To stimulate the real estate market throughout the nation, new legislation have been established in the UAE.
The Supreme Council member and ruler of Umm Al Quwain, Sheikh Saud bin Rashid Al Mu’alla, has passed several laws pertaining to the Real Estate Foundation of Umm Al Quwain and the control of the real estate industry in the emirate.
The rules also intend to support the creation and execution of strategies to spur sector growth and keep up with the emirate’s push for urban expansion.
UAE’s Umm Al Quwain real estate regulations
The extensive legal framework addresses a variety of real estate-related topics, including UAE property registration, development pricing, investor rights, and lending rules.
- Law No. 2 of 2023 establishes the Umm Al Quwain Interim Real Estate Register and regulates the emirate’s property registration processes.
- In accordance with rules that guarantee safeguarding the rights of investors, real estate firms, and property developers, Law No. 3 of 2023 regulates 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 rules to strengthen the regulation of real estate sales transactions and guarantee that all parties involved abide by the Real Estate Foundation’s regulations.
- Law No. 5 of 2023 stipulates that mortgage registration activities should be governed by the Umm Al Quwain Municipality Department in accordance with the guidelines published by the UAE Central Bank, and that disputes and infractions pertaining to unregistered mortgages shall be resolved.
- Law No. 6 of 2023 aims to guarantee that real estate development projects are carried out whenever feasible while also safeguarding the interests of investors in the event of delays or obstacles. Additionally, it calls for the creation of a special committee to address problems pertaining to abandoned and unfinished real estate projects.
- Legislation and regulations governing all brokerage activities are outlined in Law No. 7 of 2023 concerning revisions tothe emirate’s real estate brokerage activities are governed under Law No. 2 of 2005.
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