Dubai Land Department Updating Its Legal Infrastructure
He added that Real Estate Investor Protection Legislation is going to be at the vanguard of the coming laws.
"The remarkable growth that real estate market is witnessing in Dubai requires serious modification and upgrading, aiming to avoid all previous obstacles, that the market experienced during the financial crisis in the last few years."
The modification tackles all legislations related to investors' law, properties owner associations, financing projects and liquefy cancelled project, brokerage, marketing template (contracts) and others connected issues.
Bin Mejrin stated that these legislations will undoubtedly be enrolled under the land department law.
"We are working to develop a solid unified law at the Land Department that cannot only protect the investor, but to put in place a transparent business relationship between investors and developers as well as to backup the market and increase the investment growth with the real estate sector in the emirate."
He said that by 2015 all the new legislations will soon be put into place.
Moafaq Al Gaddah, Chairman of MAGAZINE Group, told Gulf News that the market wants new legislations, which would acts as a wake up call to the market too as would motivate investors to get back in the market by making a solid legal framework for this particular business sector.
Section of this might include introducing a typical template for a sales and purchase deal, which all developers will have to use.
"The new template should include the details of developers, investors and the property, as well as penalties on both sides for breaches of their obligations as well as attach clear restriction for re-selling mechanism."
"These restrictions will eliminate property speculation, reduce investment risk as well as avoid real estate bubble that Dubai suffered during the crisis," Al Gaddah added.
Moreover, he added that revising the tenets of property owners associations will be very useful to solve a great amount of disputes between investors and developers.
Muhannad Al Wadiya, managing director of Harbor Real-estate, said that the new legislation requires both investors and developers to take some time to read, understand and negotiate the conditions of their agreements instead of blindly signing them.
The brand new laws are a mandatory part of the on-going efforts to shield investors and better regulate the Dubai property market, that is experiencing unprecedented growth.
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