We know that Dubai is the United Arab Emirates’ most recognizable metropolis. It was regarded as a vacation city in the Middle East due to modern improvements in architectural constructions and buildings. Due to the abundant lodging options, Dubai provides for visitors and travelers, wealthy tourists from around the world consider visiting. Global buyers and investors are interested in purchasing real estate in Dubai today. The Dubai State Government has created and enforced a few Dubai property regulations for real estate buyers and investors worldwide. These rules and regulations address numerous legal concerns with the purchase, selling, and ownership of Dubai real estate.
Since 2002 when expats were allowed to buy a property with freehold rights, Dubai has come a long way.
Most regulations passed since 2006 have increased Dubai’s real estate investors’ trust. For example, changes to the tenancy law have prompted landlords to spend money and profit from renting their houses to renters. Following the Real Estate Regulatory Agency-set rental index for a certain neighborhood, the new decree also stipulates a limit on rental increases (RERA).
The Dubai Estate Government passed Real Estate Law Number Seven in 2006. This regulation lessens the limitation on foreigners owning property in Dubai. According to UAE estate laws, foreigner was not permitted to own or build properties in Dubai. Foreigners or non-residents will be able to acquire property ownership on rent or lease following this real estate law, number seven. The State Government of Dubai must give its approval for any property lease that is longer than 99 years.
Investors’ interests have also been effectively protected under the 2007 escrow law. This law mandates that the developer deposit funds from property owners and project financiers into this account. Additionally, the funds may only be employed in the development’s construction.
The new law in Real Estate
Dubai introduced a new law, aimed at promoting the growth of real estate investment funds in the emirate. As part of efforts to strengthen the emirate’s position as a “global destination for real estate investment” and to offer incentives to attract more funds into the emirate, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, issued the law, which grants certain privileges to real estate investment funds.
It applies to real estate investment funds authorized and governed to work in the emirate, including those in free zones and special development zones like the Dubai International Financial Center. The law outlines incentives to persuade the funds to contribute to various real estate projects in the emirate and to draw foreign real estate funds to Dubai to conduct their investment activities.
The statute calls for the Real Estate Investment Funds Register to be established at the Dubai Land Department. According to the law, funds can be registered if the value of the real estate assets they own is at least Dh180 million ($49 million) and they are not currently prohibited from trading on the Dubai Financial Market at the time of application. They must also be licensed by regulators such as the Securities and Commodities Authority or the Dubai Financial Services Authority in the DIFC. Those that meet the criteria for registration are eligible for various benefits under the new law.
The new law also requires the Land Department to select an impartial appraiser who has been approved by the Real Estate Regulatory Agency to maintain transparency in the valuation of assets owned by real estate investment funds.
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