His Highness Sheikh Saud bin Rashid Al Mu’alla, Supreme Council Member and Leader of Umm Al Quwain, has provided a number of legislations worrying the Real Estate Foundation of Umm Al Quwain and the guideline of the real estate industry in the emirate.

The laws likewise aim to assist in the growth as well as implementation of plans to drive growth throughout the industry as well as equal the emirate’s urban development drive.

Legislation No. 2 of 2023 provides for the establishment of the Interim Real Estate Register of Umm Al Quwain as well as the guideline of property registration activities in the emirate.

Legislation No. 3 of 2023 is worried about controlling realty advancement activities in the emirate, the prices of all real estate projects, and also offering property escrow accounts, according to guidelines that make certain safeguarding the rights of capitalists, property firms and also residential property developers.

Law No. 4 of 2023 concerning modifications to Legislation No. 3 of 2007 on real estate escrow accounts in Umm Al Quwain lays out standards to help far better control realty sales deals and also ensure the compliance of all entailed parties with the policy released by the Realty Foundation.

Legislation No. 5 of 2023 attends to the regulation of home mortgage enrollment tasks through the Umm Al Quwain Municipality Department, according to the laws issued by the Central Bank of the UAE, and also the negotiation of problems and infractions associated with unregistered home mortgages.

Law No. 6 of 2023 is concerned with safeguarding the rights of investor in cases of delays or difficulties in property growth tasks, as well as ensuring such tasks are completed, when feasible. It additionally provides for establishing a special committee to deal with problems related to cancelled and incomplete realty jobs.

Ultimately, Legislation No. 7 of 2023 worrying changes to Regulation No. 2 of 2005 on the guideline of real estate brokerage firm tasks in the emirate lays out regulations and also standards to manage all brokerage firm tasks.

Last Updated: 07 September 2023