Dubai Property Market One of the Safest in the World
Dubai is fast becoming one of the safest places in the world to buy overseas property. Nicholas Marr gives his angle on the latest developments that will make buyer confidence sky high.
The relatively new Dubai property market is fast becoming one of the safest places to buy property in the world. Property investors and life style buyers have been steadily buying real estate in Dubai for years and it seems that announcement of new mortgage and registration laws make it's even safer.
Dubai offers the overseas property buyer many key attractions including a tax free environment, low inflation, cosmopolitan population and low crime rates to name but a few. The Dubai leadership intend to make the Emirate one of the world most attractive places to live, work and visit.
The Dubai regulators have been busy and the regulations they have instigated will ensure a brighter future for the housing market in Dubai. The advantage of starting a housing market from scratch is that you have the benefit of learning from the bad experiences of others and it seems they have done just that.
The first move toward greater regulation of the Dubai housing market was the introduction of the Real Estate Regulatory Agency or RERA . It is a government agency that has its own financial and administrative independence with full legal authority to regulate the real estate sector in Dubai. It was launched on the 31st of July 2007 by His Highness Sheikh Mohammed Bin Rashed Al Maktoum, vice president and Prime Minister Ruler of Dubai, as a part of the Dubai Land Department.
Since its inception the agency has been very busy and it seems to me that each move has made buying property in Dubai even safer. This is despite the fact that some regulations may slow the movements of investors keen to make a quick buck.
RERA is now responsible for
Licensing all real estate activities.
Managing real estate developers trust account.
Licensing and organizing real estate agents.
Regulating and registering rental agreements.
Regulating and supervising the owners associations.
Regulating real estate advertisements in the media.
Regulating and licensing real estate exhibitions.
Publishing official research and studies for the sector.
Enhancing national participation in the real estate sector.
Increasing real estate awareness.
The latest laws that will help those seeking security in investment in Dubai see moves toward an even safer mortgage industry in Dubai. Mortgages may only be sold by a registered financial institution and be fully insured. Mortgages need to be registered with the Land Department giving details of the size of the mortgage and the value of the property being mortgaged.
This regulation will keep RERA will not only make buying a property in Dubai a safer experience but at the same time allow the government to be truly informed of what is taking place in the housing market of Dubai
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
Nicholas Marr has a passion for overseas property and has been working in the Dubai market since 2003,his company is behind a network of international real estate websites including overseas property portal http://dubai.homesgofast.com and http://www.Dubaihomes4sale.co.uk