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UAE introduces 6 real estate laws covering pricing, mortgages, and investor rights

His Highness Sheikh Saud bin Rashid Al Mu’alla, Supreme Council Member and Ruler of Umm Al Quwain, has issued a series of laws to govern the Real Estate Foundation of Umm Al Quwain and oversee the real estate sector in the emirate. These laws aim to facilitate sector growth and align with urban development initiatives in the emirate.

  1. Law No. 2 of 2023 establishes the Interim Real Estate Register of Umm Al Quwain and regulates property registration activities in the emirate.
  2. Law No. 3 of 2023 regulates real estate development activities, project pricing, and mandates real estate escrow accounts to protect the rights of investors, real estate firms, and developers.
  3. Law No. 4 of 2023 amends Law No. 3 of 2007 on real estate escrow accounts in Umm Al Quwain, providing guidelines to enhance the regulation of real estate sales transactions and ensure compliance with Real Estate Foundation regulations.
  4. Law No. 5 of 2023 governs mortgage registration through the Umm Al Quwain Municipality Department, adhering to Central Bank of the UAE regulations, and addresses issues related to unregistered mortgages.
  5. Law No. 6 of 2023 safeguards investor rights in cases of project delays or obstacles, striving for project completion when feasible. It establishes a special committee for matters concerning canceled and unfinished real estate projects.
  6. Law No. 7 of 2023 amends Law No. 2 of 2005 on real estate brokerage activities in the emirate, providing legislation and guidelines to regulate all brokerage activities.

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