The Emirates issues 6 new laws to regulate the real estate sector
His Majesty Sheikh Saud bin Rashid Al Mu'alla, Supreme Council Member and Ruler of Umm Al Quwain, has established a series of legislation governing the Umm Al Quwain Real Estate Foundation and the control of the emirate's real estate sector.
In addition, the regulations are intended to assist in the process of developing and putting into action strategies that will drive expansion across the industry and maintain pace with the emirate's drive towards urban development.
The Interim Real Estate Register of Umm Al Quwain and the regulation of property registration activities in the emirate are both mandated to be created as part of Law No. 2 of 2023, which was passed in the year 2023.
In accordance with regulations that ensure the protection of the legal rights of investors, real estate companies, and property developers, Law No. 3 of 2023 is concerned with regulating real estate development activities in the emirate, the pricing of all real estate projects, and the provision of real estate escrow accounts.
Law No. 4 of 2023, which amends Law No. 3 of 2007 on real estate escrow accounts in Umm Al Quwain, lays forth guidelines to help better control real estate sales transactions and guarantee the compliance of all involved parties with the regulation issued by the Real Estate Foundation. These guidelines are intended to help better regulate real estate sales transactions and ensure the compliance of all involved parties with the regulation.
6 new laws to regulate the real estate sector in UAE
Law No. 5 of 2023 provides for the regulation of activities linked to mortgage registration through the Umm Al Quwain Municipality Department, in accordance with the regulations issued by the Central Bank of the UAE. Additionally, this law allows for the settlement of issues and breaches related to mortgages that have not been registered.
The purpose of Real Estate Development Projects Completion Law No. 6 of 2023 is to protect the rights of investors when real estate development projects experience setbacks or delays, and to ensure that such projects are finished whenever it is feasible to do so. In addition to this, it provides for the establishment of a special committee that will handle matters relating to cancelled or unfinished real estate projects.
Law No. 7 of 2023, which concerns revisions to Law No. 2 of 2005, which regulates real estate brokerage activities in the emirate, lays out the regulations and rules that will be used to control all brokerage activities.
