Department, which has increased property registration fees to discourage speculation, has indicated that more laws to curbflipping are likely to be announced.Strategically located between Asia, Europe and Africa, Dubai is a worldwide investment hub and amongst the world’s mature and fastest growing property markets. The upcoming World Expo 2020 will further enhance Dubai’s status as an investment destination as buyers and corporates from all the world home in on the city. 

 

Most legislation since 2006 have boosted the confidence of property investors in Dubai. For instance, amendments to the tenancy law, has encouraged property owners to invest and make profit while renting out their properties to tenants.The new decree has also provided a cap on rental increase, dependent on the rental index of a particular neighbourhood,which has been set by Real Estate Regulatory Agency (RERA).

 

The escrow law introduced in 2007 has also been an effective safeguard for investors. According to this law, all the money collected by the developer from the homeowners and project financiers will be deposited in this account. Further, the money can be used only for the purposes of constructing the development.

 

Better Homes serves the entire lifecycle of owning and living in a property: buying, selling, renting, financing and more. How? Well, it starts with Better Homes Dubai database of thousands of homes for sale, rent and properties not currently on the market, as well as other home-related information. Give us call or drop us a line, we at Better Homes, would be happy to assist you.

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