Overview of Dubai Property Laws

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Date Added: 05 / 01 / 2012
Category: Business and Marketing
Words | Pages: 1140 | 5
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Overview of Dubai Property Laws

View Full Essay Hesham Abdulla 093087
Majid Abdulla 091062
Fahad Sayar 075021

Question:
Provide a brief overview of the laws that affect real estate transactions in Dubai. Discuss RERA and what its mandate is. Focus on consumer protection issues including answering how buyers are protected from developers who fail to develop projects on time or at all and the role of escrow. Discuss in detail under which laws and under what circumstance investors can make claims for monies paid in. Advise on how ownership is held particularly for foreign investors.

Answer:
Overview of Dubai Property Laws:
Foreigners have been able to buy properties on some certain developments in Dubai since 2002. It was only in 2006 that laws relating to registering these transactions were codified.
One of the most important laws is the “Dubai Real Property Registration Law” (Number 7 of 2006) and this entails that foreigners do have the right to own and buy property in Dubai.   This law states that non-GCC nationals can own property in certain areas on freehold or up to 99-year leasehold. The specific details on individual properties on whether you have freehold or leasehold rights will be stated in the “Sale & Purchase Agreement.”
The Dubai Lands Department is the authority that provides the necessary paperwork to prove who has the rights to a property as they are in charge of the register. They are also responsible for issuing title deeds and any title deeds issued by them are conclusive in proving that person has the right to that property.
Every real estate market has stories of scams and untrustworthy agents and developers. The government of Dubai has issued a law within Article 9 which states that all real estate transactions must be registered with the Dubai Lands Department register and that any transaction not registered with the Dubai Lands Department will be deemed invalid. Article 9 has drastically reduced the number of scams and misdeals after it has been issued.
Many expatriates are...