Law No. 3 for 2023, which governs joint property ownership in the emirate of Fujairah, was issued by H.H. Sheikh Hamad bin Mohammed Al Sharqi, member of the Supreme Council and ruler of Fujairah.
Law No. 4 for 2023, which governs real estate development guarantee accounts, was also issued by Sheikh Hamad.
According to the two laws, developers, management companies, associations, and owners’ unions must conform their situations to the laws’ provisions within six months of the laws’ issuance dates. If necessary, the director of the relevant authority may extend the deadline for the same period of time.
A relevant authority’s approval and deposit of basic association systems, along with contracts between developers and owners signed prior to their execution, are unaffected by the requirements of the two laws, with the exception of the establishment of owners’ associations.
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