To promote the industry across the nation, new real estate laws have been implemented in the UAE. The Real Estate Foundation of Umm Al Quwain and the control of the emirate’s real estate market are subject to a variety of regulations that have been issued by Sheikh Saud bin Rashid Al Mu’alla, the ruler of Umm Al Quwain and a member of the Supreme Council. In this context, understanding the landscape of Sharjah’s Freehold Properties also offers insights into the broader regional real estate dynamics.
The regulations also seek to aid in the creation and execution of strategies to spur sector-wide growth and keep up with the emirate’s push for urban expansion.
Umm Al Quwain UAE Real Estate Legislation
The extensive laws address a variety of real estate-related topics, including mortgage rules, development prices, investors’ rights, and property registration in the United Arab Emirates.
The Interim Real Estate Register of Umm Al Quwain will be established under Law No. 2 of 2023, and the emirate’s property registration procedures will be regulated.
By rules that ensure the protection of the rights of investors, real estate firms, and property developers, Law No. 3 of 2023 regulates real estate development activities in the emirate, the pricing of all real estate projects, and the provision of real estate escrow accounts.
Law No. 4 of 2023 establishes principles to help better manage real estate sales transactions and guarantee that all parties involved comply with the regulation issued by the Real Estate Foundation. It modifies Law No. 3 of 2007 on Umm Al Quwain real estate escrow accounts.
According to the guidelines set forth by the Central Bank of the UAE, Law No. 5 of 2023 regulates mortgage registration activities through the Umm Al Quwain Municipality Department and addresses problems and infractions relating to unregistered mortgages.
The goal of Law No. 6 of 2023 is to ensure that real estate development projects are completed when possible while also defending investor interests in the event of delays or obstacles. Additionally, it calls for the creation of a special committee to address concerns relating to abandoned and unfinished real estate projects.
The laws and regulations for regulating all brokerage activities are laid forth in Law No. 7 of 2023 concerning revisions to the emirate’s real estate brokerage activities are governed under Law No. 2 of 2005.
