In a major development, His Highness Sheikh Saud bin Rashid Al Mu’alla, Supreme Council Member and Ruler of Umm Al Quwain, has issued a series of pivotal laws aimed at reshaping the real estate landscape in the emirate.
These laws, comprising a comprehensive framework, are designed to invigorate the Real Estate Foundation of Umm Al Quwain and bring about effective regulation within the sector.
What are these new laws?
Law No. 2 of 2023 spearheads these reforms, as it paves the way for the establishment of the Interim Real Estate Register of Umm Al Quwain. This innovative register will play a pivotal role in governing property registration activities within the emirate, ensuring transparency and efficiency.
Meanwhile, Law No. 3 of 2023 takes a holistic approach by regulating real estate development activities, pricing of real estate projects, and the introduction of real estate escrow accounts. These measures align with investor protection, safeguarding the interests of real estate companies and property developers.
Building on this foundation, Law No. 4 of 2023 seeks to refine real estate sales transactions further. It establishes clear guidelines to promote compliance with regulations set forth by the Real Estate Foundation, enhancing overall accountability.
Furthermore, Law No. 5 of 2023 addresses mortgage registration activities via the Umm Al Quwain Municipality Department. These activities will adhere to the regulations set by the Central Bank of the UAE, ensuring the resolution of issues and violations related to unregistered mortgages.
In a bid to safeguard investor rights, Law No. 6 of 2023 steps in when real estate development projects face delays or hurdles. It not only emphasizes project completion but also establishes a specialized committee to address concerns related to canceled or incomplete real estate ventures.
Last but not least, Law No. 7 of 2023 brings amendments to Law No. 2 of 2005, focusing on the regulation of real estate brokerage activities in Umm Al Quwain. This legislation provides a comprehensive framework and guidelines to govern all brokerage activities, fostering professionalism within the sector.
Impact of These Laws
These new laws collectively mark a pivotal moment for the real estate sector in Umm Al Quwain.
They reflect the emirate’s commitment to sustainable urban development, investor protection, and the creation of a thriving real estate ecosystem.
As these regulations take effect, they are poised to drive growth and prosperity across the emirate’s real estate landscape.
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