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Silicon Oasis is now ALL freehold !

Discussion in 'Dubai property' started by Wannaberich, Jun 30, 2010.

  1. Wannaberich

    Wannaberich New Member

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    In case you didn't know.
     
  2. Wannaberich

    Wannaberich New Member

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    'New Property Regulation published in Dubai's Government Official Gazette
    Regulation No. 1 of 2010 amending Regulation No. 3 of 2006 Designating Areas for Expatriates to Enjoy Freehold Ownership in the Emirate of Dubai
    This Regulation relates to the Dubai Silicon Oasis community in Dubai. Regulation No. 3 of 2006 designated Dubai Silicon Oasis as an area in which foreigners could own property, but restricted their ownership rights to leasehold interests only. Regulation No. 1 of 2010 removes this restriction, and enables property within Dubai Silicon Oasis to be owned by foreigners on a freehold basis'

    http://blogs.thenational.ae/crane_country/Property Law News Bulletin 12 May 2010(2).pdf
     
  3. eyeC

    eyeC Senior Member

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    i still don't know the difference between free hold and lease hold can you kindly highlight the difference and how it could effect the average investor.

    Dubai Silicon Oasis last time i checked some buildings there they had issues with electricity ,and other services

    also most banks did not provide loans for projects in the area i think most projects sold to investors cash installments made me think twice about the area

    surprising banks gave loans to projects in Ajman with extremely high risk but not to Silicon Oasis area
     
  4. Wannaberich

    Wannaberich New Member

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    Freehold means you own the property and the land it sits on.
    Leasehold means you have the right to live in the property for the term of the lease,ie,99 years but you don't own the land.

    I am not aware of problems with electricity etc there.DSO is goverment owned and has a very good infrastructure.
     
  5. eyeC

    eyeC Senior Member

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    anyway for condominium owning fraction of physical land does not mean much as you wont be able to sell it

    so free lease 99 years and owning something that is not salable in practice is the same thing or doesn't mean much to the average investor.
     
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