Dubai government to alter 'gift land' rules

30/03/2010 - Dubai Property News
Dubai government to alter 'gift land' rules

Posted by Neil King

Dubai property investors could be able to purchase land from firms who received it as a gift from the government after new laws are introduced.

The United Arab Emirate is to reconsider its rules regarding gifted land in order to boost the property sector in the state by allowing companies to list their real estate on the market.

Until the new law it was forbidden to resell any gifted land without permission from the diwan, the governmental body in Dubai, the National reports.

A report by the Dubai bank Emirates NBD claimed that gifted land is often in some of the best locations for investors.

"The buildings that exist on gifted land parcels are in almost all cases held under single ownership. For these reasons, such buildings are much more attractive to asset managers and other institutional investors," it said.

It was recently revealed that the Dubai government will provide financial backing for new restructuring plans by Dubai World and the real estate developer Nakheel, which are hoped to help renew the property sector.

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