Changes Ahead for the Dubai Property Market
Type
E-journal
Date
14 Aug 2013
Jurisdiction
Dubai, United Arab Emirates
Taxonomy
General Real Property Law, Regulatory Compliance
Copyright
LexisNexis
Relevant company
Hadef & Partners
Legal reference
Dubai Decree No. 21/2013, Dubai Law No. 27/2007
Analysis
As the Dubai property market continues its recovery, a raft of new property related legislation is expected to issue over the coming months. Although the full details of this legislation is not clear in all cases, it appears that we can expect to see developments in three key areas. Brent Baldwin, Partner of Hadef & Partners discusses some of these developments and the impact they may have on the Dubai property market.
In brief:
• A new decree has been announced which concerns the formation of a special judicial committee to deal with liquidation of cancelled projects which will give greater certainty and a faster process for purchasers to make claims.
• A draft Real Estate Investor protection law is currently in progress, which should see an increase in protection for purchasers, the issuing of this law appears to be getting closer.
• Further activity may be seen in relation to the Jointly Owned Property Law which will help ease some of the frustrations for property purchasers.
The establishment of a new judicial committee to deal with the liquidation of cancelled real estate projects