Sunday, June 07, 2009
Period Limit for construction is Extended For UAE Nationals
The government of UAE is wholeheartedly supporting the real estate sector to re establish the investor’s confidence. The newly announced policy regarding the grant of relaxation in the period of property construction is a right step forward. Khaleej Times one of the most famous newspaper of UAE reported on 7 June 2009 that “His Highness Shaikh Mohammed bin Rashid Al Maktoum, Prime Minister and Vice-President of the UAE and Ruler of Dubai, has ordered an additional five-year extension time for construction on the land granted for UAE nationals.UAE nationals who have acquired land from the Mohammed bin Rashid Housing Establishment (MRHE) will receive an extra five years to build on their land. The same ruling applies to UAE nationals who have acquired their land before the founding of the housing establishment, said Sami Gargash, Executive Director of the MRHE, according to a statement on Saturday. The period would otherwise have ended by February 2010”.
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It's indeed a great news for all UAE nationals. Dubai real estate market is the best real estate market for investment. Many new off plan projects are developing which are attracting people from all over the world.
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