New realty rules will build trust
Taking effect in the first quarter of 2007, officials at Dubai Land Department have reported three new additions to Dubai’s property law.
Since the property law was issued, allowing non-UAE nationals the chance to own freehold land, experts have protested for a series of sweeping sub-laws. The Land Department has stated that a condominium law is on the way, which will be in addition to regulation on owners associations and escrow accounts, giving purchasers the safety and security that their funds are protected throughout construction.
Industry experts have constantly highlighted the areas which need clarification, however Sultan Butti Bin Mejren, director general at Dubai Land Department, commented the effect will be less significant. “The effect of these laws will be on trust. People will have more trust in the market,” he said.