The United Arab Emirates (UAE) has announced a series of new real estate laws aimed at regulating and driving growth in the sector. These laws issued by Sheikh Saud bin Rashid Al Mu’alla, Supreme Council Member and Ruler of Umm Al Quwain, are designed to keep pace with the emirate’s urban development drive.
Law No. 2 of 2023 establishes the Interim Real Estate Register of Umm Al Quwain and regulates property registration activities in the emirate. Law No. 3 of 2023 focuses on regulating real estate development activities, pricing of all real estate projects, and providing real estate escrow accounts. This law is designed to protect the rights of investors, real estate companies, and property developers.
Law No. 4 of 2023 amends Law No. 3 of 2007 on real estate escrow accounts in Umm Al Quwain. It sets out guidelines to better regulate real estate sales transactions and ensure compliance of all parties involved with the regulations issued by the Real Estate Foundation.
Law No. 5 of 2023 regulates mortgage registration activities through the Umm Al Quwain Municipality Department, as per the regulations issued by the Central Bank of the UAE. It also addresses issues and violations related to unregistered mortgages.
Law No. 6 of 2023 aims to protect investor rights in cases of delays or hurdles in real estate development projects. It ensures that such projects are completed when possible and establishes a special committee to handle issues related to cancelled and incomplete real estate projects.
Finally, Law No. 7 of 2023 amends Law No. 2 of 2005 on the regulation of real estate brokerage activities in the emirate. It sets out legislation and guidelines to regulate all brokerage activities.
These wide-ranging laws cover various real estate activities including mortgage regulations, pricing of development, investors’ rights, and property registration in the UAE. The introduction of these laws is expected to significantly impact the real estate sector across the country, fostering growth and ensuring the protection of all stakeholders involved.