Dubai Real Estate Legislation empowered new laws and decrees in recent weeks.
New real estate laws and decrees issued on recent weeks.
The issuance of Decree No.27 of 2019 that included provisions regarding registration fees. The decree includes the 4% registration fees on the first sale of a property is waived. This will only be collected during the second sale procedures in accordance with the Islamic finance system. This aims to support and encourage investors and reducing the real estate investment costs.
- Dubai Real Estate Legislation issued Decree No.27 of 2019 that included provisions regarding registration fees.
Then it comes to Law No. 4 of 2019 on the Real Estate Regulatory Agency (RERA) which defines a set of key objectives for RERA and enhancing the sector’s contribution to Dubai’s economy. It is also to control projects financially and protect investors. This law includes restructuring the legal provisions of the agency, which was established pursuant to Law No. (16) of 2007.
- His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Law No. 4 of 2019 pertaining to the Real Estate Regulatory Authority (RERA) of the Land Department.
It was followed by Law No. 6 of 2019 issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum pertaining to the Joint Ownership of Real Estate in Dubai, applies to all major real estate development projects, including those located in free zones and special development zones. The new law represents a framework to enhance investment in the real state sector.
According to the new law, the Dubai Land Department (DLD) will prepare a register for jointly owned real estate. This will display all the information related to the owned by developers. One of the important of the register is it will also show the names of owners, registered leases, and the building management chart that all procedures and transactions created based on the laws and regulating of the DLD.
Dubai Land Department (DLD) signed an agreement with the banks with the registration system known as the e-mortgage system to record and modify mortgages as well as procedures for their liquidation. DLD showcase the e-mortgage service to enhance automation applications and systems in our transactions to reduce paper transactions and the number of visits.
- His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Law No. 6 of 2019 pertaining to the Joint Ownership of Real Estate in Dubai.
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