Law Issued Concerning Joint Ownership of Real Estate
Dubai is arguably the most diversified of the UAE's Emirates. In the years since the countries 1971 independence, the Emirate is the most famous around the world. Ask most around the world of the UAE, and Dubai will be the first topic to come to mind. This fame has arisen in a brief span and is a rare occurrence in the world today. Few other nations have seen such rapid and substantial growth, and this has put the country in an exciting position.
Dubai is a globally renowned business hub and attracts foreign entities as well as large numbers of expatriates. While business and tourism are huge for the city, Real Estate is another area of great renown. Some of the most famous buildings and landmarks are found in Dubai, and various property types are found within.
The legal structure behind the Real Estate sector is well developed, though there is always continuous improvement and addition. The new legislation is soon to receive an introduction, and it revolves around the concept of Joint ownership. A summary of the information available currently on the topic is presented in the following update.
Law Number 6 of 2019
The new law, Law Number 6 of 2019, is being issued and applies to all significant Real Estate Developments as well as jointly owned properties across both the nation's mainland as well as throughout the free zones and special development zones.
The law will introduce a register held by the Land Department of Dubai. All jointly owned properties will enter the record along with all information regarding the developers, and more will accompany it. Information such as the percentage ownership and utility responsibilities of the developers will also be stated.
The legislation aims to provide a highly competitive framework in the Emirate. All developers are required to submit necessary paperwork and documentation to the Land Department within 60 days of a project's completion. A further 30 days can arise in specific cases where required.