Is a government agency to regulate the real estate sector in Dubai, the governmental Dubai Land Department. It’s a head agency which forms, regulates and authorizes the real estate sector in Dubai. RERA was founded on 31 July, 2007 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai to set policies and plans in the real estate sector in Dubai in order to increase foreign investments.
RERA provides transparence and effectiveness of legal framework, when everyone involved in the property market can conduct a business. In this concept RERA aims to develop an on-line society for investors, developers and buyers, as well as for supporting sectors (banks, law firm and insurance companies) could cooperate with each other and with RERA.
Dubai is a well-known touristic, business, and investment hub. This city is developing rapidly and always seeking for new ways on how to bring more opportunities to Dubai investors.
For the last few years, buyers and investors are taking interest to invest in Dubai properties. Due to the rapid increase in real estate investments, the government designed and implemented a number of Dubai real estate rules and regulations for real estate investors. Dubai real estate rules and regulations address many legal issues to selling, buying and owning Dubai property. The main aim is to protect real estate investors’ interests to make the investment process fast and easy.
Real Estate Law Number Seven was passed in 2006 by the Estate Government of Dubai. It allows foreigners to obtain property ownership on rent or lease.
The duration of property lease for any property is around 99 years that must get approved by the State Government of Dubai.
For rental properties in Dubai like apartments and residential properties, the tenant contract is usually signed for one year if not it will be specified in the written contract. Landlords are not allowed to increase rent. Rents can be raised when the lease finished and it’s time to renew it. Moreover, landlords are not allowed to raise the rent of more than 15%. In case of any dispute between renter and homeowner, they need to file a case to the municipality’s rent Control Committee. The panel will hear the dispute and make a judgment accordingly. Tenant and homeowner will have to obey the decision made by the panel.
This law is quite complex as compared to other Dubai property laws. If a deceased asset owner holds membership of other nation, then inheritance law of UAE also considers the law of other nation. It becomes more complex to decide inherited owners if a homeowner holds dual citizenship of two countries other than UAE. A valid will that fulfills all the legal standards of UAE and Dubai is essentially required to assign estate to legal beneficiaries.
In the absence of a legal will, it is an Intestate Court decides how a property should be divided among recipients or state will owe that property. That’s why foreign investors and buyers investing in real estate Dubai must have a valid will to save their assets for their families.
