A welcome epiphany? Dubai announces revamped real estate laws

Shaikh Mohammed?s Law No. 07 for 2013 regarding the Dubai Land Department defines its objectives as the government entity responsible for registration as well as organisation and promotion of real estate investment in Dubai. The law aims to provide an attractive environment for investment by implementing international standards, and lists the department?s areas of specialisations, tasks and competencies to support the sector?s development efforts.

According to the law, the Land Department will work to achieve the objectives of the Dubai Government?s strategy in the real estate sector and keep pace with the latest international systems and practices in real-estate registration. The government?s strategic objectives include planning and developing an integrated policy to enhance the real estate industry in Dubai, boosting control and monitoring competency, overseeing and developing the rental sector, developing registration systems and establishing convent environments to promote the role of real estate in Dubai?s comprehensive development plan.

The responsibilities of the department, acording to the law, also includes introduction of policies and procedures relevant to the execution of the Dubai Strategic Plan. The Land Department will be responsible for developing a system to regulate escrow accounts, property?brokerage and joint ownerships.

The Land Department will oversee promotion of real estate investment by providing information about investment opportunities in Dubai, propose initiatives and polices required to realise the department?s objectives, draft legislations relevant to sector?s organisation and monitor their sufficiency, organise the relationship between the lessee and the lessor and register lease contracts.

The department will license, oversee and control real estate activities in the emirate and establish procedures to protect and stabilise the real estate market in coordination and cooperation with other parties concerned. Moreover, the department is liable for real estate promotion, inside and outside Dubai, through organising and participating in conferences, events and exhibitions locally, regionally and internationally. The department will review investors? applications to obtain privileges pursuant to applied laws and regulations.

via A welcome epiphany? Dubai announces revamped real estate laws | Al Bawaba.