UAE Issues New Property Laws To Boost Sector Growth
The real estate market in the United Arab Emirates is facing a major change. A series of new regulations led by Sheikh Saud bin Rashid Al Mu’alla, ruler of Umm Al Quwain, aim to streamline real estate operations and better align them with the country’s ambitious urban expansion plans.
Here is a summary of the most important legal updates:
Real Estate Registration: Law No. 2 of 2023 focuses on standardizing the registration process in Umm Al Quwain with the introduction of the Provisional Real Estate Register.
Pricing And Development Of Projects: Law No. 3 of 2023 established guidelines for the pricing of real estate projects. The introduction of escrow accounts offers additional protection for investors, developers and real estate companies.
Sales And Escrow Updates: Act #4 of 2023 improves on previous regulations and refines the rules for real estate sales and escrows to ensure all parties comply with Real Estate Foundation policies.
Mortgage Regulation: Law No. 5 of 2023 establishes clearer rules for mortgage registration. The Municipal Government of Umm Al Quwain, which reports to the UAE Central Bank, will now be tasked with tackling the challenges related to unregistered mortgages.
Investor Protection: In order to meet the challenges of real estate projects, Law No. 6 of 2023 prioritizes the rights of investors. A technical committee will be introduced to deal with problems arising from delayed or incomplete projects.
Regulating Real Estate Brokerage: The final part, Law #7 of 2023, provides an updated perspective on real estate brokerage, updating the guidelines originally set in 2005.
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