Legal framework for freehold property soon

The legal framework allowing non-UAE nationals to own property in Dubai will be established shortly, according to Mohammad Ali Al Hashimi, chief executive officer of Amlak Finance.

Al Hashimi said this is the reason expatriates are rushing to buy freehold properties offered by three leading companies Emaar Properties, Nakheel and Jumeirah Beach Residence.

"We have the commitment from the authorities about the move to legalise freehold ownership by non-nationals," he pointed out.

Referring to the current property boom in Dubai, Al Hashimi stressed the present boom is real. Quoting General Shaikh Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister, he said Dubai has achieved only 10 per cent of its growth, and hence most of its growth envisioned is yet to materialise.

Al Hashimi was speaking at a conference organised by Indian Business and Professional Council (IBPC). "Most of the projects are under construction and this gives ample opportunity for the mortgage finance companies like Amlak Finance to grow," he said.

The projects in the line-up need sizeable funding and this would be met by mortgage finance companies like Amlak and banks.

Al Hashimi added Amlak now lend to homes constructed by all developers, and not to Emaar alone.