WORLD PROPERTY CHANNEL ®

Sheikh Mohammed bin Khalifa Al Maktoum

Dubai and Japan are continuing talks to set up a mutually beneficial partnership that would oversee land sales in the two countries, according to a prepared statement by Dubai's Land Department.

However, the wording of that release, published by ameinfo.com of Dubai was fuzzy at best.

"Japan has one of the most sophisticated, high value and well developed real estate markets in the world and there are parallels with Dubai where the property sector has attracted global interest while experiencing unprecedented growth," said Sheikh Mohammed bin Khalifa Al Maktoum, President Dubai's Land Department.

He added, "Dubai's evolving property laws, advanced regulatory framework, and adherence to global best professional practice has taken the sector to a level of maturity where it has become fully integrated into the global real estate market place.

Sultan bin Butti bin Mejren

"Cross-border cooperation with the sector's leaders is a logical step and one which will continue to bear fruit for everyone involved in the local market."

Sultan bin Butti bin Mejren, Dubai's Director General, said, "Dubai occupies an important position in the global real estate market and discussions with our national partners and contemporaries have a crucial role to play in encouraging harmonization and developing professional practice.

"The Dubai market is an international market and it is right that we should maintain the highest standards in cooperation with other sector leaders in order to sustain confidence."

Bin Mejren called Japan, "the world's second biggest real estate market after the US and one of the most advanced in the world." He said the purpose of meeting with Japanese real estate officials was "a bid to explore cooperation across a range of new initiatives."

The meeting follows the earlier visits of Land Department delegations to Japan. Japan operates an advanced real estate registration system through a land registry and licensing of professional practitioners. That format is what Dubai officials were studying.

Mohammed Sultan Thani

The title deed, the key document for establishing real estate ownership in Dubai, has its equivalent in Japan in the kenrisho.

Sheikh Al Maktoum co-chaired the meeting with H.E. Takashi Ashiki, Consul General in Dubai for Japan.  The meeting was held in the Land Department's Deira headquarters.

Dubai'sLand Department team included  bin Mejren, Juma bin Humaidan Deputy Director General, Mohammed Sultan Thani Assistant Director General, and Majida Ali Rashid, the Senior Counsel Strategy.

 The Consul General for Japan was supported by Dr. Masao Tsujimoto.

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