Sunday, February 18, 2007

Freehold Apartment registered in owner's name

The Dubai Land Department announced the first official registration of an apartment in the owner's name based on the new legal framework which was brought into effect last year. This indicates a major positive step in promoting ownership registration of freehold properties.

The registration of the apartment met the approval of the Assistant Director of Dubai Land Department and was witnessed by the Head of Customer Service Department. The registration was carried out as per Article 23 of the real estate market could be expected, with the new framework reinforcing the ownership by the groups which were previously excluded, and by establishing definitive rights.

Assistant Director of the Land Department in Dubai, Jumaa bi Humaidan, said that this indicates the commitment of the department towards preservation of Landlord’s rights under the new framework. This first registration system is a collective effort involving customer service, technical and information technology departments, who worked in good co-ordination for creating the electronic platform to handle numerous registrations of the apartments and the ownership entity changes that happen during day to day trading. He added that the foundation has been designed with support from major property developers and real estate companies.

The Head of Customer Service Department, Majid Al Ujail, mentioned that this registration platform which endorses property ownership indicates the boom of real estate market in Dubai. He added that the Land Department is likely to issue ownership certificates for complexes and residential flats during the next couple of months.

Al Ujail mentioned that this will change the manner in which real estate ownership is being carried out in Dubai.

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