'UAE: new laws regulate the real estate sector, including prices, mortgages and investor rights.'

The Supreme Council Member and Ruler of Umm Al Quwain, His Highness Shaikh Saud bin Rashid Al Mualla, has issued a number of laws relating to the Umm Al Quwain Real Estate Fund and the regulation of the real estate sector in the emirate. These laws also aim to help develop and implement plans that promote growth in the sector and accompany the emirate's urban development.

Law No. 2 of 2023

Provides for the establishment of the Umm Al Quwain Temporary Real Estate Registry and the regulation of property registration activities in the Emirate.

Law No. 3 of 2023

Regulates real estate activities in the emirate, pricing of all real estate projects and the provision of trust accounts''for real estate under a regulation that protects the rights of investors, real estate companies and developers.

Law No. 4 of 2023

Amends Law No. 3 of 2007 on trust accounts for real estate in Umm Al Kuwain.

Law No. 5 of 2023

Provides for the regulation of mortgage registration activities in Umm Al Quwain through the city government department in accordance with the regulations issued by the Central Bank of the UAE, and the settlement of issues and violations related to the''unregistered mortgages.

Law No. 6 of 2023

It provides for the protection of investors' rights in case of delays or obstacles in real estate projects, and ensures the completion of such projects whenever possible. It also provides for the establishment of a special committee to resolve issues related to canceled and incomplete real estate projects.

Law No. 7 of 2023

Amends Law No. 2 of 2005 on the regulation of real estate brokerage in the Emirate. Establishes legislation and guidelines for the regulation of all brokerage activities.