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Dubai Property Investment News
New law strengthens Dubai property market
A new law is being introduced in Dubai which aims to strengthen the city's property market, making it more secure.
The ruler of the United Arab Emirates, Sheikh Mohammed bin Rashid Al Maktoum, issued a decree calling for a new body to regulate the Dubai property market.
The body, named The Real Estate Regulatory Authority (RERA) will be affiliated with the Dubai Land Department (DLD), which is backed by the government.
It will have administrative and financial independence and powers to regulate four main areas: real estate policies, strategies, regulation and registration.
It will also oversee the operations of related property companies and service providers, from developers and management companies to financing institutions, brokers and owners' associations.
It is thought the changes will make property opportunities in Dubai more secure for foreign investors.
The DLD is also expected to issue a new law making it mandatory for developers to pass over control of buildings to owner's groups once construction is completed.
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