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Sheikh Saud bin Rashid Al Mu’alla, Supreme Council Member and Ruler of Umm Al Quwain, has issued a number of laws concerning the emirate’s Real Estate Foundation and the regulation of the real estate sector in the emirate.
The laws also aim to help in the development and implementation of plans to drive growth across the sector and keep pace with the emirate’s urban development drive, reported the state news agency WAM.
What the real estate laws entail
- Law No 2 of 2023 covers the establishment of the Interim Real Estate Register of Umm Al Quwain and the regulation of property registration activities in the emirate.
- Law No 3 of 2023 is related to the regulation property development activities in the emirate, the pricing of all projects, and providing property escrow accounts, in line with regulations that ensure protecting the rights of investors, property companies and developers.
- Law No 4 of 2023 concerning amendments to Law No 3 of 2007 on real estate escrow accounts in Umm Al Quwain, sets out guidelines to help better regulate real estate sales transactions and ensure the compliance of all involved parties with the regulation issued by the Real Estate Foundation.
- Law No 5 of 2023 provides for the regulation of mortgage registration activities through the Umm Al Quwain Municipality Department, as per the regulations issued by the Central Bank of the UAE, and the settlement of issues and violations related to unregistered mortgages.
- Law No 6 of 2023 is concerned with protecting the rights of investor in cases of delays or hurdles in development projects, as well as ensuring such projects are completed, when possible. It also provides for establishing a special committee to handle issues related to cancelled and incomplete projects.
- Law No 7 of 2023 concerning amendments to Law No 2 of 2005 on the regulation of brokerage activities in the emirate sets out legislation and guidelines to regulate all brokerage activities.
Read: UAE real estate market: Strong demand, lack of supply to drive further growth in 2023, reveals CBRE