The Dubai Land Department (“DLD”) as the Emirate`s governing body overseeing property transfers now also allows for registration and execution of so-called deferred sale agreements. Such agreements describe a particular ownership transfer of real estate assets where the ultimate transfer of title remains pending until all deferred considerations as per the contract have been settled.
Since the enactment of the Dubai International Financial Centre`s (DIFC) pertinent REIT regulations in 2006 the DIFC has allowed the creation of REIT trusts or corporations within its perimeter. As DIFC-based property funds and REITs are now considerably gaining in investors` interest, it is time to take a closer look at the determining factors and available options. Dubai`s DIFC has established itself as the region`s prime financial jurisdiction, offering a robust common law legal framework and thus becoming the domicile of choice for many property fund structures.
With the rental index having legal implications for possible rent increases in the renewal process of existing contracts, the purpose of this contribution is to provide you with strategies strengthening your negotiating power as well as to familiarise you with the methodology of the index computation.
Starting from 1st. of January 2018 and in line with other GCC countries, the UAE is to implement a Value Added Tax (VAT) amounting to 5% on most goods and services.
This article is therefore aiming to highlight the regulations as far as they are relevant to a real estate investor and to identify possible repercussions that the changes hold for the market`s future evolution.
Independent of one`s actual primary country of residence, it can make sense to hold other options available for a variety of reasons. Whether it is for simple means of comfort (hibernating in warmer regions in winter), facilitating business in a foreign country or region or preparing for an envisaged expatriation – the reasons are as diverse as they are personal.
Embedding real estate assets within corporate structures has been practiced for years for a variety of reasons.Whether it is to shield assets from the owner`s private sphere and thus contain i.e. liability risks, whether it is to pass on assets to certain persons or legal bodies possibly bypassing succession laws; reasons are diverse and go well beyond the regularly-cited tax evasion.
Since the opening of the Dubai property market in 2002, there has been a plethora of predominantly constructive changes regarding the regulation of the Dubai property market, its players and their transactions.The latest move by the governing body RERA as well as a ruling issued by the Dubai Court of Cassation are well worth noting as they both clarify and enhance the rights of purchasers invested into off-plan property in the Emirate of Dubai.