The freehold (or long-term leasehold) designated areas in Dubai have been expanded with the addition of two prime clusters within Dubai Investments Park, which is also a location that has seen a sharp rise in real estate development activity of late.
As per the new regulation — issued by His Highness Shaikh Mohammad bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai — non-UAE nationals can own properties within the two clusters for a period of up to 85 years.
“The areas in and around Dubai Investments Park are becoming much sought after by investors given the industrial activity that is taking place there as well as the proximity to the Dubai World Central airport,” said Mohanad Alwadiya, managing director at Harbor Real Estate. “The confirmation of freehold status on additional areas within would interest a growing pool of investors.”
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