The United Arab Emirates (UAE) has introduced new real estate laws

Sheikh Saud bin Rashid Al Mu’alla, the Ruler of Umm Al Quwain, has issued these laws with the aim of enhancing the real estate sector's development and aligning it with the emirate's urban expansion plans.

 

These comprehensive laws encompass various aspects of real estate activities, including mortgage regulations, property development pricing, investors' rights, and property registration in the UAE.

- Law No. 2 of 2023 establishes the Interim Real Estate Register of Umm Al Quwain and regulates property registration activities within the emirate.

- Law No. 3 of 2023 focuses on the regulation of real estate development activities, pricing of real estate projects, and the creation of real estate escrow accounts. It ensures the protection of investors, real estate companies, and property developers.

- Law No. 4 of 2023 amends Law No. 3 of 2007 on real estate escrow accounts in Umm Al Quwain, providing guidelines for better regulation of real estate sales transactions and compliance with regulations issued by the Real Estate Foundation.

- Law No. 5 of 2023 regulates mortgage registration activities through the Umm Al Quwain Municipality Department, following regulations set by the Central Bank of the UAE. It also addresses issues and violations related to unregistered mortgages.

- Law No. 6 of 2023 safeguards investor rights in cases of delays or obstacles in real estate development projects, with provisions for project completion when feasible. It establishes a special committee to handle matters related to canceled or incomplete real estate projects.

- Law No. 7 of 2023 amends Law No. 2 of 2005, focusing on the regulation of real estate brokerage activities within the emirate, providing legislation and guidelines for the oversight of all brokerage activities.