DUBAI - As the AGCC property market is expanding, both developers and buyers are placing increasing demands on regional governments to put in place legal frameworks in which both parties can transact confidently, according to regional legal experts.
Basically, proper legal structures are the foundation for any substantial progress in the sector, and deciding what country-specific legislation and regulation is required may mean the difference between success and failure in the industry.
Lisa Dale, Partner, Head of Property Department, Al Tamimi and Company, the UAE-based legal firm, said: "A few AGCC states are becoming quite active in enacting land laws which favor non-AGCC nations, most notably Qatar, but there is certainly demand among other countries for similar national laws to be put in place."
She will also address the upcoming Cityscape 2004 international commercial architecture and property development event-taking place in Dubai.
But strong investor sentiment is paramount to the continued growth of the AGCC's property development sector, which means that buyers must also be comfortable with the legal structures that are afforded them in the various regional markets.
"Most AGCC laws do not support non-AGCC national freehold ownership of property, and this situation presents huge risks for our clients. We don't ever discourage clients from investing in property, but we do have a professional obligation to make them aware of their risks," says Stephen Ballantine, Legal Consultant with Dubai-based Galadari and Associates.
Cityscape 2004 will take place from November 29 November to December 1, at the Dubai International Exhibition Centre and attract top architects, international and regional property investment and development experts, and urban planners from the US, Europe, the Middle East, and Far East.BY A STAFF REPORTER
© Khaleej Times 2004
