Standardised UAE property laws 'would benefit investors'

Standardised laws are needed to help the UAE property sector recover from the economic downturn, it has been suggested.

Speaking to Emirates Business 24/7, chief executive officer at John Charcol Middle East Chris Dommett explained that federal and local legislation regarding property needs revaluating in order to improve "clarity and consistency".

This, he told the news source, "would boost the confidence of both local and foreign investors," something that may interest those considering purchasing property abroad.

However, Mr Dommett admitted that the federal nature of the UAE means each emirate will have to have control of their own laws.

His comments were supported by senior legal consultant Stephen Ballantine, who told the news source that current laws have been "badly drafted" and need a "thorough review".

Earlier this week, research from Colliers International revealed that properties in Dubai have decreased in value by around nine per cent since the first quarter of 2009.