Sheikh Hamad announces new UAE real estate law - Construction Week Online'. | Blog

Sheikh Hamad announces new UAE real estate law - Construction Week Online'.

The latest news concerns new real estate regulations in the UAE. Sheikh Hamad bin Mohammed Al Sharqi, who is a member of the Supreme Council and ruler of the Emirate of Fujairah, introduced Law No. 3 of 2023. This law deals with the supervision of joint ownership of real estate in the Emirate of Fujairah.

In addition, Sheikh Hamad also introduced Law No. 4 of 2023, which aims to regulate guarantee accounts for real estate development.

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Both laws require developers, management companies, associations and owners' unions to follow the rules set out in the laws within six months of their introduction. The director of the authority may extend this period for the same length of time if necessary.

These laws will not change''contracts between developers and owners entered into prior to the introduction of the laws. They will also not affect the main association systems that have been approved and registered by the relevant authority, with the exception of the formation of owners' associations.

Julien Tolentino, editor of Construction Week Middle East

Julienne Tolentino, who is a journalist with a degree from Middlesex University Dubai, is the editor of Construction Week Middle East. In her post-graduate work, she is mastering the field of commercial...