A welcome epiphany? Dubai announces revamped real estate laws

A welcome epiphany? Dubai announces revamped real estate laws
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Published September 25th, 2013 - 10:59 GMT via SyndiGate.info

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The Land Department will oversee promotion of real estate investment by providing information about investment opportunities in Dubai.
The Land Department will oversee promotion of real estate investment by providing information about investment opportunities in Dubai.
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Dubai
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Dubai Land Department
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Dubai Government

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.

The Land Department will prepare and publish technical reports and studies about the real estate market to utilise research findings in legislating and executing the government’s policies and programmes. The department will provide investors with data and information about investments opportunities, real estate valuation, and conduct surveys to issue blueprints and maps.

According to the law, the Land Department will prepare and execute training programmes for real estate professionals, including developers and brokers, on the rights and obligation of all parties. It will also provide consultations to developers, brokers and investors.

On the national level, the department will conduct programmes and projects to promote nationals’ role and engagement in the real estate market. It will look after any matters related to the real estate market and propose suitable solutions by organising workshops, conferences and symposiums.

The Dubai Land Department is authorised to assess the performance of all its subsidiaries and run quality control measures on their operations and services as well as preparing, developing and maintaining a unified central database for the emirate’s real estate activities and make this database available for planning and decision-making.

Article 10 of the law permits the department to attach specialised organisations in the fields of organising and developing real estate activities in the emirate, and propose objectives of such organisations and dissolve or merge them according to work requirements and best interest, subject to approval from authorities concerned. The department’s subsidiaries are obliged to execute the approved polices and plans and submit periodic reports about their activities, programmes, statistics, research and studies and any other information available to its general manager.

In reference to Article 15 of the Law, the Declaration issued on January 24, 1960, regarding the establishment of the “Tabou (Land) Department” and Law No. 07 for 1997 regarding the Land Registration Fees are considered null. Moreover, the new law overcomes and cancels any law or legislation that contradicts or challenges any article of Law No. 07 for 2013. The new law is considered active from the date of its issuance and publication in the Official Gazette.

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