Now foreign investors in UAE real estate will have confidence that their property in the Emirates, in case of their death, will go to their heirs without any problems. Dubai Land Department will establish ‘will and probate registry’ to register wills and help homeowners transfer their property to their benefactors on their deaths.
Previously, many issues associated with the legal support of the sale, possession and transfer of the real esate property in the UAE raised concerns in foreign investors due to the lack of transparency. Therefore, in order to bring this market sector out of shadow, Dubai Land Department has decided to make a step forward and simplify the transfer of property by will.
A “will and probate registry” will be created following the agreement, with the DIFC Dispute Resolution Authority (DRA) — through its ancillary body, the DIFC Wills and Probate Registry — being the other party.
“To ensure transparency and investor’s trust in the sector, as well as the current momentum, people need to be confident that their Dubai-based assets can be transferred according to their wishes upon their death,” Sultan Butti Bin Mejren, Director-General of Dubai Land Department, said in a statement.
The agreement reached between the Department and DRA, contains clear and precise instructions on the procedures for handover of the inherited property situated in Dubai to heirs. It is expected that these recommendations will form the basis for the further improvement of the legislation in this field.