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New property law signs on

Developers have welcomed the long-awaited property law, giving expats ownership rights in Dubai.

Developers have welcomed the introduction of the long-awaited property law, giving expats ownership rights in Dubai.

It will also allow investors who have already acquired property to register title with the Dubai Lands and Properties Department.

The announcement coincided with another fall in local share prices. Dubai’s key financial index dropped 12% on Tuesday, its largest single decline ever — with shares in Emaar Properties hitting a nine month low.

But local developers and lenders believe that the new property law will instill confidence in the real estate sector.

“We believe that this law will contribute greatly to building investor confidence, especially among expatriate home buyers.

“We also expect the law to give a boost to the secondary market in real estate,” said Dubai Islamic Bank chief executive, Saad Abdul Razak.

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