Dubai’s economy has benefited greatly from the city’s thriving real estate market. The real estate market is solid as a result of new regulations, and investors are eager to participate. In addition, the government is establishing certain new visa requirements to inspire trust and catch the eye of prospective purchasers. It is now feasible to get a visa by investing in dubai real estate. To begin, a person has a lot of possibilities to choose from. You may get a 6-month visa, a 3-year visa, a 5-year visa, or a 10-year visa, depending on your situation. It really all boils down to personal preference.
Over the past few years, it has successfully established a robust legislative system to regulate the real estate sector, ensuring the sustainability of the real estate boom based on real demand from the end-user. This system marked a watershed moment for the sector, increasing the emirate’s ability to attract foreign investments in the real estate industry.
Before beginning any real estate development project, a developer must first get a license from RERA in accordance with the requirements established by the body. Developers are required by law to disclose specifics about their projects, such as their location, the number of units they want to build, and the kind of housing units they plan to construct. Also, following RERA’s requirements, builders must keep a separate trust fund for each development they oversee. The trust account receives all money from customers to guarantee that every penny goes towards finishing the building.
The Real Estate Brokers Law is another crucial piece of legislation in Dubai’s real estate market. In Dubai, real estate agents and brokers are subject to the provisions of this legislation. To become a licensed real estate broker in Dubai, one must complete RERA-approved training at the Dubai Real Estate Institute and pass the RERA test. The legislation also specifies the guidelines that real estate agents must follow while interacting with their customers.
The Dubai Starta Law applies to complexes with several dwellings. A multi-unit development is a kind of structure or development that houses many households.
The fundamental idea behind The Starta Law is the segregation of buildings into individual properties. It also includes the development’s shared amenities, such as parks, lobbies, swimming pools, etc. When many people own a piece of property together, it’s common practice to form an owners association to oversee its upkeep.
The organization is in charge of taking care of and repairing these places.
We have included a brief summary of recent changes to Dubai law that affect the real estate industry.
Article 11 of Dubai’s Interim Registration Law, No. 13 of 2008, is updated by Law No. 19 of 2020. The primary focus of the revision is on the conditions under which a challenge may be launched to a prior decision by the Dubai Land Department to revoke a sale and purchase agreement recorded in the interim register.
Law No. 20 officially recognises the dissolution of DREI and the transfer of its personnel, duties, and services to the Dubai Land Department.
The Knowledge Fund will officially become the legal owner of some pieces of land that have been set aside for educational purposes (as specified by Law 32).
If developers pay 75% of a plot’s fair market value into the Knowledge Fund, the developers get to keep the land. Law Number 32 lays forth the structure for such payment, including the option to make installment payments over a maximum of 34 years.
The Judicial Committee for the Liquidation of Canceled Real Estate Projects in Dubai, was established under Law No. 33 of 2020.
This new law, which repeals Law 21 of 2013, expands the Judicial Committee’s purview to include abandoned or unfinished real estate developments. The Real Estate Regulatory Authority may now refer problems to the Judicial Committee for resolution in accordance with the processes established by the Law.
Some of the advantages of the new legislation are:
The real estate market in Dubai should benefit from the new legislation. It will safeguard the legal interests of purchasers and sellers while encouraging real estate investment in Dubai.
property law representation – Since May 2019, overseas investors in UAE real estate are among the many eligible for a long-term residence visa. The required investment for a five-year residence permit is five million UAE Dirhams (AED). This will protect the primary applicant and their dependents.
Foreigners are able to purchase land and buildings in freehold regions of Dubai. This essentially means that non-UAE citizens and expats may buy freehold ownership rights (i.e., rights unrestricted by leasehold, usufruct, or other limits) for a period of up to 99 years. The Dubai Land Department is also in charge of documenting ownership.
Sharjah property lawyers explain the law, which states that non-UAE citizens and companies owned by non-UAE citizens do not have the right to ownership but do have the right of usufruct for a period of up to 100 years under Executive Council Resolution No. 26 of 2014 Regarding the Usufruct of Real Estate Properties in the Emirate of Sharjah.
The municipal government in the Emirate of Dubai has enacted a variety of regulations regulating the management of the Emirate’s real estate registry, whether for finished homes or structures sold off-plan, depending on the circumstances.
Dubai’s real estate rules are crucial for both local and international investors and purchasers. Real estate transactions in Dubai must be in accordance with the UAE regulations. This will help them maximize the value of their holdings in the UAE. They might even give the property to a family member or sibling.
With the assistance of the greatest real estate attorneys in Dubai, our advocate and legal counselor offers guidance on all aspects of real estate law, from purchasing to selling to renting to financing.