Dubai's real estate market is governed by a comprehensive legal framework designed to ensure transparency, protect stakeholders, and promote sustainable development. Below is an overview of key laws and regulations, along with resources for further information.
1. Property Ownership Laws
Law No. 7 of 2006 Concerning Land Registration in the Emirate of Dubai: This law defines property ownership rights, specifying that UAE and GCC citizens can own property anywhere in Dubai, while non-GCC foreigners are permitted to own property only in designated freehold areas.
2. Real Estate Regulatory Agency (RERA)
Establishment: RERA, established in 2007 as a regulatory arm of the Dubai Land Department (DLD), oversees real estate activities in Dubai, ensuring compliance and promoting transparency.
Responsibilities: RERA's duties include licensing real estate agents and developers, regulating rental agreements, supervising owners' associations, and overseeing real estate advertisements.
3. Jointly Owned Property Laws
Dubai Strata Law: This law governs multi-unit developments, outlining the management and maintenance of common areas through owners' associations.
4. Rental Laws
Tenancy Regulations: Dubai's rental laws stipulate that tenancy contracts must be for a minimum of one year, with rent increases prohibited during the contract period.
5. Developer Regulations
Licensing and Trust Accounts: Developers are required to obtain licenses from RERA and maintain separate trust accounts for each project to protect investors' funds.