As for the regulation of the UAE Real Estate market, it can be mentioned that it has a legal basis. The DLD is the overseer of all property deals and transactions in the city. RERA is another organization owned by the DLD and prescribes the guidelines governing the real estate business to minimize risks to investors when it comes to buying Dubai properties.
Dubai depends very much on real estate industries and it affects positively on the economy of the city. Through these rules and regulations, the real estate sector has been brought to order and investors can place their confidence.
The Department In Question Is The Dubai Land Department, Abbreviated As DLD
The DLD has the responsibility of overseeing the UAE real estate market. On its inception, the DLD assumed the responsibility of centralising and recording any property transactions in the entire Dubai.
The Department of Real Estate and Land deed (DLD) has a branch known as the Real Estate Regulatory Authority or commonly known as RERA whose duty is to set laws and rules of the real estate sector. Their duties include:
Keeping Records Of All Tenants And Landlords
● Controlling FDI for Dubai
● Supervising the credibility of actual estate promotions
● Licensing for real estate brokers and developers
● The scrutiny and Observation of the banks, insurance and law firms in the Real Estate Industry.
● Keeping track of, and controlling, market expansion.
Aims To Explain Some Of The Key Real Estate Laws That Exist In Dubai
Dubai is one of the most renowned cities globally due to its high demands. It heavily relies on the tourism sector, UAE Real Estate in particular. It is for this reason that this particular city has one of the most rapidly developing real estate markets worldwide where you can make a lucrative real estate investment if only you are well-acquainted with the laws on the sale of land in this country.
Dubai Strata Law
Another important Dubai real estate law is the Strata Law that addresses issues related to multi-unit residential and commercial space such as Flats and Townhouses. The leading concept of the Strata Law is the separation of a piece of land into separate units which can be owned individually or collectively with other users and a space known as the common parts that is managed by an owners association. This law prescribes the operation and maintenance responsibilities of common areas and facilities in such a property or structure.
Overview To Property Ownership In Dubai
There is the UAE Law No 7 of 2006 concerning the legal rights of the ownership of the property especially the real estate in the emirate of Dubai, and in the whole UAE territory in general. Besides, the legal regulation of the relationship of employees to the company has some special provisions which can be seen in Article (4) of the Law No. , specifically law number 7 of 2006 has been made to lay down the legal frameworks when it comes to ownership of property and purchase of property in Dubai.
Rental Laws And Lease Laws In Dubai
It is much more common to benefit from rental property for sale in Dubai as the income from the property for rent in Dubai is significantly higher. This is why the government of Dubai modified and enacted statutes in order to afford clear guidelines that would address rental housing to protect both the interests of the tenant and landlord.
Inheritance Laws Concerning Property In Dubai
Inheritance property regulation in Dubai differs a lot from the rest of the property laws and relations. In case the property owner has corresponding citizenship in another country, the inheritance property law also looks at the laws of that country. For this reason, the property ought to be given a legal beneficiary.
New Laws Introduced Concerning Real Estate In Dubai
The regulations adopted by the government of Dubai on some of the issues related to the UAE Real Estate as follows are as follows:
Law No. Law no. 19/2020 incorporates Article 11 in the existing legal framework. Based on the above revelations, the following modifications are proposed in the Regulation No. 13 of 2008 that concerns Interim Registration in the Emirate of Dubai.
Thus, the new law empowers the Dubai Land Department to challenge a previous decision regarding flats for sale in Dubai and purchase agreement as registered on the interim register due to some conditions.
Law Number 33 Of 2020 – The Procedure For Cancelling And Liquidating Real Estate Projects In Dubai
Law No. The Law No. 33 of 2020 repealed the following law and enacted the new one as follows:21 of 2013 and expanded the scope of the Judicial Committee to include the cases of ‘incomplete and cancelled’ projects by real estate companies and real estate brokers in Dubai . The Judicial Committee also has powers regarding disposal of matters transferred by RERA with respect and discretion.
Three Broker Rule
Thus, in October, the Dubai Land Department decided to restrict the registration of properties to no more than three brokers for each seller. The change will greatly help in cutting down on multiple listings where two or more agents will be listing a property, which will lead to real professional brokers and agencies being able to offer more efficient service and better experiences for customers in search of properties. This overall efficient yet professionally buying property in Dubai and selling of properties will help the buyers as well as the sellers.
Regulations For UAE Real Estate Developers
At the present, under the rules and regulations of RERA it is compulsory for the developer to work according to some certain norms and they require permission from the concerned authority to do any sort of operation related to real estate development. The law also imposes it on the developers to provide particulars regarding their development including the area of the development, the number and type of units that is intended to be developed.
To Wrap Up
UAE Real Estate stands out in the global economy as one of the most vibrant, and progressive industries that are actively changing. As a Dubai resident investor, homeowner, or anyone with an interest in this booming economy, it is helpful to be aware of regulations affecting the real estate market. However, it is welcomed to have a credible ally to manoeuvre this broader market.
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