Dubai, UAE – In a significant development for the New Real Estate Regulations in the UAE, Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member & Ruler of Fujairah, has recently enacted two pivotal laws – Law No.3 & Law No.4 of 2023. These new regulations have far-reaching implications for property ownership in the Fujairah emirate.
I. Law No.3: Oversight of Shared Property Ownership
Law No.3 of 2023 marks a watershed moment in property ownership within Fujairah. It ushers in a new era of oversight and governance for shared property ownership. Under this law, developers, management companies, associations, and owners’ unions are obliged to adhere to its provisions within six months from its issuance. Notably, the authority’s director holds the discretion to extend this deadline when necessary.
II. Law No.4: Regulation of Real Estate Development Guarantee Accounts
Law No.4 of 2023 is aimed at bolstering transparency and accountability in the realm of real estate development. Developers, management companies, associations, and owners’ unions must align their practices with this law within the same six-month timeframe. The authority’s director has the authority to grant extensions if warranted.
Crucially, these laws do not retroactively impact existing contracts between developers and property owners, offering a degree of security to those already engaged in real estate dealings. Furthermore, fundamental association systems that have been previously approved and registered by the relevant authority remain unaffected, except in cases related to the formation of owners’ associations.
These groundbreaking regulations reflect the UAE’s commitment to fostering a transparent and secure environment for property ownership and development. By setting clear guidelines and timelines, Sheikh Hamad bin Mohammed Al Sharqi aims to streamline the real estate sector and ensure that all stakeholders operate within a fair and regulated framework.
For legal professionals, investors, and property owners in Dubai and the wider UAE, a comprehensive understanding of these New Real Estate Regulations in UAE is crucial. It is advisable to seek legal counsel to navigate the intricacies of compliance.
BSB Legal’s expertise in real estate law and their commitment to keeping clients informed about the latest regulations in the UAE make them an invaluable resource for anyone involved in the real estate market. As the UAE continues to adapt to global trends and economic shifts, BSB Legal stands ready to guide clients through the intricacies of these new real estate regulations, ensuring they make informed decisions in this dynamic market. Stay ahead of the curve with BSB Legal as your trusted legal partner in UAE real estate.