The UAE’s real estate market is on the verge of a major transformation. A set of new regulations, led by Sheikh Saud bin Rashid Al Mu’alla, the ruler of Umm Al Quwain, seeks to streamline real estate operations and make them more in line with the country’s ambitious urban expansion plans.
Here’s a breakdown of the major legal updates:
Property Registration: Law No. 2 of 2023 focuses on standardizing the registration process in Umm Al Quwain with the introduction of the Interim Real Estate Register.
Project Pricing and Development: Through Law No. 3 of 2023, guidelines have been set on pricing real estate projects. The introduction of escrow accounts will offer added protection for investors, developers, and real estate firms.
Sales and Escrow Updates: Improving earlier regulations, Law No. 4 of 2023 refines the rules surrounding real estate sales and escrow accounts, ensuring all parties comply with the directives of the Real Estate Foundation.
Mortgage Supervision: Law No. 5 of 2023 puts forth clearer rules on mortgage registration. The Umm Al Quwain Municipality Department, working under the UAE Central Bank’s guidance, will now be responsible for addressing challenges related to unregistered mortgages.
Investor Protection: Addressing challenges in real estate projects, Law No. 6 of 2023 prioritizes the rights of investors. It introduces a specialized committee to manage issues stemming from delayed or incomplete projects.
Brokerage Regulation: The final portion, Law No. 7 of 2023, provides a refreshed perspective on real estate brokerage, updating guidelines that were originally set in 2005.
Via Arabian Business
