Real Estate Laws intend to protect the rights of sellers and buyers thereby promoting justice within the Real Estate industry. Dubai Real Estate market safeguards sellers’ and buyers’ rights, ensuring fairness and transparency in a property growth market. The Dubai government has indeed introduced a strong legislative system which results in the rapid growth and development of Real Estate markets.
Understanding The New Real Estate Laws:-
Following are the key laws that led to the growth of the Real Estate market in Dubai:-
- Law No.(7) of 2013 concerning the Dubai Land Department (DLD) & Law No.(16) of 2007 regarding the Real Estate Regulatory Agency (RERA)
- Law No.(9) of 2009 amending Law No.(13) of 2008 regulating the Interim Registration of Real Estate property in the Emirate of Dubai
- Law No.(8) of 2007 Escrow Account for Real Estate Property Development in Dubai
- Law No.(33) of 2008 amending Law No.26 of 2007
- Law No.(27) of 2007 Strata Law
Impacts of New Real Estate Laws on Dubai’s Property Market:-
- The establishment of the Real Estate Regulatory Agency (RERA) and the use of Escrow Accounts made real estate transactions more transparent.
- Enhancing market transparency by introducing mandatory licensing and strict Anti-money laundering regulations.
- Encourages foreign investment through freehold property ownership and implementing long-term residence visas for property investors.
- The establishment of efficient dispute resolution mechanisms namely the Dubai Real Estate Arbitration Center & Rental Dispute Settlement Center resolves conflicts between buyers and sellers.
The Real Estate market in Dubai is dynamic thus the chances for dispute are significant, hence having a Real Estate Lawyer by your side is invaluable, as they ensure that you know your rights and responsibilities making your property transaction smoother and more secure.
Why You Require A Good Real Estate Lawyer?
- An Experienced Real Estate Lawyer makes sure you know your rights and duties as a buyer and seller.
- Dedicated to protecting your interest throughout the process of the transaction.
- In case of a dispute, they will represent you and help resolve the issue through ethical conduct.
Conclusion:-
Real Estate investments come with an inherent risk that the investors must tackle wisely. By cautiously addressing the issue with the assistance of a competent Legal team, investors can achieve successful outcomes in the Real Estate market.
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